What is the Best Way to get an Honest Valuation of Your Gold?

We've put together some FAQ about selling old jewellery for cash which we hope you will find useful.

What is the best way to get an honest valuation of the jewellery I want to sell?

The N.A.G. Institute of Registered Valuers recommends that you shop around. Don't accept the first offer you receive. The National Association of Goldsmiths represents the majority of retail jewellers in the UK and we would obviously recommend them as your first port of call.

Is it possible to value gold at home by putting it on the kitchen scales and looking at the kitemark?

Kitchen scales aren't usually meant for weighing such light items (eg rings, earrings, neck chains, etc) so on the whole they won't be very useful. Unfortunately putting all the items onto the scales won't help much either, different prices are offered for different metals, you'll be offered more for an 18ct gold piece than a Sterling silver item, gram per gram. Someone offering to purchase the items from you must have accurate weighing scales that comply with The Weights & Measures Act 1985.

The majority of precious metal items bear a "hallmark", the earliest form of consumer protection dating back to the 1300s, comprising of a standard mark (this shows the standard of fineness of the metal, ie the purity of the precious metal content), the assay office mark (which indicates the assay office which tested and marked the item), the sponsor's mark (the unique mark of the company or person responsible for sending the article for hallmarking - often the maker) and usually a date letter (this is no longer a compulsory mark but usually found on pieces hallmarked until a few years ago). There are also other marks which can appear as part of the hallmark such as traditional standard marks (an anchor for Birmingham, a leopard's head for London, etc), commemorative marks (such as our Queen's Silver Jubilee [1977] and the Golden Jubilee [2002] marks and the Millennium [1999-2000] mark) and there are also international convention marks for foreign items imported from countries who are part of the International Convention on Hallmarks. (The Birmingham Assay Office publishes a useful leaflet on hallmarking which is available to the public upon request, alternatively lots of information on hallmarking can be found on their website at www.theassayoffice.co.uk. There are also assay offices in London, Sheffield and Edinburgh from whom similar information is available.)

What if it doesn't have a hallmark?

Not all items have to be hallmarked. Full details of items which are exempt from hallmarking can be found in The Hallmarking Act 1973. Of course, an item could have been purchased from a country which does not have its own hallmarking regulations; such items may bear no marks or have stamps such as "9K", "18ct", "750", etc. If you have an item which is not hallmarked which you wish to sell a jeweller will have equipment which they can use to check the precious metal content.

What's the best way to sell my old jewellery?

As mentioned above we would recommend that you go along to N.A.G. members in your area (you can find your local N.A.G. members by visiting their website at www.jewellers-online.org).

Would I get more from a pawnbroker, jeweller or postal cash-for gold company?

That's not an easy one to answer! You need to shop around and find who is willing to give you the best price.

Should I go to a difference place depending on whether it's a coin or jewellery?

A retail jeweller will be willing to accept gold coins and/or jewellery.

Should I consider postal gold traders? What's your experience of them?

As a trade association we can only recommend our members so cannot comment upon the use of postal gold traders. We've all heard the various stories on consumer television programmes and in the press but the Association has no personal experience of them.

If I decide to use a postal gold trader, what precautions should I take?
Having had no experience of using one of these postal gold traders we are unaware of their commendations to their customers but we would suggest you take a photograph of the pieces you're sending and write down a list of what the items are, eg hallmarked 9ct gold signet ring, hallmarked sterling silver charm bracelet with ten charms, 18" yellow neckclain stamped "9K", etc. The kitchen scales might come in handy if a lot of items are posted for an approximate record of the gross weight. Oh, and don't forget, the items must be posted by Royal Mail Special Delivery. And don't necessarily accept the first offer you get from a postal gold trader.

What about my sapphire and diamond brooch?

Retail jewellers will take into account any diamonds or gemstone included in a piece of jewellery, which might have value in themselves. Whatever you do, please don't attempt to remove the gems yourself as they can be easily damaged.