Resell gold: How to proceed?

The resale of gold has become very attractive in recent years, because it is a metal that continues to grow in importance and remains a safe bet. With the current economic climate, more and more people are turning to reselling gold. But, before taking the plunge, it is important to find out about the stores that buy back jewellery or gold coins as well as the stock market listing.

Where to sell gold?

There are several ways to resell physical gold :

• Give it to your bank to sell for you

• Send it by post

• Go directly to a store specialising in the purchase of jewellery, coins, etc.

The first method is to deposit your gold ( only gold coins or bars ) in a bank. This means that your gold will be sent by the bank to a merchant in Paris of their choice, who will set the price themselves. There is no longer a gold exchange in Paris. A fee will be charged to cover the shipping costs of the precious metal as well as the commission taken by the bank. The fees and commissions charged by banks are generally quite high.

The second process allows you to send your gold by post. All you have to do is get a kit to resell gold , generally consisting of an envelope, a bag and the instructions necessary for sending and resale of gold by mail. The kit provided by Osprey entitles you to insurance covering the loss of a package up to €500.

Finally, the last and best solution allows you to directly know the value of gold by going to a specialised store. A professional will appraise the gold by determining its carat and its weight. It is then possible to accept or not the transaction. It’s a great way to monetize gold quickly for minimal fees. In addition, it should be ensured that the buyer is a real jeweller, with knowledge of old and second-hand jewellery, and not simply a gold buying window where everything is melted down.

Know the price of gold

The value of gold varies depending on several factors. It is important to identify, in the first place, the purity, expressed in carats, of its gold. Indeed, the 18 carat gold price is different from that at 24 carats. The jewels are marked with hallmarks which provide information on the purity of the gold:

• A seahorse equals 24 carats, pure gold

• An eagle’s head is equivalent to 18 carats, 750/000 gold

• A scallop shell is equivalent to 14 carats, 585/000 gold

• A clover is equivalent to 9 carats, gold 375/000

Weight is another determining factor when appraising gold jewellery. The heavier and more pure it is, the more you will get a good price.

Following the price of gold every day allows you to get an idea of the current state of the market and to know if it is time to sell your gold or if it is better to wait. that the price rises to sell at the best price. The gold quote concerns only pure gold bullion and 900/000 fineness gold coins. It is important to know that gold jewellery is almost always alloyed with other metals, it is only rarely made of pure gold. It is therefore possible that the selling price does not necessarily correspond to the international quotation.

Remember that jewellery may be worth more than its metal value, but this bounty will only be offered by a qualified jeweller. Gold buying shops that have flourished all over France in recent years are rarely able to recognise the value of old, historical, regional or signed jewellery. At Osprey, we are expert jewellers and gemologists, and we are particularly looking for value-added jewellery to resell in our stores. We have sold more than sixty million euros worth of gold, silver and jewellery since 2010 alone.