Selling a gold ring.

[longers]

Later this week I'll have a gold ring that will officially become just a piece of metal.
No point keeping it and I'd like to sell it.

How best to get the best price for it please?

I've asked in a couple of jewellers and they say "sure bring it in, we'll give you a price". Will shopping around between shops get the best price or will there be a set price for scrap gold and they'll all be much of a muchness?

Yours in ignorance.

 

[thomas]

Later this week I'll have a gold ring that will officially become just a piece of metal.
No point keeping it and I'd like to sell it.

How best to get the best price for it please?

I've asked in a couple of jewellers and they say "sure bring it in, we'll give you a price". Will shopping around between shops get the best price or will there be a set price for scrap gold and they'll all be much of a muchness?

Yours in ignorance.

I would have thought if they melt it down it will have a low value. If they like it and plan on selling it as it is it would be higher.

Go in with it and ask them about it and selling it, values and things. I'm they'd be reasonably helpful if you've got any questions.

 

[ChrisKH]

Consider taking it to someone who makes gold jewellry and have something worthwhile made from it. Mrs KH did this quite recently with some old gold jewellry. He kept the excess, she got what she wanted in a unique design. If I am presuming correctly where the ring comes from, it's a way of turning a reminder of something bad into something good. If you see what I mean. The scrap value will be minimal I would imagine.

 

[srw]

I don't think there's much call for second-hand wedding rings! Most people want a shiny, new, unscratched one.

If I remember correctly, most of the difference in price when new is down to the difference in gold content anyway - so I'd guess that the scrap value is similar to the new value, minus a handling fee.

 

[ianrauk]

Melt it down and turn it into a couple of nuts for a bottle holder

turning a reminder of something bad into something good. If you see what I mean. .

 

[srw]

If I remember correctly, most of the difference in price when new is down to the difference in gold content anyway - so I'd guess that the scrap value is similar to the new value, minus a handling fee.

http://www.moneysupermarket.com/community/forums/t/seling-old-scrap-gold-22102.aspx

That thread explains how to calculate the value - and there's a jeweller on the thread whose figures stack up with a 10% - 15% discount on the wholesale price for retail (even though he expresses it differently!)

 

[Brains]

In the jewlerry area of Hatton Garden many of the jewlers display on chalk boards the current price per (gramm?) they pay for scrap gold. Might be worth give a couple of them a call as I would have thought their price will be as high as you can get anywhere else.

 

[Auntie Helen]

I don't think there's much call for second-hand wedding rings! Most people want a shiny, new, unscratched one.

I expect this is true although I have a second-hand wedding ring, that of my grandmother which she had worn for 60 years.

I had to get it resized and was shocked how much I had to pay considering the jeweller got the excess gold (and it was 24 carat). The jeweller said that the value of the gold is minimal, it's the shaping and metalworking that costs.

 

[Night Train]

I held onto mine. I don't wear it but it is put away for a time when it might be right for someone or I was really desperate for the money.

 

[papercorn2000]

You could get it fashioned into a special golden bullet...

 

[longers]

Thanks all. Some good ideas, the link to the scrap values is good SRW, they're from may 08 but I will investigate further along those lines.

I'm not a jewellery person so recycling it into something else, even be it bottle cage bolts, is a non starter. I've got it in mind to put the money to a new saddle.

 

[Bokonon]

I've got it in mind to put the money to a new saddle.

Which reminds me - I've still got the saddle that came with my Tricross if you are still interested?

 

[longers]

Ah sorry Bokonon, mine isn't as comfy as I thought it was and that's the one I'm now looking to replace.

It's fine for long and lumpy rides when I can be in and out of the saddle quite often, the weekend saw me doing a flat ride for a change and it's not very comfy for extended sitting down periods.

 

[User482]

I don't think there's much call for second-hand wedding rings! Most people want a shiny, new, unscratched one.

True, but a used ring can be polished to a state identical to a new ring. My wedding ring is inherited, I had it polished before my wedding, and it was completely unmarked.

 

[Arch]

I don't think there's much call for second-hand wedding rings! Most people want a shiny, new, unscratched one.

I wouldn't be fussy...

<Listens to sound of Longers running for the hills...>

Only yesterday, a posse of CC'ers were discussing the potential demand for gold mudguards, maybe you just need to have it rolled out very thin... (although we only meant gold-coloured....)