Lifestyle

How and Where to Sell Scrap Gold: What You Need to Know

Scrap Gold

Did you know that, in addition to your unwanted gold jewellery, you can also sell scrap gold? 

Everyone knows what gold jewellery is, but not everyone knows what scrap gold is.  

Here’s a look at what you need to know about scrap gold and gold jewellery, and how and where to sell scrap gold

Scrap Gold

Scrap gold is gold that is no longer valuable in the form it was originally marketed, such as a damaged gold ring. The damaged ring can no longer be marketed as a ring but is still valuable because the gold it contains can be melted down and reprocessed into something else.

Scrap gold, however, means more than damaged gold jewellery. Scrap gold can mean any object containing gold that can be melted and reprocessed. 

In addition to damaged gold jewellery, scrap gold objects include tableware, dental gold, and watches.

So, if you own damaged gold jewellery or other kinds of scrap gold, you may be able to sell it to a scrap gold buyer, who will evaluate your scrap gold to determine how much they’re willing to pay. 

A damaged gold ring may sell for as much as an identical gold ring in perfect condition, if both rings will not be resold and the payment is primarily based on the purity and weight of the piece. This means a damaged gold ring—or any other piece of scrap gold—that’s of high purity and weight can still be worth quite a bit. 

How Scrap Gold Buyers Evaluate Scrap Gold

When gold jewellery buyers evaluate pieces of gold jewellery, they consider a few factors, chief among them purity, weight, condition, and collectability. Scrap gold buyers consider only purity and weight. 

Purity

Gold purity can be measured in karats. 24 karat (24k) gold is of the highest purity (99.9%). 

Typically, a piece of 24k scrap gold will sell for more than an identical piece of scrap gold that’s less than 24k. 

Keep in mind that gold is a highly malleable precious metal, and that gold of high purity is more malleable than gold of lower purity. Gold of lower purity is alloyed with other metals to make it more durable. 

Weight 

In addition to purity, junk gold buyers evaluate scrap gold for its weight. 

Scrap gold is weighed in different units of measurement: ounces, troy ounces, grams, and pennyweight. A piece of 24k gold will weigh more than an identical piece of gold that’s less than 24k. 

You can estimate the value of your pieces of scrap gold based on the market price of gold per ounce

Where to Sell Your Scrap Gold? 

Many gold jewellery and gold bullion buyers and sellers also buy scrap gold. But not all scrap gold buyers will buy your scrap gold for the same price. That’s why it’s important to shop around for the gold buyer that will offer you the most. Do your research to find gold buyers with good reputations and companies who advertise their buying prices per karat.

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