Do you have any gold materials that are just lying around the house and doing nothing? You should take advantage of the opportunity to sell your gold items for a profit. There are various gold buyers Melbourne that will pay you for the gold you have right now. But how does the process of selling gold to a buyer work?
Analyse the Gold
To start, you would have to bring in the gold or other precious metals that you have to a gold buyer. The gold can come in a variety of forms. Gold bullion bars and coins are clearly the more prominent products that contain gold but old jewellery or watches can be sold too.
Do not worry if the gold you have is slightly tarnished or scratched. The gold that you do sell is typically melted down, refined and made into new investment grade bullion bars. Therefore, you should not have to worry about whether if its tarnished damaged or even broken. Any reputable gold buyer can analyse your items with their equipment regardless of the condition.
The gold would be analysed based on various factors. These include the purity of the gold and the total mass involved. This would be calculated after any non-metallic parts are removed from certain items, a point that is especially relevant for old watches or jewellery items with stones.
The overall purity of the gold is especially important. This refers to how much gold is in the item when compared with other metal alloys or parts. For example, 18-karat gold is more valuable than 14-karat gold as it has a higher gold content. 24k gold is the highest purity. However, 24karat gold would typically not be used to make jewellery as it is very delicate to work with and is easily damaged.
The weight is especially critical. Gold is typically measured in grams as it is a more precise measurement than ounces. This is typically used to determine the exact amount of money a gold buyer will pay you combined with the purity.
The payout that you would receive from your gold will be measured based on the total number of grams that you are selling and the purity of those grams. The price is based off of the world market price of gold. With this particular metal increasing in value, there is a potential for gold buyers in Australia to pay you a sizeable amount of money when you visit their shop to sell gold jewellery.
Unless you have gold bars or coins some specific totals may also be used to analyse the purity of your gold jewellery. Each of those physical items would have to be analysed first to see if the jewellery who made the gold jewellery made it the correct karat. It is not uncommon for example 22 karat gold jewellery to be manufactured to only 18 – 19 karat.
Once the gold buyers Melbourne analyse your unwanted gold jewellery items and find out what karat they all are, they then weigh the items, calculate how many grams of pure gold you have and pay you based on the world spot price for gold.