Not sure where to post this question but as it is Financial I will try here first :)
I want to sell some scrap gold & an engagement ring from an ex relationship. I am assuming that the stalls in shopping centres are rip off merchants & was wondering if anyone knows of the best place in Sydney to sell it for a good price as I have never done it before & I know gold is fetching a good price at the moment. I would prefer to go in & enquire rather than send it to one of the website ones & into the void that is Australia Post :/
Hopefully someone on here may be able to help!
TIA :)
Hey Tia,
To save yourself getting ripped off you can find out yourself how much your gold is worth with some basic math. I don't know what scrap gold is but if you have a ring that is 24carat then it is pure gold. 18carat gold is 18 parts gold 6 parts another metal (usually silver, forming an alloy), 12-Carat gold is 12 parts gold (12 parts another metal), and so forth. If the ring is less than 24carat then you need to take the carat amount of the ring and divide it by 24. In other words, a 14 carat gold ring would be 14/24. Multiply that by the weight of the ring in ounces. Take the final product and multiply that by the current price of gold. That will give you the value.
I would definitely shop around, but there are many shops that buy gold and silver. I doubt anyone's going to give you the best deal right away, you might have to shop for it. I know there's a shop in Kogarah that buys gold and silver on Belgrave St, near The Bank (pub). But you shouldn't write off those shopping centre stalls, it's worth asking.
I believe even some jewelers will buy gold. Otherwise you can get it valued at a jeweler and there's always ebay/pawn shops/cash converters.
If you have bullion and feel like going the online route I know of ainslie bullion who buy back bullion.
Good luck with it.