Selling jewellery

We buy gold, silver and platinum jewellery, including gemset items.  We buy foreign gold for resale, as we can get it hallmarked for sale in the UK.  If jewellery is too badly worn to resell, we can still buy it for scrap.

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What's involved, and how much will it cost if I don't sell?

Bring the jewellery to us. We'll need half an hour to value the items, perhaps longer if they are complicated or the shop is busy;  we'll tell you how long we need when you leave the jewellery.  And when we are ready to give you a price, we can send a text message to your mobile phone.  This means you don't waste time.
If there was any documentation (stone certificates etc) do bring them, they could increase the value of the jewellery.
There is no charge for these valuations.

Do I need to produce identification?

Yes, we need something with your name and address.  A driver's license is ideal.  We'll also accept a recent utility bill, or a letter from a major corporation, or various forms issued by the government.  You cannot use your passport, because it doesn't have your address.
If you have the original receipt do produce it as well.  It helps to establish the item's value, and is an extra proof that you own the piece.

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Do I have to make an instant decision?

No. You need time to think, and perhaps get other offers.  We normally will honour a quotation for 30 days.  However we reserve the right to change the offer (both up or down) if something unforeseeable happens, e.g. a sudden change in the price of gold, or government tax rates.
We do not operate a buyback scheme (allowing you to buy back your property within a month), so you must make a firm decision before selling. Of course, if you are undecided, you can always pawn the jewellery, which gives you the option to buy it back within 6 months.  But you will have to pay interest on the loan.  However this is often a much cheaper option than a buyback scheme.

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Will I get what I paid for it?

It's very unlikely we will pay you the full retail value.
To sell jewellery, we incur expenses.  First we polish and perhaps repair the item.  Then our staff have to sell it, that takes time and costs money!  The premises are costly, and we need a very high level of security.  The local council charges us rates, and the government takes a cut (VAT) on everything we sell.
Finally in most cases, second-hand goods simply aren't as desirable to the public as new.
However about 75% of the people who enquire about selling or pledging do accept our offer, so we must be getting something right.

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Dealers may not offer a fair price

Many places are keen to buy your gold, do not trust them to offer a fair price. Compare prices before you decide where to sell.
We checked out offers around our town, and were shocked at the range of prices offered.
One dealer offered £70 on the same day we offered £100! But increased his offer to £90 when he realised his offer was not going to be accepted. Morale: Shop around, and if somebody increases their offer, remember they were trying to trick you. Do not assume their final offer is fair.
But the worst was the door to door buyer who offered £18. Luckily the householder was suspicious, but he accepted our offer of £100!
Buyer Beware used to be the motto, but in this case it's Seller Beware. Check several dealers to ensure you get the best price.

How to Get the Best Price when Selling

Look after your jewellery

It's probably a bit late, if you're already thinking of selling.  Jewellery in good condition is worth more.  Gemstones can be damaged, and deep scratches in the metal are hard to remove.  We can get jewellery repaired, but it increases our expenses, so you will get less.

Buy wisely

Remember people normally prefer new jewellery and pay more for it.  So buy second-hand!  That way you will buy at a bargain price, and get more of your money back if you decide to sell.  Some types of jewellery do command a better price when sold, but that changes all the time, so we don't like to give firm advice.  Of course certain types of older jewellery are worth more than new pieces, but it would take far too much space - and be very complex - to give more detailed guidance here.

Get more than the Scrap Value

Some buyers only pay for the scrap gold content of your jewellery.  They ignore the value of the precious stones, and the work involved in making the piece.
This is not fair to you.  Visit a shop which sells secondhand jewellery, like us.  We know how much we can get for your jewellery by selling it and may give you a much better price than the scrap value.

What about selling privately?

First you'll have to find somebody prepared to buy it, and that's not easy.  We often have jewellery on sale for months before finding a buyer.
If you try this, you should set your price above what we pay, but don't expect as much as our selling prices.
Remember your buyer has to trust you, see our important warning on why nobody can even rely on a written valuation when buying (that warning is even more important if you've come here to learn about how to buy at a good price).
We guarantee everything we sell including second-hand goods, and our expertise means people know we correctly identify what we sell.  Also by buying from a shop, customers know the law protects them as well.  Overall, there is a lot of work involved in selling, so you must judge if it is worthwhile.

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Sell through a local auction?

Prices can vary wildly, dependant on both the item and those attending the sale.  The auction house will advise.  You will have to wait some time before you get your money, and do ask about insuring the item during viewing, as there is always the risk of loss.

Sell through an Internet auction.

We tried this, and frankly the results were a disaster!  We normally got less than we would pay (after allowing for all the charges).  But things change.  Check out an auction, and see what sort of interest there is in similar pieces.
Jewellery is ideal to sell on the Internet;  we found a lot on sale, and not many interested in buying.  But some types of jewellery do sell well. So look into it,  There's a lot of work involved, and you will incur expenses if it doesn't sell.

Summary

The more work put into selling, the more you get.  We add value to everything we sell, and get good prices.  We always need more jewellery, so we pay fairly.  If you are prepared to invest time and money, you will probably get more than we pay, but is it worth it?
In our opinion, selling to a dealer is often the best option.  Little work, a fair deal, and it reduces any sadness when selling the jewellery.

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Martin Rees, Jeweller and Pawnbroker Home and Index Gemstones Contact us