The price of gold has risen again for the second time since the pandemic seeing a price today of £1557 per troy, similar to the price rise in March of last year. Hatton Jewellers have seen an increase in people looking to sell their gold jewellery pieces.
In the last month, 14,800 Brits have searched for gold buyers, as the price of gold increases. Gold is typically seeing a price increase and is expected to continue rising.
During the 2008 recession, gold was one of the assets that not only kept its value but the price continued to grow. In 2008 the value of gold increased by 75% from 2007 and has seen a steady increase in value since.
Robert Cuomo, Managing Director at Hatton Jewellers, shares his thoughts on selling gold,
“Gold is very stable so your investment is safe. Historically gold generally goes up in recessions so if you were thinking of selling, the near future would be better. However, if you’re not in a rush to sell you get to enjoy wearing your jewellery piece and over the long term it remains a liquid asset.”
Cuomo adds, “Another great point about gold is the ease of selling. A transparent gold rate can be viewed any day, instantly.”
The Hatton Jewellers experts have shared tips about what to know when selling gold jewellery.
What You Need To Know About Selling Gold Jewellery
Do your own research:
Research the transparent gold rate in advance to understand what offer you should expect. You could get your jewellery independently valued beforehand so you have more of an understanding as to what price you are hoping to get from a buyer.
Your gold may be used for scrap:
One of the main reasons gold buyers, especially jewellers, buy gold is to melt it down and reuse it, therefore the purity of the gold is at the forefront. They might not be as concerned with the condition of the piece if they are going to melt down the piece – however don’t remove the gemstones from the piece as you might damage not only the stone but also the piece of jewellery you are wanting to sell.
How the price is calculated:
Scrap gold price is calculated using the weight, carat and spot gold price. All these together give a better indication of how much your gold is worth. Ultimately though, the cost of gold jewellery depends on the value of the piece, if it is a really sentimental piece then you should take that into account.
Some factors may impact your gold’s value:
Wear and tear or imperfections in the piece alongside any distinguishing factors that would make it special or significant could impact the price you receive for your gold. Also the more buyers there are looking for gold, the more expensive gold is likely to be (and vice versa).
You should sell to a reputable buyer:
Choose a buyer with a good reputation, online presence and strong customer reviews. When selling jewellery specifically we recommend choosing a quality jeweller with experience in buying gold and all the right credentials.
Visit the Hatton Jewellers blog for a full guide to selling gold jewellery.
At Hatton Jewellers, you are able to sell gold jewellery when you visit in-store, or through a telephone valuation. The process is made quick, smooth and simple so you have complete peace of mind that you’re selling to a reputable source.
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