How to make money by selling your jewellery as gold prices rise

GOLD prices have hit new record highs, so if you are thinking of selling your old jewellery then now could be a good time to do it.

The monthly average price of gold reached an all-time high in pounds yesterday at £1,113 per ounce, beating its previous monthly record from September 2011.

Of course, prices can go even higher but it might be worth going through your old jewellery now if you don't want to risk losing out.

At the end of June before prices rose, an auction expert said it could be a good time to cash in.

Like other metals prices can change very quickly and will vary depending on which jeweller or postal gold website you visit.

We compared the price of gold per gram from four different online cash for gold sites.

Helen Smith of Hansons Auctioneers said in June: "The current uncertainty in the world's economy has driven the price of gold up to its highest level in six years.

"Prices are rocketing and that means it's a very good time to sell your gold jewellery or coins."

How to sell your gold jewellery

There are many online services that will value the worth of your gold jewellery and these will typically ask for the weight of the item and the fineness of the gold by carat (ct).

The majority of the time these sites also ask you to send your items via post before you can receive payment and postal costs are not always free.

These websites only deal in plain scrap gold, as they usually melt the gold down, so don't send any precious items or jewellery with gemstones.

Advice for first time jewellery sellers

It is always best to do your research before selling any of your jewellery. Some of it may be worth more than you think, so you should consider a valuation.

  • Be aware of branded jewellery as this can often be more valuable in one piece rather than being sold for scrap.
  • Always compare prices between different cash for gold companies both on the high street and online as they can vary.
  • Ensure the item you have is real gold, any local jeweller will be able to tell you if your gold is real or fake. Don't send any items to online gold scrap sites until you guarantee the authenticity as you could lose the item and not receive any money.
  • While in a jewellers it can be worth asking for a trade-in, so you can get something new from your unwanted jewellery.
  • Check out London and Birmingham's jewellery quarters for some of the best deals for your gold.

If you don't want to risk your jewellery getting lost in the post you can always take it to a jewellers where they can valuate it.

A jeweller is more likely to be able to tell if it is real or fake gold, while some may also buy your jewellery from you.

You can also sell your unwanted jewellery via an auctioneer such as Hansons.

Hansons offers valuations of your items free of charge and these can be carried out at its Derby auction centre, at a valuation event or in your home. You can browse all its valuation locations on the website.

How much you can get for your jewellery

So how much money can you get? We compare prices for different gold items on four scrap gold sites.

These figures are based on selling items for scrap gold and not for resale.

Gold prices can vary massively depending on which site you use, so it is always best to compare to get the best deal for you.

All the sites used above for prices are trusted, well reviewed websites and many have jewellers based in London (Hatton Garden Metals and Gerrards) and Birmingham (Lois Jewellers and Scrap Gold UK).

The first ever English gold coin was tipped to sell for £500,000 a few years ago – despite originally having to be scrapped after a banking blunder.

Meanwhile, gold that's just two atoms thick has been created by British scientists – and it's a million times thinner than a finger nail.

Last year, hundreds of 1,500-year-0ld Roman gold coins were found stuffed inside a urn and buried beneath a cinema in Italy.

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