Pure gold is a malleable metal combined with other metals in jewellery to make it durable. The gold can hold the desired shape with force with a mixture of copper, platinum, silver, or zinc. But there are times that your gold jewellery is deemed scrap gold even if it is still in excellent form. Still, what is scrap gold, and how do you calculate the value when selling jewellery to gold buyers Brisbane.
Scrap Gold: What is it?
Scrap gold is when your jewellery pieces are old used no longer in an original marketed form. For example, old rings, broken bracelets, necklaces, etc., are bent and are sold as scrap gold. So, you can still make money selling broken or old gold pieces.
The term scrap gold is a term used in the gold industry for all unwanted gold jewellery which will be sent off to be refined into pure gold. The refining process is where the gold separated from other metals. When you sell scrap gold, the dealers rarely use it and send it to a refinery where they melt it down for recycling.
Who Will Buy Your Scrap Gold?
You can find jewellers, pawnshops, and gold dealers paying cash for gold. But the process of selling gold differs from each buyer to another. So, what is the process, and what is scrap gold worth? The price of your scrap gold can vary from one piece to another.
The value of the gold is calculated on several factors, from the weight and purity to the market value. So, for example, Gold Buyers Brisbane will weigh the items to get a quantity, and small items are priced lower. But if you sell scrap gold in bulk you can get a better buyback price and makes negotiating easier.
The dealer will then determine the gold purity as it is a significant factor since gold is mixed with other metals. So, if the gold purity is low, you can expect a reduced offer compared to high gold purity. Hence, it will need more processing to separate the metals to be left with the gold.
The gold dealer will then take the market value of the metal with the gold purity and weight to give you a final price. Therefore, the spot price of gold fluctuates daily.
The Location
Another consideration that can affect the scrap gold price is the location. It is better to visit a local gold buyer than to sell online. As you can cut out all the hassles of sending your gold jewellery by post, have it insured and wait up to a week for an estimated response.
Then there is the chance that your package might not even reach the dealer or it is stolen. Visiting a gold dealer at the shop provides you security as the dealer will provide you a scrap gold buyback price on the spot. Once you accept the offer, you walk out the door with instant cash in your hand.