How to Sell Gold Bullion in Australia: What You Need to Know
Table of Contents Trading Gold for Money Gold bullion is a popular investment choice among Australians due to its stability …
This is a complete guide to selling unwanted jewellery in Sydney.
Contact us if you need more advice or you are ready to exchange gold for cash!
If your jewellery hasn’t seen the light of day or night, it may be time to sell. Why do you keep old valuable gold or diamond items in your closet?
Several times our customers were surprised by how much it was the value of their unwanted jewellery. Last week we were happy to support a lady who got beautiful gold pieces from her marriage in Mumbai, India. It is part of the Indian culture to celebrate meaningful moments, giving gold or diamond jewellery in return. But in current times, living in Australia, far away from the place where she was born, she needed cash to pay her student’s fees. She was surprised when she discovered that the exchange she made with us, helped her to cover 80% of the colleague’s fees for one year.
If your jewellery hasn’t seen the light of day or night, it may be time to sell. Why do you keep old valuable gold or diamond items in your closet?
Several times our customers were surprised by how much it was the value of their unwanted jewellery. Last week we were happy to support a lady who got beautiful gold pieces from her marriage in Mumbai, India. It is part of the Indian culture to celebrate meaningful moments, giving gold or diamond jewellery in return. But in current times, living in Australia, far away from the place where she was born, she needed cash to pay her student’s fees. She was surprised when she discovered that the exchange she made with us, helped her to cover 80% of the colleague’s fees for one year.
You might be in the same situation as our customer, and you might be wondering what is the best place to sell unwanted jewelry. But you should ask, what type of jewellery do you have? The value of diamonds, gold, silver, or colored stones is based in different ways, and there are specific features for each piece of jewellery to calculate how much it is worth.
The gold price is determined by the karat, the diamond value is calculated by the 4 C’s (carat, colour, clarity, and cut), silver jewellery price is determined with the purity of silver inside your items, luxury watches prices are determined by the condition and original documents, colored gemstone value is influenced by color, uniformity, origin, size clarity, shape and cutting quality.
Gold jewellery has different purity of gold in each individual piece. What is the purity of your gold jewellery? If it is “24 K” means that it has 99% purity of gold. It has an intense orange color and if you put pressure you will notice that it is soft and malleable. Because of that, this type of gold normally is used to make investment items like coins and gold bars (Bullion). This is the reason why it is not popular to make jewellery with this type of gold, you could change the form of your it just with small pressure. Although there are some exceptions with Chinese and Indian culture, they prefer to have a high level of gold purity in their jewelry.
If you are wondering what is the purity of your gold items that you might have in your closet like rings, earrings, bracelets, luxury watches, or any other gold jewellery, they may be between 9K (37,5% purity) to 22K (91,6% purity). It will depend on where you bought your jewellery. Each country has a different culture and they like to wear different purity of gold. Australian culture prefers 9 K (37.5% Gold), Americans 14K (58,5% Gold), Italians 18K (75% Gold).
Depending on the purity of the gold you will get a price for it. It is important to understand that companies will not pay you the Spot Price. What does it mean? The spot price is the price at which gold can be exchanged with the current value on the market at a specific moment. Companies pay you less than the price of the market because, of course, they need to make a percentage of the purchase. You could understand that all businesses need to make a profit to maintain their business. As well, they will have to refine the gold jewellery so it can be reused.
Check our scrap gold calculator, which calculates how much we will pay you depending on the purity of your jewellery.
You don’t know what is the purity of gold in your jewellery? Don’t worry, make an appointment with one of our specialists. We have special tools to check how much your jewellery is worth.
When you are buying diamonds you often hear the famous phrase “A diamond is forever”. The process to buy a diamond can refer to a status symbol of love. Normally when you want to buy a diamond, people are just experiencing the marketing strategies from big-brand companies that are giving them more than a product; an experience. In return for that, they are making a sustainable profit in the process. Unfortunately, if you want to sell a second-hand diamond, you should understand that you will not get back what you initially have paid.
The reason why is because, all businesses have to make a profit, and when you are trying to resell your diamond, any other company will pay you the cost of the material and not the premium price that you initially have paid. We recommend you set a realistic price and understand how much a jeweller could buy it from overseas suppliers. If the price that you have in mind is higher than a wholesaler, why would they be interested in buying it from you?. Normally, diamond suppliers give special discounts and provide jewellers with some payment flexibility.
To understand the diamond value of your jewellery you should understand how diamonds are formed and their features. They are made from compressed carbon, you could find diamonds that were extracted from mines or created in a lab. Natural diamonds are more valuable than artificial diamonds. The reason why is because each individual, natural diamond, is unique and different, they come in a variety of colors, shapes, sizes, cut, and imperfections. These features are evaluated by the 3rd laboratory like GIA, which determines a diamond’s characteristics. With this information companies like us, we determine the price if you want to sell it on the secondhand market.
What are the diamond’s characteristics that determined the price? Maybe you have heard that jewelers use an international guideline known as the 4 C’s (Color, Carat, Cut, and Clarity). When you are selling your diamond jewellery you should always do it with a certification that determines these characteristics. Furthermore, you should check that the document that you have is created by a reputable laboratory like GIA and not a valuation document created by a jeweler or an independent Geologist. Valuations are misleading documents that may confuse you. In Australia, this document is created just for insurance purposes and you should not compare this price with the value that you will get on the resale process of your items.
If you don’t have a certification, don’t worry, make an appointment with one of our specialists, who will check your diamonds and give you an offer. We will provide you honest information on how to sell your diamond ring for the most money in Australia.
In Australia, several businesses buy jewelry. Especially in Sydney, a big city, with a large population where everyday customers are looking frequently to sell and buy diamonds and jewelry; it won’t be difficult for you to find a place to sell your jewellery. But where is the best place for that?
The first place that you could consider selling your diamonds is with the original jeweler where you bought them. You will understand that they will not pay you back what you have paid. Why? Let’s say that the jeweler originally paid $100 AUD from a wholesaler. Normally they got these deals with overseas suppliers as a “consignment”, which means that they borrowed the diamond, so they don’t have to invest anything and they would obtain a flexible payment plan.
Normally these stores don’t buy diamonds or jewelry from their customers because they have made a big profit and they prefer to don’t lose you as a customer. Let’s say that they paid 100 dollars from a wholesaler, and they sold you the jewelry for 500 dollars. They will be interested to buy your diamond for a lower price than they could buy it from a wholesaler (100 AUS dollars). Otherwise, why would they want to buy it?
Like other Pawnshops around the world, they make money by providing loans and reselling items. Because of that, they are famous for offering the lowest prices to sell your jewelry. Their prices must be below the market so they can resale the item and make a profit.
In the shopping mall, some Kiosks buy gold jewelry. The target of this business model is to buy jewelry for people who want to keep spending time and money on the shopping mall. They are known as well to provide low prices for the exchange.
This option would be the best one if you want to achieve the best price because you will be selling to the direct customer. But if for example, you would like to sell a Tiffany & Co ring for the same money that you have paid, but why they would like to buy it from you? As well it can be risky because the person interested will want to check the diamond. What happened if it is a scam or your potential online buyer is a thief?
Companies like us will provide you competitive prices for your jewellery. We are located inside the facilities of the Grace Hotel. You will find a safe environment where we will provide you with honest information on how you could sell your unwanted jewelry and get fair prices in the process.
Written by: Zayna Hamka 
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