How the process works, gold-buying companies buy it, melt it and sell it on for more money. But there are for sure a wide spectrum of places, where you can get taken advantage of or get a deal which leaves you feeling satisfied. One recommendation is going into jewellers in the major city as that’s where the high demand in, such as London, Manchester and Birmingham. Going into jewellers where there’s a significantly lower population makes a favourable deal less conducive.
There is an alternative direction you can take, the myriad of gold websites online. However, there is a negative reputation to them as they do not offer the best rates. The main advantage of online is convenience.
There are some considerations when you are on the cusp of selling, the selling route already picked. In gold selling, the pitfalls are plentiful. An amateur error is selling gold jewellery with gemstones. It would be remiss not to point out that the stone may be worth more than the gold. In addition, seldom do jewellers actually return stones. If a ring has a rock, to reiterate, do not send it off to a postal gold site. Unless you are 100 percent sure, consult a jeweller before it is sent off and cash has been exchanged. So much time is saved when you take the more diligent approach instead of a rash one.
This is a tip that may surprise a few, do not send coins or medals. You may have medals stashed away, such as Krugerrand, these are likely to be worth more than scrap value. The superior option to take is to sell to a bullion dealer. You can find one through the British Numismatic Trade Association (BNTA) or the London Bullion Market Association. Check if they buy from private investors and then ask for a quote. It is worth noting, under the 1971 Coinage act it is illegal to melt down sovereign and Britannia coins, as these are legal tender in the UK.
if posting to a gold site, send via Special Delivery. It automatically covers you for up to 500 pounds (or more for an additional fee). Remember to keep records of carat and weight prior to sending. It mitigates the issues that may occur, like loss of what you have sent.
Selling costume jewellery generally is not a smart decision. Most vintage costume jewellery contains silver-cast or lesser metals. You’re better off going to eBay and selling it on there to gain more money for what you are selling. But again, go directly to a jeweller in person to get a valuation.