Scrap Gold Buying Rip OffMany 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
Don't Get Ripped Off!We will pay more than 99% of all UK gold buyers.
The £1 Billion Scrap Gold Buying Rip OffThe 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 AdviceOur 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).
Recycling CostsNobody 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
Our Advice for Selling Scrap GoldHow 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
Other AlloysAlthough we have listed the most common gold alloys, there are numerous other standards, and we are happy to buy all.
Any QuantityWe 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 PricesOur 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.
International BuyersWe 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
Misleading & Dishonest Scrap Gold AdviceThere are now many websites offering pseudo expert and pseudo impartial advice.We noted an example relating to Scrap Gold:
Other Misleading Gold AdvertsThere are lots of them around!Just one example:-
MyGoldSold.co.uk Laughably Stupid Claim to Pay 30% More for Gold than any UK Buyer
Cash For Gold Scrap Gold Buying Rip Off
Scrap Gold Selling Advice
Scrap Gold Selling Form
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 We Buy Scrap Gold
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