Scrap Gold Buying Rip Off
Many jewellers & dealers advertising to buy scrap gold jewellery in the UK are ripping people off with low prices & misleading claims. We contribute our advice and expert opinion.
With 9 Carat Gold Worth £7 Per Gram Many Jewellers are Paying £4 Per Gram or Less
So if your item is worth £100, you are only getting paid £56 for it, and the buyer is making £44, or a 79% mark-up.
Some dealers pay much less, and therefore make even higher and more obscene profits.
We heard of one paying only £1 per gram (approximately)! - J & L Carr Cash for Gold
Don't Get Ripped Off!
We will pay more than 99% of all UK gold buyers.
The £1 Billion Scrap Gold Buying Rip Off
The world supply of scrap gold for recycling was 586 tonnes of fine gold in the first quarter of 2009. This equates to about £44 billion at current prices.
It is difficult to know what proportion of this came from the UK, but even if was as little as 2% to 3%, this would work out at over £2 billion in the UK.
From our brief research, many small traders are paying about half the true value for scrap gold, meaning that UK owners of gold scrap are being ripped-off by £1 billion per annum.
Our advice to owners of scrap gold and second-hand jewellery is to shop around, but more importantly find out the weight (most people use grams), of your gold, know what carat it is, and make sure you get a sensible price for it.
When we have more time, we may provide a gold carat calculator, but until then, you can always work out the value of any gold you own.
Remember there are 31.1035 grams per troy ounce.
We publish live gold prices on our site, showing the spot price of troy ounces in various currencies.
Divide the troy ounce price by 31.1035 to convert to a price per gram.
For carat golds, multiply by the caratage and divide by 24, so for example £ x 9 /24 = intrinsic value of 9 carat gold.
If the fineness is expressed as a percentage or millesimally (9ct =37.5% or .375) the calculation is even easier (£ x .375).
Nobody in their right mind is going to pay you the full intrinsic value of scrap gold, because there are refining costs, and other losses and expenses to deduct. For example hallmarks are often faked on gold-plated base metal jewellery, so scrap needs to be checked, and often acid-tested. There are also other losses. Dirt and contamination often account for about 1% loss. American jewellery manufacturers are legally allowed a half carat tolerance, which they usually take advantage of, so that 10 karat gold is often only 9.5 carats (that is a 5% loss on its own).
The scrap buyer expects to make a profit, so if you have scrap gold to sell, you should hope to get about 90% of its intrinsic value. For smaller amounts you should expect about 80% to 85%, while for large and regular quantities, of clean well-sorted scrap, a trade seller might achieve around 95%.
Our research shows that many jewellers and market traders are only paying between 15% and 60% of the true value.
Typical Scrap Gold Categories
- Nine Carat (9ct) Hallmarked Gold
- Nine Carat (9ct) Unhallmarked Gold
- Fourteen Carat (14ct) Hallmarked Gold
- Fourteen Carat (14ct) Unhallmarked Gold
- Fifteen Carat (15ct) Hallmarked Gold
- Fifteen Carat (15ct) Unhallmarked Gold
- Eighteen Carat (18ct) Hallmarked Gold
- Eighteen Carat (18ct) Unhallmarked Gold
- Twenty Two Carat (22ct) Hallmarked Gold
- Twenty Two Carat (22ct) Unhallmarked Gold
How to sell your scrap gold, old jewellery, gold coins, and diamond rings without getting ripped off.
We are partial to giving impartial advice!
We declare our vested interest. An educated, well informed and knowledgeable customer is more likely to be a Chard customer.
We Buy Scrap Gold
And pay fair prices.
Shop around and check us out.
Although we have listed the most common gold alloys, there are numerous other standards, and we are happy to buy all.
We are happy to buy any quantity of scrap, from a single piece upwards, without limit.
If you have a large quantity of gold scrap to sell, we will accept your instructions on price, or offer you helpful advice on selling. We are one of the longest established and largest gold buyers in Britain.
Fair and Competitive Prices
Our buying prices for gold coins, bars and scrap are fair and competitive, but depend and change based on underlying gold prices, and other market conditions such as supply and demand.
We also frequently buy gold coins from many other countries. There is no import duty or tax on entry to the UK for most gold coins or bars.
Sending Gold Scrap by Post
You are welcome to visit our showroom to sell scrap, but it's also very easy to sell to us using the post. We have a page of advice about sending gold coins and scrap by post.
Misleading & Dishonest Scrap Gold Advice
There are now many websites offering pseudo expert and pseudo impartial advice.
We noted an example relating to Scrap Gold:
There are lots of them around!
Just one example:-
MyGoldSold.co.uk Laughably Stupid Claim to Pay 30% More for Gold than any UK Buyer
It's hard to believe anybody would make such a ridiculous claim and expect to be believed!
Cash For Gold Scrap Gold Buying Rip Off
Cash4Gold.Com ex employee spills the beans.
Scrap Gold Selling Advice
Our simple advice about selling scrap gold jewellery in the UK and elsewhere. Avoid get ripped off.
Scrap Gold Selling Form
You may wish to print out our form to help make it easy for you to list goods you are posting to us for sale or offer.
We Buy Gold Coins
We Buy Krugerrands
We Buy Gold Sovereigns
We Buy Gold Bars
We Buy Scrap Gold