Tips and Hints for Selling Scrap Gold
It is a good idea to remove anything of value from the gold you are selling. With rings, for example, prise any stones out of the item or remove the gold from the rest of the piece so one can weight the gold separately. Keep in mind that other alloys such as silver, platinum and the stones may have a value also. If you can separate them, all the better. If not ensure it is clear that there is other precious metal there and get a price for that also.
The purer the gold with less of other extraneous matter, the better. I may pay to spend some time extracting the gold yourself if possible and can be done safely.
Ensure you understand the complete process with the dealer from start to finish.
What to do with the Money?
So you have sold your scrap gold and have received a check. As gold continues to increase in value against the dollar you might like to look at investing that money in some gold coins or bars.
That way you are likely to keep your funds. But of course that depends upon your circumstances and the reasons why you are selling scrap gold.
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How it works
Q: How is payment of my items determined?
A: Payment is based on gold content (karat), weight, and the daily price of gold.
Q: I paid R12 000 for my ring. I should expect to get R12 000 from Pot of Gold, right?
A: Retail stores mark up jewelry 5, 10 and even 20 times or more. Pot of GOld pays for the “melt value” of your jewelry – that is, the value of the gold itself once it has been melted down and sent to the refinery.
Q: There is a stamp on my ring indicating “18K.” Is this reliable?
A: Unfortunately, not always. Although most countries require manufacturers to stamp the gold content of their jewelry, very few countries enforce these laws or require an independent third party to evaluate the item. The stamp on your jewelry may be correct, but it is quite common to receive jewelry that is fraudulently stamped. Our trained professionals will test each piece before the deal is concluded.
Q: What testing methods are used to determine purity of gold?
A: Upon receiving your gold, POT OF GOLD testers will first look for a stamp on the jewelry made by the manufacturer indicating the karat. Testers then have three testing methods (acid/scratch test, electronic tester and or X-ray fluorescence scan) to verify the gold purity of your items.
Q: What if My Old Jewelry I want to Sell is Broken?
A: Selling gold jewelry is an effective means of getting some needed extra cash. However, the state of your jewelry need not necessarily impact the value of the gold of which the jewelry is made of.
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