It’s a sad truth that gold heirlooms no longer have the sentimental value to match their monetary worth. A generation or so ago, mothers would pass their gold jewellery on to their daughters, grandmothers to their grandchildren, and gold pocket watches would pass from father to son. The younger generations are not interested in such items anymore, their tastes being entirely different now from that of the older members of their families, and the money itself being of much more practical use.

The old-fashioned pawn shop

In years gone by, a pawn shop would have been the best place to go if you wanted to trade in an item of worth. Modern-day pawn shops, however, do not offer you the true value of your goods. This is a market-related issue since pawn shops rely on demand – if they aren’t going to sell what they’ve invested in, then it’s not worth them paying any significant amount for it. People who are shopping in pawn shops are not looking to spend a lot of money – they want a bargain.

More importantly, pawn shops are unlikely to have the specialist knowledge required to determine how much jewellery is actually worth. Often, modern day pawn shops are part of a chain company and are restricted in what they can pay for items by the powers-that-be.

Pawnbrokers may offer you an even worse deal, adding often unfair levels of interest onto a loan.

Do your research and think ‘quality’

If you want to sell gold jewellery, the best place to go is somewhere where their business is jewellery. Professional buyers of gold and diamond jewellery will be able to tell you the real value of your jewellery and can offer you much more competitive rates. The buyers will have specialist knowledge and will be able to give you the right information regarding your goods.

Do your research and find the most reputable buyer of gold and diamond jewellery near you. They will be willing to discuss what you have and work out a price that suits both you and them. You will be able to see their expertise at work, especially when compared to pawn shop employees, when they look closely and spot things you may never have noticed yourself.

The true value is on the inside (no matter how it looks)

Many gold and diamond jewellery buyers are offering to buy jewellery that is damaged or out of fashion. This is because they could be able to reuse the gold or silver contained in them, rather than selling the item as a whole. They will base their valuation of your item on the weight of fine gold or silver, according to the ‘Gold Fix’ –  a process which determines the price of silver and gold, that is set in London twice a day. It is possible to calculate the value yourself beforehand to get an idea of what you could be offered if you know the gold or silver content of your items.