Do you have old gold Jewellery that you don’t have any more use for? You can sell your old gold Jewellery to a Melbourne pawn shop. What many people don’t know is that you can also sell broken gold jewellery to pawnshops.

There are a lot of companies that claim to pay top dollar for scrap gold. You can find them everywhere. They advertise their services in newspapers, stuff your mail box with pamphlets and leaflets and advertise anyway they can on the Internet. They make all sorts of promises that will make you second-guess your local pawnshops who have been offering the service for years. The truth is, these new companies that seem to spring from nowhere don’t always live up to their promises. They will take advantage of you if they can and not pay you what your gold is really worth.

When it comes to selling gold jewellery, always leave your options open. Never sell to the first company that makes you an offer. The scrap gold market is quite competitive and the chances of getting the best offer you can get from the first buyer you approach are slim. Pawnbrokers don’t just buy gold jewellery that is intact. Most people think only scrap gold dealers buy damaged gold jewellery but Pawnbrokers have been in the scrap gold buying business for a long time. When you do decide to get rid of your scrap gold, consider pawnshops as well as you go about getting your quotes.

Selling your scrap gold is a great way of getting cash from your gold. Gold, is gold – it has value in any form. There are different options that are available to you when you have old or scrap gold to sell.

Selling to jewellers

Some jewellers will buy old gold but they will not buy scrap gold. Jewellers deal with jewellery they can sell and they can’t sell jewellery if it’s broken.

Scrap gold buyers

It’s all in the name- the business of these gold buyers is to buy scrap hold. Most scrap buyers buy gold Jewellery but they will also buy tooth fillings and gold wires collected from electronic gadgets.

Use online sites

There are s couple of online sites that are popular with scrap gold sellers. The easiest and most common are Gumtree and eBay, however, you have to list your gold and hope that people take an interest in your ad. It could be days, weeks and even months before someone responds to your ad. If you are looking for quick cash you might want to try other ways. Taking your gold to a pawnshop guarantees you a quicker payout. You walk into a Melbourne pawn shop and a Pawnbroker will assess your gold, weigh it and give you a price for it. You can negotiate a couple of extra dollars to be added onto the price and walk out happy with cash in hand.

Selling your gold to a Pawnbrokers is easy. However, you should keep in mind that you will not get the market price for it. The amount you get will depend on the quality of gold you have which is measured in karats. The value is usually discretely inscribed on gold jewellery. If you cannot find it on yours, your pawnbroker can perform a test to verify what it is. The Pawnbroker will then weigh your gold. He can calculate how much pure gold you have and what it’s price would be based on the current spot price.

The Pawnbroker has to make a profit and will probably give you a percentage of what your gold is actually worth.

To know if you are getting a good deal or not, you should have some idea of what your gold is worth and what you should get. And that is why it is always a good idea to shop your scrap gold around, this way, you will get a better sense of a ball-park figure.

The jewellery industry consumes more than 50% of the world’s gold production. There are different kinds of gold alloys used to make jewellery.

When gold is mined it contains impurities like iron and copper. This gold is melted and refined to remove all impurities. What gets produced after the refining process is 99.9% pure gold which is also known as 24karat gold.

At this level of purity, gold is soft, malleable and easy to damage. This is why other metals are added to make it more durable. Gold can also be alloyed with silver or copper to change not only it’s durability but it’s color too. This is why we have white and rose gold jewellery. The common purity levels for gold jewellery are 10, 14, 18 and 22 karats. Each purity levels has its range of benefits and disadvantages.

10 karats is the most durable of the four commonly purity levels. 18k gold is popularly used for engagements and other high quality jewellery.

The karat system used to measure the ratio of pure gold to other metal alloys is different to the carat (c) system used to express the weight of diamonds.

Why isn’t gold jewellery made of the purest form of gold?

As mentioned before, 24k gold is soft and malleable. It warps and bends easily which isn’t an ideal trait for jewellery that gets worn frequently. It would be hard for a 24 karat engagement ring that gets worn

Pure gold has a bright orange color that isn’t altogether attractive. It wouldn’t make any engagement ring or gold watch look particularly attractive.

Pure gold is very expensive. This means that it costs more to make a piece from 24karats than it would to make a similar 14k gold jewellery piece.

Because of these above-mentioned factors, it’s uncommon to have 24karats of gold used in wearable jewellery pieces. However, China and other Asian markets buy 24k gold for use in traditional and cultural events.

There is no such thing as the best purity level for gold jewellery. However there are advantages disadvantages for every karat.

When to have to sell gold jewellery you won’t be turned away for bringing a piece made from the lowest purity level. If it has gold, it is valuable.

Advantages and Disadvantages of 18k gold

18k gold is 75% pure, practical and it looks great. The disadvantages of 18k gold is that it scratches easily and it is still expensive. This is the purest form of gold used for jewellery. It’s yellow appearance makes it an attractive material for engagement rings and other jewelry.

18 karat gold jewellery has some disadvantages. First of all, because it is almost pure, it scratches easily. It is also more expensive than other karats. So, when you sell gold Jewellery, you might get more for 18k than you would for 14 karat gold that weighs the same.

Advantages and Disadvantages of 14karat gold

14k gold offers a good mix of purity and durability. It is made up of 58.3% gold and the rest is metal alloy. 14k gold jewellery is popular in most Western countries including America, the UK and Australia.

14 karat gold jewellery is a good choice if you want jewellery with a rich and attractive color that isn’t intensely yellow like 18karat gold jewellery. If you have an engagement or wedding ring you  would like to sell, chances of it being made from 14k are high. Most jewellery makers prefer 14k gold because of it’s durability, attractiveness and affordability.

The downside of 14k gold over 18k is that it has a higher concentration of metal alloys like nickel and copper which could trigger skin irritations for people with allergies to those metals.

Advantages and Disadvantages of 10k gold

10k gold is more durable and much more affordable than other high-purity gold jewellery.

The main downsides of 10k gold is that it has a pale color that isn’t as attractive as other purity levels and it has more metal alloys than pure gold (58.3% metal alloys to be exact). It is durable and less expensive. It is hardly used for jewellery like wedding rings but it is used to make earrings and more affordable pieces of Jewellery.

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