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An independent mystery shopper team has exposed Australia’s gold buying scam revealing a massive $1,202 variance between the same parcels of gold given to each outlet and an extraordinary $4,915 variance for the same gold and diamond ring.

The greatest scams were exposed in Queensland (QLD), Western Australia (WA) and South Australia (SA) with mystery shoppers inspecting gold buyers across the country, including Cash Converters, The Gold Buyers, The Gold Company and various independent jewellery buyers.*

These covert visits by mystery shoppers from Retail Services 2000 revealed a lack of knowledge amongst gold buyers and a disparity about gold valuing methods. Further, the majority of outlets refused to give information regarding the day’s gold price, said they did not know the price that day or in one instance, stated that the exchange did not pay the price of gold stated on the gold market.

Each gold buying outlet was given exactly the same parcel of gold to value to ensure a level playing field. The non-descript parcel of gold items included a 9 carat yellow gold bracelet, necklace and two yellow gold wedding rings as well as an 18 carat bracelet, a yellow gold engagement ring without a stone and an 18 carat yellow gold engagement ring with three diamonds.

Pawn brokers quoted the lowest amount for gold jewellery and off the street outlets come out on top, the study revealed. Cash King Pawnbrokers of Queensland quoted ($698) while The Gold Company (headquartered in Sydney but offering a national service) offered the highest price of $1,900 for the parcel of gold jewellery. OM Jewellers ($1,705) in WA was the other top scorer in the country. Joining Cash King Brokers at the bottom of the rung were Cash Converters ($700) and Cash City ($700) in West Australia (full results table below).

When valuing an 18 carat yellow gold engagement ring with three diamonds, Retail Services 2000’s mystery shoppers found a huge discrepancy in quotes between the buyers. The chain of shops found in many Australian shopping centres, Gold Buyers, showed great variance between prices offered. As an example, the Gold Buyers in WA, QLD and VIC all gave a price of $85. The Gold Company offered a provisional price of $5,000 for the same diamond ring, stating a proper price could only be given by removing the diamonds.

Roy Cohen industry watchdog and expert valuer from The Gold Company says the growing prevalence of gold buying shops in NSW, VIC, QLD, SA and WA coincides with the rise in gold price over the past five years.

“The mystery shopper exercise really highlights the need to shop around if you’re selling unwanted gold, especially those selling gold with stones. It is important not to accept the price they get from the first gold buyer they see and it is crucial to approach experts in valuation if you want to receive a fair and equitable price for your jewellery.”

RESULTS

These days, selling your gold and silver is all the rage. And you don’t have to go out of your way, as gold and diamond exchange companies are available online. And while many of you are probably considering selling your used gold, here are some things you need to take into account before doing this:

1. Remember that not all gold and diamond exchange buyers are alike; however, a strong majority of them are simply in the business to make money fast. Most gold buyers will try to pay you the least amount possible. This is why it is important to shop around before selling your gold. Is this way you will receive a better offer for your gold.

2. When shopping around for the best value for your gold, do not go from dealer to dealer stating the estimate you previously received. Just allow your gold and diamond exchange company to make their offer and discern how they are dealing with you. Check whether they are explaining the process clearly and if they are being fair in their offer.

3. Keep your items with you – don’t drop it off and come back later. When selling your gold to a dealer, you should be able to trust them, or at least have a good, solid reference for them.

4. Beware; there are unscrupulous dealers out there who would do anything to make a quick buck. Some dealers will want to test the jewellery and very aggressively begin to scratch, put acid upon or even break your jewellery without your consent or agreement to sell. This should not be done without your consent. Testing is a necessary part of the process, but with the least amount of scarring on the item as possible.

5. Most gold buyers do not buy your precious stones, while others will. If they are not buying your precious stones, it needs to be safety removed from the item and sent back to you.

6. It is understandable that some pieces of jewellery is personal and has sentimental value. Remember that you can choose to say ‘no’. No one should force you to sell a family heirloom or any item of jewellery for that matter.

7. When your item is weighed it will either be in grams or pennyweights. There are 31.1 grams or 20 pennyweights in a troy ounce.

8. Each karat represents a different amount of gold content or purity. Your gold jewellery will be anywhere from 8k (33% gold) to 24K (100% gold).

9. When deciding on an offer, dealers will look at the karat of your item and the weight. Beauty, craftsmanship and original retail price are not taken into account.

10. If you prefer, you can exchange your jewellery for gold or silver bullion. In this way you can turn your old jewellery into a good investment. Not all buyers do this, so shop around for those who do.

KITCO Gold Calculator

Perhaps you have some old earrings or an old necklace in your drawer that you’ve been thinking of. Not wearing, but selling. You have moved on in many ways – emotionally, fashion-wise, and space-wise. You want to sell some of the items that you prized many years ago but over which you no longer have that emotional attachment. And you would like to regain that drawer space for something a little bit more in tune with your current needs. This is why it makes sense to sell gold jewellery that you no longer need, wear or want.

Now that you know you want to get rid of the rings Aunt Maud gave you more than twenty years ago, you’ll want to know just how much you can expect to get for the amount of gold it contains.
It’s easy to look at the day’s newspaper, see just how high the spot gold price is for the day, and then decide you’re probably going to get a smallish fortune for the sale of Aunt Maud’s family heirloom. This is rarely the case, not even if your name is Elizabeth Taylor and you’re the owner of the Krupp Diamond, among other treasures.

So it’s off to the gold calculator, which can help to calculate how much you would get for Aunt Maud’s rings. These calculators mostly exist on websites that give information on gold. They are perfect for someone who would like to sell gold jewellery.

It helps to know what type of gold you have. One of the most important things to note is the quality of the gold. Gold that exceeds 14K will get a higher spot price than gold that is only 10K. This is because 14K contains less of other materials and it contains more of the material we all love – gold. This consideration is perhaps as important, if not more so, than the item’s weight on the scales.

Weigh your gold on a postal scale and note the weight somewhere. It’s important to remember not to include the weight of any costume gems; these do not count towards the weight of the gold.
There are a number of online gold calculators that you can use to calculate how much you’d get for the gold jewellery you want to sell. These calculators are all free to use, though they should not be relied on for accuracy. The best option is to use a calculator from a company that you trust.

Gold Security

Many gold buying companies are now advertising for you to send off your gold for sale, promising quick money in your pocket.  But just how safe is it, and are you really protected?

“If you’ve never sold gold before, it’s understandable that you may be hesitant using the Post,” says Roy Cohen, Director of The GoldCompany.  “To give peace of mind to our customers, every postage parcel requested from us is registered for tracking as well as insured for $10,000. We also offer an overnight insured courier service that will come to your home or office. The GoldCompany notifies you immediately upon receipt of your parcel, phones you the following day with the offer, and pays you immediately if you accept. If for any reason you don’t accept The GoldCompany’s offer, we courier the items back to you, with no hidden fees or strings attached. It’s that simple. We pride ourselves on customer satisfaction, and all our services are 100% free whether you choose to sell or not.”

“We find that customers often try us out with a ‘test’ parcel, containing just a few small items. Once they experience the speed and ease of our system, they then send the remainder of their gold in second and sometimes even third parcels. Whether you send it all as one lot, or prefer to send in multiple lots, we are happy to assist and there is no cost to the owner.”

But what if you still prefer to talk to someone in person?

“That’s no problem – you are welcome to visit The GoldCompany’s Sydney CBD headquarters, or visit one of our other locations with Bondi Junction opening in September and other locations opening Australia-wide soon.  A gold expert will sit and value your items together with you – when you accept, you receive payment on the spot, but there is no obligation….no hidden strings attached.”

For those that have been holding onto gold coins for investment purposes, now is an excellent time to sell gold coins and take advantage of the record high gold prices.

The GoldCompany buys gold coins at 95-98% of the daily gold price. Coins whose worth is based on the value of the metal they contain are called bullion coins. Originally, the word ‘bullion’ meant ‘mint’ or ‘melting place’; later, it became a generic terms for refined bars or ingots of gold or silver. (The English term ‘bullion’ originates from the French “bullion” meaning something boiled as a soup broth.) Below are just some of  the common gold bullion coins that The GoldCompany frequently buys.

South African Krugerrand Gold Coin

krugerrand

The South African Gold Krugerrand was the first gold bullion coin introduced without a face value, and is one of the best selling gold coins in the world. First minted in 1970, the South African Krugerrand gold coin is 22 karat gold, containing 1 troy ounce of pure gold alloyed with a small amount of copper for durability. Smaller ½, ¼, and 1/10 troy ounce Krugerrand coins were also produced.

Krugerrand gold coins were unique in that they have no face value, and trade based on the current daily gold price. Since their issuance in 1970, over 46.3 million ounces (1440 tons) or 54.5 million coins of the various four sizes have been bought and sold worldwide; this makes the Krugerrand gold coin the most successful gold bullion coin in history, and offers gold coin sellers instant liquidity as gold coin buyers will pay a premium to those selling Krugerrands. Buying and selling Krugerrand gold coins is easy, as they have a huge market and are highly liquid.

What does the Krugerrand gold coin look like? The obverse of the Krugerrand depicts the President of the original South African Republic from 1883 to 1902, Paul Kruger.  The reverse depicts the national animal of South Africa, the Springbok.

Who produces Krugerrand gold coins?

Rand Refinery in South Africa

How much are Kruggerrands worth?

To sell Krugerrands, contact The GoldCompany for the gold price of the day.

The GoldCompany will pay 98% of the gold price when you sell gold coin Kruggerands.

Canadian Maple Leaf Gold Coin

Canada Maple leaf

After the Krugerrand, the next gold bullion coin to be issued was the Canadian Maple Leaf gold coin in 1979. The Maple Leaf is also one of the world’s most popular buying and selling gold bullion coins, guaranteed by the Government of Canada for its authenticity and metallic content.  Maple Leaf gold coins are 99.99% pure fine gold – they are the purest gold bullion coins in the world. Besides the most common 1oz Canadian Maple Leaf gold coins, smaller 1/20 oz, 1/10 oz, 1/4 oz, 1⁄2 oz gold coins are also produced.  In addition to its reputation and quality, the Maple Leaf gold coin is also very liquid and accepted internationally.

What do Canadian Maple Leafs look like? The obverse of the Canadian maple leaf gold coin depicts the distinctive Canadian maple leaf, while the reverse side of the Maple Leaf gold coin features a portrait of Queen Elizabeth II.

Who produces Maple Leafs?

The Royal Canadian Mint in Canada

How much are gold Maple Leafs worth?

To sell gold Maple Leafs, contact The GoldCompany for the gold price of the day.

The GoldCompany will pay you 98% of the daily gold price when you sell gold coin Maple Leafs.

British Sovereign Gold Coin

British Sovereign

Gold Sovereigns are gold coins first minted in 15^th century England and still in production today. The original Sovereign gold coins weighed ½ ounce and were 23 karat gold (95.8%). Like Krugerrand gold coins, modern day Sovereign gold coins are composed of 22 karat gold and contain 1 troy ounce of fine gold. Sovereign gold coins are also struck in smaller half-ounce and quarter-ounce denominations, known as ‘half-sovereigns’ and ‘quarter-sovereigns’ respectively.

What do Sovereign gold coins look like? Sovereign gold coins are named after the royal portraiture of the coin, the earliest of which showed King Henry VII seated on a throne, while the reverse shows the Royal coat of arms on a shield. Subsequent Sovereign gold coins depict successive monarchs in regal position.

Who produces Sovereign gold coins?

The Royal Mint in Wales

How much are gold Sovereigns worth?

To sell gold coin Sovereigns, contact The GoldCompany for the gold price of the day.

The GoldCompany will pay you 98% of the gold price when you sell gold coin Sovereigns.

Compare Gold Buying Companies

LAST week, as the European economy went down the toilet, Michael Salib of Richmond bought $150,000 worth of second-hand gold rings and bangles. The two events are closely related.

Ever since the financial crisis cranked up, the price of gold has been climbing – sparking a ”war” between new and old players trading in recycled gold, looking to cash in.

But as The Sunday Age has found, some traders say their rivals are offering prices well below the market rate.

”Some people are ripping off the public,” Mr Salib said.

In the past, those wanting to hock their unwanted gold took their chances at pawnshops. Now they are faced with aggressive marketing by big business.

”Everybody started jumping on the wagon, trying to get a piece of the action,” said Mr Salib, whose company Cash for Gold first opened in 1996. ”We’ve been seeing new businesses starting up online every week, and some of them have copied our own website word for word. Even the spelling mistakes.”

Two years ago, Mr Salib was spending $2000 on buying gold per week. ”The price of gold has doubled since then, and now every week we’re spending over six figures,” he said.

Business went into overdrive when he took Cash for Gold online and started promoting ”gold parties”- a variation on the Tupperware party, where your mates turn up with their unwanted bling, and a consultant spends the night weighing each piece and calculating its value against the daily US price for bullion.

The gold party idea has launched an entire online-based industry, with companies named Gold Parties and Gold Parties Australia.

The most aggressive company on the market is Gold Buyers Australia, founded in May last year. In less than 12 months, the company has established more than 200 kiosk-style stores in shopping centres across Australia and, according to several gold-recycling organisations who spoke to The Sunday Age, its slick marketing campaign is paying dividends.

All the organisations, including some operating interstate, complained that Gold Buyers Australia was attracting customers with their high visibility – but paying them below the market value for their gold.

The company also promotes parties on its website, and recently launched a television campaign aimed at young women running short of cash while shopping for clothes.

The marketing stresses ”convenience” and ‘’safety” rather than good value.

As of Friday, according to his website, Mr Salib was buying nine-carat gold pieces for $14.90 a gram. David Edmonds of Citigold jewellers in Brisbane was paying about $13 a gram. Both men believed that Gold Buyers Australia was paying between $6 and $6.50.

”They’ve made a big deal about it being better than going to a pawnshop, but you’ll get a better deal from [pawnbroking retail chain] Cash Converters,” Mr Salib said.

A call to Cash Converters by a Sunday Age reporter posing as a customer found the company was paying $9 a gram.

These claims were put to Gold Buyers Australia by email, with a list of questions about how valuations are calculated. The answers, via a PR company but attributed to company director Wendy Stewart, were vague. Using old-fashioned acid scratch tests, consultants calculate ”an accurate wholesale/second-hand market price that we are prepared to stand by”.

And: ”It is important to note that the price promoted on the stock exchange does not directly translate down to the purchase price of an item. There are many other variables that are taken into consideration.”

The PR company, DEC Communications, said Wendy Stewart would contact The Sunday Age to confirm what price Gold Buyers Australia was paying its customers. At the time of publication she had not made contact.

A spokesman for Consumer Affairs Victoria said: ”When dealing with vulnerable consumers, traders should advise them the price is less than the market price.

If traders don’t disclose this information, they could be engaging in unconscionable conduct.”

Such conduct could also breach the Fair Trading Act 1999.

Source: http://www.theage.com.au/national/new-breed-of-gold-buyers-comes-to-the-party-x2026-to-cash-in-on-a-blingled-bonanza-20100522-w313.html

There are many reasons why people sell gold for refining, the obvious reason being to make money, but the underlying reasons people sell gold jewellery, among other gold items such as gold coins and gold bars, are not as simple as one would think. “Needing money” is no longer the driving reason for people to sell gold. With gold prices at all time highs, now is a great time to sell gold that you no longer want to gold buyers. Consider the following reasons for selling gold for refining purposes:

1. You have broken or damaged gold jewellery. Everyone has at least a few pieces of broken gold and old gold jewellery that has been collecting dust in an old gold jewellery box for years; items of broken gold are perfect to sell as scrap gold for refining. These items may be things like single gold earrings whose match has been lost, twisted or kinked gold chains, gold necklaces with broken clasps, gold watches that no longer tick, gold rings with gemstones that have fallen out, the list is endless. Unlikely to be repaired, and instead of continuing to collect dust, gold buyers will happily purchase this broken gold jewellery for refining – companies that buy gold do not care what condition your gold is in. Selling broken gold jewellery for its scrap gold value makes sense.

2. Your gold jewellery is old or out of style. Selling older or dated gold jewellery as second-hand jewellery can be tedious – chances are, potential buyers will not see the value in the items. It is a time-consuming and sometimes costly task to sell gold jewellery that has gone out of style. Fortunately, gold buying companies buy gold for refining purposes – these gold buyers do not care about the aesthetics or style of your old gold jewellery. Gold buyers are always happy to buy from you, and take no consideration for the style or condition of the jewellery. Gold buyers that buy gold for refining will not lower the gold price offered if the jewellery is old-fashioned or no longer attractive. The price offered remains the same irrespective of the gold jewellery’s condition.

3. Your gold jewellery holds bad memories for you. Gold jewellery makes a wonderful gift during good times; unfortunately, when the relationship and good times end you can be left with mementos that serve as bitter reminders of people that you would rather forget. Items such as engagement rings from ex-fiancés, gold necklaces from an ex-husband, ‘special’ Valentine’s Day gold earrings, gold anniversary gifts and birthday gifts of gold jewellery – these items are just sitting in a drawer for you to never wear again. Rather than collect dust, you can purchase something of value as a result of selling these items which have no further sentimental value.. Many people say they feel empowered after selling gold jewellery that’s connected with sad or unpleasant moments in their past. You can let go of a lingering memory while salvaging a piece of its value.

4. You understand the high gold price. The economy may not been doing well, but gold prices have more than tripled in the last 7 years. Historically, times of economic downturn see gold prices rise. Why? Gold is considered the most stable investment in uncertain times. With the economy stabilizing, now is a great time to sell gold that is no longer of any use to you, and take advantage of the record gold prices.

5. You want to sell your gold jewellery, but find it difficult and time consuming. While special consideration should be given to antique gold, designer gold, and one-of-a-kind custom gold jewellery, it’s not easy to sell gold jewellery for second-hand wear, as it may be tedious to find a buyer for such items. Selling gold to a gold buying company for gold refining provides the quickest return. However, for those wanting to sell gold jewellery for second-hand wear, here are some options:

• The first port of call is usually the jeweller from which the item was purchased, especially if the jewellery is still in fairly new condition. However, many jewellers will not buy back an item they have sold you because their profit margin would be exposed. In other words, rather than offer you a much lower price than you paid, they opt not to get involved with buy-backs.
• Online Auction – Websites such as Ebay are most suitable for well-known, designer-branded gold jewellery or items where buyers can externally verify what the regular retail price of the jewellery is.
• Live Auction – Auction houses such as Sotheby’s or Christies will catalogue special pieces to sell at live auction. As the seller, you may put a minimum reserve price on the items when selling gold at auction.
• Private Sale – Selling gold jewellery privately can be done in the same manner as, for example, selling a car privately.
• Pawnbrokers

6. You’re holding investment gold. Considering the soaring record-high gold prices, now is an excellent time to offload high-purity gold items previously obtained for investment. Gold coins such as gold Kruger Rands and gold Sovereigns, gold bullion, gold nuggets, and gold bars purchased in the past were worth a fraction of what their gold value is today, making this an ideal time to sell investment gold to make a profit.

7. You inherit unwanted or indivisible gold heirlooms. Estate gold jewellery and other gold estate items such as gold coins, gold nuggets and gold bullion are often inherited by individuals or groups that want to liquidate these assets to either make use of the inheritance or to divide their value amongst benefactors. The items in their tangible gold form are indivisible. By selling to a gold buying company, this problem is eliminated.

8. You have dental gold you can’t do anything with. Unless left for the tooth fairy, dental gold such as gold teeth and gold filled teeth are items which will certainly not be used again. However, their gold content is ideal for a gold buying company to refine. Gold buying companies will happily purchase dental gold.

9. You’d like some extra spending money. Gold is money – it is, in fact, the oldest form of money out there. Most people don’t realize just how much money their old gold jewellery can bring them. Whether it is used to pay bills, or taking a long-awaited holiday, a little extra spending money never hurts, especially if it is simply sitting in a drawer unused!
It is an excellent time to sell your gold scraps, bars, and gold jewellery items and turn your profit into cash.

1) Request a GOLDPak

Complete the online GOLDPak request form to the right, and The GoldCompany will post you a parcel containing all the items and information you need to securely send us your unwanted gold, silver, and platinum items to sell.

When you request your GOLDPak, an email is sent to you with a link to your personal GoldCompany account. This links you directly into our online GoldTrak system, where you can login at any time to view the status of your GOLDPak. Updates on your gold are posted step-by-step, from the time your GOLDPak is posted to the time we issue your payment, so you are always kept informed as to the status of your GOLDPak.

If you would prefer a courier to pick your parcel up, please call The GoldCompany on 1300 506 707 or (02) 9020 5150 – we will arrange for Australian Air Express to pick up your parcel from your home or work, at no cost to you. You do NOT need to request a GOLDPak if this is your preference.

2) Receive your GOLDPak

At The GoldCompany we pride ourselves on our speed of operation. Your GOLDPak will be posted to you on the same business day that you place your request online. You will receive the GOLDPak shortly after you request it.

3) Complete the GOLDPak Instructions

There are just a few simple steps in preparing your GOLDPak, which are outlined in the instructions you will receive. All you need to do is complete a form with your contact and nominated payment details, and take a photocopy of one piece of picture identification. These two things must then be sealed into the secure padded envelope together with your gold, silver, and platinum, placed into the prepaid and insured Australia Post satchel, and your GOLDPak is ready to go.

4) Register your GOLDPak at the Post Office

Take your sealed GOLDPak to any Australia Post office counter to register your GOLDPak for tracking purposes. Included with the paperwork that we send you, there is a Customer Receipt that contains the Australia Post tracking number for you to keep. To track your parcel, go to the Australia Post website or call 13 13 18. Alternatively, please feel free to call The GoldCompany with your tracking number and we will be happy to trace your GOLDPak for you.

Unlike other gold buying companies that provide insurance up to $100, leaving their clients exposed to potential loss, The GoldCompany provides insurance of up to $10,000 for your GOLDPak. Secure Registered Post and Australian Air Express couriers allow your parcel to be tracked with ease while safely en route to The GoldCompany. In the unlikely event that a problem occurs, clients may rest assured that they are protected.

5) GOLDPak arrives at The GoldCompany offices

You will receive an automated email the moment your GOLDPak arrives at our facility, to notify you of its arrival. An SMS will also be sent to your mobile number if you entered it into the online GOLDPak request form.

6) GOLDPak evaluation

Once we receive the GOLDPak with your gold to sell, The GoldCompany will evaluate the gold, platinum, and silver contents within 1-2 business days.

7) Receive a phone call advising you of our assessment

Many other gold buying companies will not advise you about the value they are willing to pay; they will simply send you a cheque in the mail without consulting with you.

At The GoldCompany, you do not have an immediate obligation to sell your gold; we feel you have the right to know what your gold is worth prior to processing it. A gold expert from The GoldCompany will call you to advise you of our offer to buy your gold within 1-2 business days of receiving your GOLDPak, and to answer any questions you may have.

8 ) Accept the offer

If you are satisfied with the offer made to you by The GoldCompany and you confirm acceptance of this offer, your payment will be processed.

If for any reason you decide that you would like to keep any or all of your gold items, The GoldCompany will return your gold to you via insured Australian Air Express courier, at no cost to you.

9) Receive immediate payment
The GoldCompany administers payment on the SAME BUSINESS DAY that you accept our offer to buy your gold. In other words, depending on which method of payment you select, your cheque is printed and posted, or your bank transfer is processed the very same day.

10) The GoldCompany values your feedback
Please email us any feedback you would like to share about your experience with selling gold to The GoldCompany. To see what other clients before you have had to say, please refer to our online testimonials.

With gold prices reaching record highs over the past 12 months, numerous gold buying companies have emerged around Australia offering consumers prices far below what is considered reasonable.  Australia’s leading buyers of gold, The Gold Company, has witnessed a massive discrepancy between the prices reputable gold buyers are paying, and the money people are receiving for the same parcel of gold from companies that offer no expertise in the buying of precious metals.

“Different buyers may offer vastly different prices as a result of differences in cost structures, procedural efficiencies and profit margin requirements,” commented Roy Cohen, precious metal buyer from The Gold Company.  “As shown recently on A Current Affair, prices for the same parcel of gold varied from $250 to $950; that is a difference of more than 350% between the highest and lowest price. That’s enormous!  We’re proud to say A Current Affair nominated The Gold Company as the dealer offering Australia’s highest return for unwanted gold items.”

“While the industry does contain very reputable precious metal buying companies, there are dealers who are wildly undervaluing gold parcels, have poor customer service and are generally ripping off customers.

The Gold Company offers a few golden rules for selling

• Do your research and know what your gold is worth. The weight and purity of your gold determines its value.
• The carat value is a unit for expressing the proportion of gold in an alloy on a scale from 1 to 24 (24ct is pure gold). For example, 18 carat gold is an alloy, containing 75 per cent gold. Most items are stamped with the carat value for that item.
• It is pretty easy to determine approximate value. Separate the gold into 9ct, 14ct, 18ct etc… Then weigh each batch separately. Multiply the weight by the percentage of gold in the batch (e.g. 0.375 for 9ct) and then multiply that by the gold price of the day. That figure, less the refining costs and profit of the buyer, is what you should be offered.
• Different buyers offer vastly different prices as a result of differences in cost structures, procedural efficiencies and profit margin requirements.
• Be aware that you may be offered significantly less than the retail price you paid for an item.  The reason for this is because part of the retail price paid, incorporates the jewellery’s design and manufacture, as well as the jeweller’s profit
• Compare prices and make sure you are dealing with a reputable and honest buyer. If you are not sure you are getting the right price, shop around.
• Make sure you deal with a company that gives you the option to accept or refuse the offer with no hidden cost to you.
• Make sure they have contact numbers listed for you to talk to someone and an address that you can visit there offices if necessary.

At The Gold Company, sellers can complete a form on the company’s website to obtain a prepaid Goldpak, which will transport the jewellery free of charge for evaluation, or they can take their gold items to The Gold Company’s off-street headquarters in Sydney’s CBD.