When you hand over an old gold chain or a ring you never wear, you get paid and you go home. But have you ever wondered what happens to that gold next? It does not simply disappear. Gold has a long second life, and knowing where it goes can make the decision to sell a lot easier. Here is the journey, step by step, from our workshop on 5 Mary Street.
First, we test it
Before anyone talks about money, we need to know exactly what your gold is. Gold is sold in different purities, from 9 karat up to 24, and the price depends entirely on how much pure gold is actually in the piece. We check all the pieces in store and test them to separate them by karat - after that we weight them and give you the price.
We agree a price based on that day's gold price
Gold has a market price that moves every day.. Your offer is based on the weight, the purity, and the price of gold on the day you come in. If you would like to understand how the daily rate is set before you sell, our guide to gold prices in Ireland breaks it down. Gold has been treated as money for thousands of years, and our piece on the history of gold as money explains why it holds value so reliably.
Nothing gets thrown away
This is the part most people never see. Your old gold does not end up in a drawer or a bin. It is sorted by purity and sent to be refined. Even broken, tangled or worn out pieces have full value, because the worth is in the metal itself, not the condition of the jewellery. That is also why selling old gold is one of the more environmentally sound things you can do with it, a point we make in our article on recycling jewellery.
Refining brings it back to pure gold
At the refinery, the jewellery is melted down and the pure gold is separated from the other metals. Pure gold is usually in the form of bars or grain. At this stage your old ring is, quite literally, raw material again. The dents, scratches and sentimental scuffs are gone, and the gold is ready to become something new.
A new life as new jewellery
Refined gold goes back into the supply chain, where it is alloyed to the right karat and made into fresh pieces. The gold in a ring sold in Dublin today may well have been a Victorian brooch, a 1970s chain and a broken wedding band in a previous life. Gold is endlessly recyclable, which is part of what makes it special. Iit just changes shape.
Why we tell you all this
We explain the journey because selling gold should not feel like a gamble. When you understand how your gold is tested, priced and reused, you can sell with confidence rather than worry. If you are thinking about it, our beginner's guide to cash for gold is the best place to start, and if the pieces were left to you, our guide on selling inherited gold is worth a read first. When you are ready, you can find everything on our cash for gold page, or simply call into us at 5 Mary Street.