Like most others, you may also have some unused gold lying in your drawer. It might be old jewellery of your grandparents that have lost its sheen, and you no longer intend to use it. The jewellery may look corroded or discoloured, but it is still gold and does possess a market value.
So rather than leaving that old gold piece to gather dust in your drawer, why don’t you put it in an envelope and take it to a trusted dealer to sell your scrap gold?
Your tarnished gold can get you excellent return, especially when the price of gold is at the peak. The idea seems to be the best and practical one.
However, when dealing with a precious metal like gold, there are many considerations to look at for getting the highest cash for gold quickly. Please continue reading to know about them.
Gold is sold everywhere at spot prices. The spot price is the value of per troy ounce at the currently specified time. However, there is a difference between a troy ounce and a standard ounce.
Thus, before you walk into any high street gold shop to sell scrap gold, you need to know the difference. With a little online research, you will be able to ascertain the current gold spot prices. Thus, you can stay aware of the dealer who may try to deceive you in getting a lesser amount of cash for your gold.
Another significant thing to figure out is whether your gold piece(s) are worth more as scrap gold or in their present form. For example –
The item that you are considering to sell is a gold coin. Now, its value might be much more than its weight in gold in respect to its numismatic value.
In many instances, a gold jewellery item may have more value than its value as scrap. So it would be best if you consider these things before you head out to get cash for gold.
Choose any trusted gold buyers like at The Luxury Hut to get your gold valued. You can call on 0207 242 9160 today for an instant appraisal or to book an appointment at our Hatton Garden office in London.
Gold is a safe-haven asset and always has a market value in every form. In any financially distressed situation when you need access to extra cash, selling your gold is ideally the easiest way to secure fast money.
However, the best time ideally to sell gold is when the price of gold is high. Just like it is today. Fill up our online form and get a free competitive quote immediately.
At The Luxury Hut, we will determine a fair and accurate price of your scrap gold or any items of gold considering the metal’s spot price at the time of valuation.
Before selling, it is also essential that you determine the purity (in carats) of your gold. For example –
18ct gold contains 75% purity. On the other hand, 19ct gold has only 42% purity.
Keep in mind that your gold buyer will offer you a price based on your metal’s purity. You will not be paid for the base metal alloys of your scrap gold.
Your old, unused gold item may have tarnished over time. Thus, another essential thing for you to consider is cleaning your gold before selling.
You can use a soft toothbrush, dish soap and some warm water to clean it. Then, leave it at room temperature to dry and wipe it prior to selling.
Expert evaluators at The Luxury Hut are always available to appraise your gold precisely. Call us on 0207 242 9160 or fill up our simple online form and we will contact you at the earliest with an accurate quote.
We will offer you a price based on the gold’s spot price on the day of valuation. Thus, you can rest assured you will get the best possible deal. Getting cash for gold is more convenient than ever. Get in touch with The Luxury Hut today to sell your scrap gold or any gold items and raise instant money.
Also Read: 3 Tips on How to Sell Scrap Gold
The steep rise in gold prices in 2020 has not only affected the investors who are looking for more secure places to store their money but also the demi-fine jewellery market.
The demi-fine jewellery is a famous category, designed to complement casual wear. They are even priced for inspiring modest shopping. However, the demi-jewellery designers are struggling with increased prices, just like the retailers carrying their brands.
Gold’s price was slightly less than £1,167 an ounce on January 1, and the price was hovering at £1,430 an ounce on October 1. And prices are continually fluctuating.
Zoe Chicco is the founder and designer of a Los Angeles-based jewellery collection, sold at stores like Bloomingdales, Nordstrom and Saks Fifth Avenue, and also boutiques such as Browns in London.
According to her, “It does make a huge difference, and we have to be incredibly conscious about it.” She is planning to enhance her jewellery prices in January, but it is indeed a hard thing for her to do. This is because customers are accustomed to seeing a specific price of jewellery from this brand.
In the persistent anxiety about losing jobs and the long-standing economic effects of Covid-19, it is speculated that small gold items can be the highlights of many collections in 2021.
Pascale Monvoisin is a Paris-based jeweller who has two boutiques in the French capital. Also, retailers such as Liberty and Net-a-Porter sell their creations. Ms Monvoisin is known to work on a collection of charms that will cost nearly 30% less than a pendant with a chain.
She bought two kilograms of gold in June when the metal’s price was about £1,284 an ounce. She is already working on the jewellery items using that gold and will start selling next year. Now:
The profit margins of the brand decreased 8-10% this year between March and October. But yet the company is willing to maintain its jewellery prices.
The chief executive of the brand, Aurelie Bressou believes that –
“We think if we increase our retail prices, maybe people are not going to follow us. We don’t want to lose them.”
However, according to Ms Monvoisin, price increment might be unavoidable. It will be challenging for them to continue with the same retail cost if the price of gold increases more and more.
On the other hand, Anna Sheffield Fine Jewellery brand is twisting some parts subtly like creating clasps on smaller pieces to maintain the prices. What’s the advantage?
“This might not alter the design terribly, but would give you a lower weight and a slightly lower cost on a finished piece”, said the chief executive and founder Ms Sheffield.
A British jewellery brand, Alex Monroe, also encountered less profit due to the cost of gold. Thus, its creative director Emma Burgin-Fox professed that they would increase the price of all its solid gold pieces by nearly 20% in January.
For example, the retail price of a thin-textured gold band featuring a diamond of 0.25ct that is now around £1,730 may rise to £2,100.
Prices of all gold items, including pieces with a small amount of gold, are likely to appreciate. Increasing gold prices will influence everything. Even the gold plated items are likely to become incredibly expensive.
As per the current report from the World Gold Council, sales of gold jewellery have decreased all over the world. It reduced by nearly 29% from July to September when compared to the same period in 2019.
However, the demi-fine jewellery market has experienced strong sales. For instance, Alex Monroe has reported that their sales were up nearly 12% during the first lockdown in Britain.
Ms Collins at WGSN said in a statement that the pandemic seems to have not affected the demi-fine jewellery at all. Amidst the restrictions and agitation due to the coronavirus, people were buying.
Those who buy demi-fine jewellery have the perception that gold is a responsible material to buy. She added, “It goes back to that thing that fine jewellery is seen as an investment purchase. It’s something that you can keep for yourself, and it’s timeless.”
Price of gold is yet wandering. It is predicted to escalate as much as £2,270 per ounce by the end of 2021.
Well, keeping the current surge in gold’s price in mind, it is perhaps the best to sell gold items, especially the ones that you no longer use or gathering dust in your drawer.
Whether it is scrap gold or a tangled gold ring, they can fetch you an astonishing amount of cash for gold.
Fill up our online form now or call on 0207 242 9160 today for a free competitive valuation.
Sell scrap gold or any gold jewellery pieces to The Luxury Hut and receive the best price possible for it based on the spot gold price on the day of valuation.
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