Do you have old, broken, or unwanted gold jewelry lying around in a drawer? Perhaps you have some dental gold, gold, or other items you no longer need. That collection of scrap gold could be a hidden source of cash. But figuring out how to sell it can feel overwhelming. You might be asking, “Where can I sell my scrap gold safely and for a fair price?”
This guide will tell you all you need to know. We’ll cover how to prepare your gold, find reputable gold buyers, and understand the process to ensure you get the best possible return. By the end, you’ll have the confidence to turn that unused gold into cash. If you’re interested in learning more about how to sell gold, be sure to read our latest blog: How to Sell Gold – A Proper Guideline.
What Counts as Scrap Gold
If you’re thinking about selling gold, it’s helpful to know that “scrap gold” means gold items valued just for their gold content—not as jewelry or collectibles.
Here are some common examples of scrap gold:
- Broken necklaces, bracelets, and chains
- Single earrings that no longer have a pair
- Rings and pendants that are out of style
- Gold items that are bent or damaged
- Dental gold, like crowns or bridges
- Small gold nuggets or flakes
In simple words, if something is valuable mainly because of its gold and can be melted, it is called scrap gold. This helps you understand what to expect when you want to sell gold.
How to Prepare to Sell Your Scrap Gold
Prepare ahead to make selling your gold simple. Use these steps to know what you have and negotiate confidently.
1. Gather and Sort Your Items
Collect all your gold items. Sort them by karat. Check for marks like 10K, 14K, 18K, or 24K to identify purity.
- 24K Gold: 99.9% pure gold
- 18K gold is 75% pure gold, which means it has 18 parts gold and 6 parts other metals.
- 14K gold: 58.3% pure gold, which means it has 14 parts gold and 10 parts other metals.
- 10K Gold: 41.7% pure gold (10 parts gold). Keep your gold sorted by karat, since buyers pay based on purity. Mixing different karats together can lead to a lower offer. You risk a lower price.
2. Weigh Your Scrap Gold
Weigh each group by karat using a kitchen scale that measures grams. Write down the weight for each karat group. This helps you estimate the value of your gold. Gold is priced per gram or pennyweight.
3. Check the Current Price of Gold
Gold prices change daily. Before meeting buyers, look up the spot price of gold online. This is the price for pure 24K gold. Buyers pay less due to the costs and profit. Knowing the spot price helps you judge offers. For more tips, see our post on getting the best price.
Finding Reputable Gold Buyers
Choosing a trustworthy buyer is crucial when selling gold. Not all buyers are trustworthy, so review your options carefully to secure a fair transaction. Below are the most common choices.
Local Jewelry Stores and Pawn Shops
Scrap gold is frequently purchased by local jewellers and pawn shops, providing convenience and speed. You can have your items evaluated and receive payment the same day. However, offers vary widely, and pawn shops may pay less since they buy below market value for resale. Visit several shops to compare offers. To know about why local buyers offer low rate read our latest blog [Why Local Gold Buyers Offer Low Prices]
Online Gold Buyers
One common way to sell gold is through online buyers. Typically, they offer a complimentary shipping kit that is insured. They test your gold and then present you with an offer. They send money if you agree; else, they give the items back.
Online buyers offer convenience and often better prices due to lower overhead costs. It is important to choose a reputable company. Look for one with
- A strong, positive reputation with many customer reviews.
- A transparent method for weighing and evaluating your gold.
- Comprehensive insurance covering your shipment.
- A straightforward and fair return policy.
For the best deal, review our Top Tips for Sell Gold Safely before selecting a buyer.
Precious Metal Refiners
Selling directly to a refiner can yield the highest payout because you avoid intermediaries. Most refiners, however, only accept large quantities and may not work with individuals selling small amounts. If you have a significant amount of gold, consider this option.
The Selling Process: What to Expect
Understanding how to sell gold means knowing what to expect when meeting a buyer. A reputable buyer follows a consistent process.
Item Separation: The buyer will begin by sorting your items by karat, replicating the initial step you took at home.
Testing: They will then test the gold to confirm its purity. This is usually done with an acid test or an electronic gold tester. The acid test involves scratching the item on a stone and applying different acid solutions to see how the metal reacts to each. This is a standard industry practice.
Weighing: The buyer will measure your gold on a calibrated scale, which should be in your view. Each karat group is weighed separately.
The Offer: The buyer will make an offer based on the gold’s weight, purity, and current market price. This amount is a percentage of the spot price—reputable buyers usually pay between 70% and 85% of melt value.
Do not feel compelled to accept an offer immediately. If the offer seems low, you are entitled to refuse and get another appraisal. An honest buyer will respect your choice.
Final Thoughts on Selling Your Scrap Gold
Selling your scrap gold is an effective way to unlock the value in items you no longer need. With the right process, you can turn old, broken, or unused gold into tangible financial support. The key is straightforward: prepare and stay informed. Know what you own, check the latest market rates, and choose a reputable buyer.
Always sort and weigh your gold, compare offers from several buyers, and avoid any deal that seems vague or unfair. The right buyer ensures a smooth and transparent process.
At Benaka Gold Company, we offer fair prices, honest evaluations, and complete transparency. With advanced German purity testing and a customer-first approach, you receive top value for your gold—no hidden charges, no pressure, just trust.
With these tips and the right partner by your side, you’re well-equipped to turn your unwanted gold into valuable cash confidently and safely.
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