What to Expect From Gold Buyers

Not to be confused with gold diggers, gold buyers can hand over high amounts of cash for old gold that is sitting in people’s basements and attics. For those who have old jewellery and other accessories lying around the house, a trip to a gold buyer may be just the ticket to cashing in on some earnings. Here is what to expect from a trip to a gold exchange.

An Appraisal Process

When an individual first visits a gold exchange, the buyer will take a look at the offerings to see what condition they are in. Even accessories and coins that aren’t in good condition can still be considered for their gold so it is always worth it to visit. The appraisal process includes taking a good look at the gold, ensuring the validity of it and bypassing any fakes, and weighing the gold. This will allow the buyer to provide a quote for what they would buy it for. At that point, it is up to the seller to decide if he or she wants to go through with the offer or decline and keep looking.

Slow and Steady Wins the Race

It can be tempting to say yes to the first person who offers a cash deal on gold but veteran sellers know that it is best to wait. It helps to visit a few different gold buyers in Melbourne so that the best price is found. Another reason why seasoned sellers go to different buyers is so that they can see who is legit and who isn’t. Some gold buyers will try to use inefficient or unprofessional methods to assess the items. In reality, they should be testing the gold using expert equipment such as an XRF, or X-ray fluorescence machine. This eliminates any doubt on the part of both the seller and buyer.

What to Bring to a Gold Buyer

If there aren’t any gold coins, necklaces, or rings to be found, no worries! There are plenty of other gold items that can be brought to the gold exchange. Some examples include gold bangles, earrings, bracelets, gold bars, nuggets, chains, pendants, and watches. Some gold exchanges also double as diamond exchanges so that’s another possibility.

Besides the gold in question, it is a good idea to bring along a notebook. This makes it easier to jot down each buyer’s estimate. That way, it’s simple to remember and see who is offering the best deal. Moreover, before visiting the gold exchange or buyer, it might be wise to see the current exchange rates. These are changing on a daily basis so it helps to keep track for a couple of weeks in order to get a feel for how the market fluctuates.

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