Selling or Buying Gold in London’s Hatton garden can sometimes be a little overwhelming, so here are a few easy tips to get you the best deal.
If you are in the Trade of jewellery, then let the shop know by showing a copy of company certificate. A visiting card is not enough.
Don’t let someone off the street approach you and suggest a shop. Strict NO! You don’t where the lead you and if someone is standing on street approaching people then obviously they will take a commission out of the transaction.
Check prices between (at least) two shops before you decide to sell
Check rates of scrap gold before hand by visiting different websites
Check prices on the day and make sure you are getting that day’s rate as advertised.
Although, the transaction value is high in this trade but margins are very low. Selling price difference between an individual and a trading company is about 5p per gram, so don’t embarrass yourself by asking a few pounds over the rate.
If you are selling in Hatton garden to a reputable shop then they would have modern technology to test your gold before buying
A reputable shop would not insist on paying you cash, they would happily do same day bank transfers
You could use your old jewellery to buy investment gold. Ask the shop they can sell you Gold Bullion in Bars or Coins.
It can be a daunting experience when you are trying to sell your unwanted gold, silver or any precious metal jewellery, so we have compiled a quick list for you to get best and fair price.
Understand what is your jewellery made of, for example is it gold, platinum, silver or palladium? You can use British hallmarks guide to ascertain metal and carat (fineness). You may use London assay office’s guide for this.
Don’t be afraid of shopping around. It is best practice to call 3 to 4 gold buying shops to ask what they are paying per gram on that day. Precious metals trade live and the price paid changes everyday, some shops pay on London fix for the day and some pay on live prices. Some shops make it easier for the customer by putting prices on their website. Generally, you can trust the shops that make information clear and transparent to you. When calling these shops ask them a few questions, for example “What are you paying for fine gold and 9 carat gold per gram today?” And “Are there any other charges when selling jewellery”
Compare prices with a quick internet search, you can get live gold prices. As a rule of thumb, you should get between 90% to 97% percent of market price. Say, you just found that the current price of Fine (24carat) gold is £50 per gram, then you should get between £45 to £48.5 per gram.
Carry identity documents, usually shops would ask for a photo ID and proof of address and you would obviously need to be above 18 years of age.
Be prepared for good news and bad news, because jewellery is made in different carats (fineness) it is not always easy to identify which carat jewellery is made of, especially for someone who is not in the trade. Also, depending on origin of jewellery, where trademark practices are not be as stringent as UK, it may mean that an item has a 22 carat stamp but, instead its made of 20 or 21 carat. Or you may think that an item is 9 carat and it actually is 14 carat or 18 carat, which means you would get more money back. Whichever the case a good gold buyer will talk you through the process of assaying your item.
When selling jewellery, remember that buyer is only buying the precious metal content and hence would not pay for money invested in ‘making’ of the item, any stones, wires or enamel.