How to sell gold safely and get the best price

Step 1: Work out what you have

Lay everything out on a table under a good light. Look for hallmarks with a magnifier or your phone's camera zoom: inside ring shanks, on clasps and on the small tag next to the clasp of a chain. Common gold marks are 375, 585, 750, 916 and 999, or 9K, 14K, 18K and 22K. Put items with the same mark together. Put unmarked items and anything stamped GP, GF, RGP or HGE in a separate pile.

If you cannot read a mark, the AI hallmark checker can read it from a photo and explain what it means. Our hallmark guide shows the most common European and British marks.

Step 2: Decide what is scrap and what is not

Some items are worth more as jewellery or collectables than as metal. Pieces signed by recognised makers, antique jewellery with clear date letters, unusual designs, and anything set with valuable stones should be shown to an independent valuer or an auction house before you sell them by weight. Gold coins are a separate category: they are priced on their guaranteed gold content and often sell close to or above melt value, so see our gold coin melt values and sell them to a coin or bullion dealer rather than as scrap.

Everything else — broken chains, single earrings, worn rings, outdated pieces you will not wear — is scrap and will be melted. For those items only weight and purity matter.

Step 3: Weigh and calculate the melt value

Weigh each karat group on a digital kitchen or jewellery scale that reads to at least 0.1 g. Subtract an estimate for stones and steel parts. Enter each group into the scrap gold calculator as a separate item; the calculator shows the pure gold content, the melt value at today's price and a buy offer at the payout percentage you choose.

Write the melt value down or save the calculator link — the inputs are stored in the page address, so you can bookmark it or send it to yourself. This number is your benchmark for every offer.

Step 4: Choose where to sell

In practice you have four options. High-street jewellers and pawnshops are convenient and pay immediately, but usually offer the lowest share of melt value. Specialist gold buyers and bullion dealers pay more, often 80–90%, and are used to testing with XRF. Postal cash-for-gold services can be competitive but require you to send your gold before you see an offer. Refineries pay the most but usually only accept larger lots.

Read our explanation of how pawnshops price gold to understand why the same items can attract very different offers.

• Look for a physical address, a landline number and a clear payout policy.
• In the UK, check that the dealer is registered with HMRC for anti-money-laundering supervision.
• In the EU, a legitimate buyer will ask for photo ID — that is a good sign, not a nuisance.
• Avoid buyers who refuse to tell you the weight and karat they are paying for.

Step 5: Get quotes and negotiate

Ask each buyer to weigh and test your items in front of you and to write down the weight per karat and the total offer. Divide the offer by your melt value to find their payout percentage. If one buyer is clearly below the others, say so; many will move a few percentage points to secure the deal. Quotes are only comparable on the same day because the spot price changes constantly — check the live gold price when you collect them.

Be cautious with postal services. If you use one, read the terms on returns before sending anything: some charge a return fee if you reject their offer, and some have very short deadlines after which they melt your items. Insure the parcel for its melt value, photograph everything and keep the proof of postage.

Step 6: Payment, ID and tax

Most countries now limit cash payments for precious metals, so expect a bank transfer. Under EU anti-money-laundering rules buyers must identify sellers, and in the UK dealers buying scrap gold must also keep records. Bring a passport or national ID card and, for larger sales, proof of address.

Selling your own used jewellery is usually not taxable for private individuals in most European countries, but rules differ. In the UK, personal belongings sold for less than £6,000 each are generally free of Capital Gains Tax, and UK legal-tender coins such as sovereigns and Britannias are exempt. Investment gold — bars and qualifying coins — is VAT-exempt across the EU and the UK. If you sell regularly or in large amounts, ask a tax adviser.

Mistakes that cost sellers money

Selling everything as one lot at the lowest karat; accepting an offer without knowing the melt value; selling coins and signed jewellery as scrap; posting gold uninsured; and rushing. Each of these is avoidable with ten minutes of preparation. A useful rule of thumb: if an offer is below 70% of melt value for a few hundred euros or pounds of gold, walk away and try somewhere else.

Finally, keep an eye on the market but do not try to time it to the day. Over a few weeks gold can move a few percent in either direction; the difference between buyers is usually much larger than that. If you are curious how the price has behaved recently, see the gold price charts and our guide to why the gold price changes.