Business

What you need toers and selling jewellery know about Gold Buy

You’ve seen the adverts and you’ve probably wandered into a store yourself because you were curious about selling your gold, gold jewelry buyers are everywhere.  What is the definition of a gold buyer? Simply put: a gold buyer is anyone who buys gold. It would be that simple but gold is not a simple commodity so there is more to it. 

Saying a gold buyer is someone who buys gold is an understatement. Gold jewellery buyers Melbourne are skilled at evaluating, buying as well as selling gold. They are experts at not only the metal itself but the market and the trading that happens. Call them connoisseurs, if you need to. They know the gold market and what shifts the gold prices up or down. They know the value of whatever is being sold to them and have ways of earning a profit from the gold jewelry they buy from the public. They can also discern whether the gold they are buying is valuable for its metal content or for its artistic quality and value. 

There are some staple processes that all gold buyers follow before sealing any deal:

  • Buyers have in depth knowledge about the gold market. 
  • When you sell gold jewelry, a gold buyer will be able to conduct an in-depth assessment of the value 
  • Gold buyers appraise the gold jewelry you have to sell and work out its value based on the current market value of gold

There are basically two types of gold jewellery buyers Melbourne: 

  1.  Company gold Buyers
  2.  Independent gold Buyers

The difference between the two kinds of buyers might seem simple. Company buyers work with or for a certain business entity. Company buyers focus on turnover and the profit they will make by buying and selling gold jewelry. 

Independent buyers on the other hand are not associated with any company. They might be looking to make a profit but some are genuine lovers of jewelry who appreciate quality, workmanship, etc and might be open to spending more on a piece of jewelry that is unique and in good conditions. They may not buy damaged gold to resell to refineries because that part of the business is not what they are interested in. 

What Is Gold Worth?

Before selling your gold jewelry to any buyer, you need to know what its value is. This means you need to understand certain factors like what the Karat value is and how your gold weighs.

  • The quality of gold is defined in terms of karats. The purest form of gold is 24 karats.
  • The higher the karat value, the higher the value of gold
  • There is no karat value beyond 24k. 

It is generally accepted that yellow gold has the highest karat but this isn’t always the case. Gold comes in different colors like white, rose and green. The color of gold can be changed by adding other metal alloys like copper, platinum and zinc. Regardless of what color the gold jewelry you want to sell is, thing that matter is the karat value. 

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