Cash for Gold: A Beginner’s Guide

Est. Reading: 3 minutes
November 8, 2022
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From unwanted family heirlooms to broken or damaged jewellery, most of us are likely to have some precious gold pieces gathering dust around our homes.

But how can you capitalise on this ‘undesirable’ gold jewellery? The answer is usually by selling your gold so that it can then be recycled.

Just think about it, you get the cash value of the metal, and your jewellery gets to live on as something new – a win-win!

Gold Jewellery Recycling

In recent years the recycling of second-hand gold jewellery has become a very lucrative industry for both buyers and sellers.

The now popular term “Cash for Gold” involves offering cash for old, broken, or mismatched gold jewellery which is then recycled to create new jewellery pieces.

Of course, there are many ways to sell your old unwanted gold. The most common methods include selling it on eBay, at pawn shops, on cash for gold websites, in local newspapers, or your local jeweller – though the end price for your gold can vary significantly depending on your chosen option.

How Is Gold Valued?

Gold is primarily priced according to its weight, with prices normally provided per gram, ounce or kilogram of ‘pure’ gold – otherwise known as 24k (karat) gold.

Pure 24k gold has an intense yellowish orange colour and, as a result of its purity, is quite soft and malleable. Because of its softness however, 24k gold is not used in jewellery manufacturing.

Instead, this type of gold is exclusively used for investment grade gold coins as well as gold bars or ingots (known as gold bullion).

In order to make sure that gold jewellery is strong and durable, 24k gold is mixed with other metals such as zinc, copper, and nickel. Depending on the amount of gold in this ‘alloy’, it’s then separated into corresponding levels of purity such as 10k, 14k, 18k, or 22k gold.

It’s this purity rating that then influences the cash value that you receive for your gold jewellery!

Why Don’t I Get the Market Price for Gold?

When you search online for the price of gold, the first result is often the market price or ‘spot price’ for pure 24k gold. Because your gold jewellery is not 100% pure, this directly affects the price you receive for your gold jewellery.

As well as this, because businesses also have to cover the costs associated with smelting and refining your gold jewellery so that it can be reused, you’ll always receive a lower price versus the cost of ‘brand new’ gold jewellery.

Where Can I Sell My Old Gold in Dublin?

At Martin Gear Jewellers in Dublin city centre, we buy gold, white gold, and rose gold – as well as palladium and platinum – regardless of the amount or the condition it’s in.

Our face-to-face over the counter valuations are provided with absolutely no obligation to sell – though, if you do decide to sell your gold, we provide instant cash pay-outs. Besides offering some of the best prices in Dublin.

Ready to Sell Your Gold for Cash?

At Martin Gear Jewellers, our process is simple, clear, and honest – your gold is always weighed in front of you and will never leave your sight.

For more information simply give us a call on (01) 872 8726 or speak directly to Martin on 086 853 9000 - alternatively drop into our store.

Please note: Over 18’s only, large amounts by appointment, photo ID is compulsory.

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