FAQ

This information is provided so that you are a well-informed and educated consumer.

“If you have any other questions about selling your unwanted, broken or damaged gold, silver or platinum, please call the Gold Buyers contact number for your country and we will be happy to help you!”

Q

What sort of gold is Gold Buyers interested in buying?

A

If you have yellow gold, white gold or rose gold jewellery then we can turn that gold into instant cash for you! This can be 8 karat or above and it can be broken or damaged, or even have pieces missing, like an odd earring or piece of a chain.

So, if you have any necklaces or chains, charms or pendants, earrings, rings, gold nuggets, dental gold, bullion or coins that you no longer want, this can all be turned into instant cash at one of over 750 Gold Buyers stores worldwide.

Q

What about special items like rare gold coins or designer-named jewellery?

A

Gold Buyers are licensed secondhand dealers only, and are not antiques or ‘collectables’ dealers. Our quote is based on gold content only and not on retail value, or ‘scrap gold’ as some people call it.

If you have coins or designer pieces we usually suggest that you take them to someone who deals specifically in that field to determine if your item has a greater second hand value as a collectable piece rather than ‘scrap gold’.

Q

What are the stamped numbers that are on some of my pieces of jewellery?

A

The numbers you can sometimes see stamped on your jewellery can be an indicator of the karat content of the gold, meaning the percentage purity of the gold. Use this simple table to sort your jewellery before you visit your closest Gold Buyers store.

Karat Content Stamp or Marketing Pure Gold content
8kt 333 33.3%
9kt 375 37.5%
10kt 417 41.7%
12kt 500 50.0%
14kt 585 58.5%
15kt 625 62.5%
16kt 667 66.7%
18kt 750 75.0%
19.2kt 800 80.0%
20kt 833 83.3%
21kt 875 87.5%
22kt 917 91.7%
24kt 999 99.9%

NB: '925' indicates 'Sterling Silver'. Gold Buyers only buys sterling silver jewellery.

Q

What sort of gold don't you buy?

A

Rolled gold, gold plated pieces, electroplated or costume jewellery unfortunately cannot be processed by Gold Buyers. A quick guide is to check the markings on your gold, for example, any pieces marked with the following cannot be purchased by Gold Buyers.

KT GP = “Gold Plated” or “Plum”


KT GF = “Gold Filled”


KT GEP = “Gold Electroplated”


AVON, ‘O’, Oroton, MONET or Roman = “Costume Jewelry”


HGE = “Heavy Gold Electroplate”


RGP = “Rolled Gold Plated” or “Gold Overlay”

Q

How do you test the purity of the gold?

A

Having the opportunity to test the purity of gold is important for anyone who is thinking of selling their gold. A jewellery item that is stamped as 9kt, 14kt or 18kt etc. does not necessarily mean that it actually contains that level of gold content.

It is a reality that ‘non-genuine’ gold pieces exist in the marketplace and sometimes a lower quality of gold will be stamped with a higher grade marking, or other times it may not be gold at all, but rather layered with gold in such a way that it is not immediately obvious that it is a plated item.

To protect you and to ensure that what you are selling is authentic, it is important to test the purity of your gold and at Gold Buyers this testing is done right in front of you!

There are primarily four steps to testing a piece of gold:

1. The first test is called the ‘magnet’ test and this is done by placing a magnet over your piece of jewellery. If it sticks to the magnet, it could indicate that the piece is not genuine or solid gold (as pure gold is not magnetic).

2. If your gold pieces pass the ‘magnet’ test, the next step is the ‘loupe’ test. This involves using a jewellers magnifying eye-piece to examine any markings on the pieces, such as hallmarks and stamps to indicate the karat content of the piece. Look on the inside of your pieces or an area that is not normally seen if you are wearing it. Please remember, that just because a piece may be stamped as a certain karat, this doesn’t guarantee it is.

3. An ‘acid’ test is part of the final process. This test is done by using a drop of special gold testing acid on a small thin film of gold from your pieces. This process may leave an almost invisible mark on the gold, but in no way devalues your gold. However, this thin veneer of gold is usually enough for the acid to be able to ‘react’ and therefore give a conclusive result for you and our gold buyer.

4. The fourth test involves filing into the piece to obtain a better sample and is only conducted after permission is granted.

Q

How much do you pay for 18kt gold?

A

Gold Buyers pricing is competitive and reviewed daily. We reference the price of gold quoted on the market prices on a daily basis and calculate formulas against each of the various karats – 8 through 24.

We also calculate our daily gold buying rate, taking into consideration the costs of running the business as well as special promotions, bonuses and offers.

Q

How is Gold Buyers different to other traders?

A

Gold Buyers is a retail outlet model and as such we provide a different service to other traders in the market. We pride ourselves on providing the convenience of a local retailer so that you have the opportunity to sell your gold for instant cash* quickly and efficiently.

When you visit a Gold Buyers store, you know that you will be able to openly discuss the gold buying process, with the knowledge that you are trading with a licensed and trustworthy company. With hundreds of locations worldwide, Gold Buyers primary focus is to provide our customers with a convenient, efficient service and trusted experience.

*Some countries may offer alternatives to cash

Q

What's the difference between 'retail' and 'wholesale' or second hand gold prices?

A

The difference is determined by who is buying and who is selling. For example, when you go into a supermarket, you know the supermarket is buying product from their wholesale suppliers for a lower price than what you pay for it at the counter. The supermarket (in fact this is true for all business) then adds a margin to the wholesale price so they can pay their staff, their advertising and operating expenses. Hopefully they have also included a profit margin.

It’s the same with you selling your gold and Gold Buyers buying your gold, only in reverse. In the gold buying industry, when you sell your gold, you are selling it as second hand goods even if it is brand new! This means Gold Buyers is buying it from you at a second hand or wholesale price and so the pricing offered reflects that. The price that is advertised on the TV and in the newspapers is what is called the ‘retail’ or ‘tradable bullion’ price. This is the price you pay for gold when you buy it as new jewellery or gold bullion as an investment from gold selling or gold refining companies.

Q

What does it mean when 'an offer' is made for the gold, and how do you pay for the gold?

A

Once we have tested the gold for authenticity and karat content, the gold is weighed and then those numbers are put into the computer and wholesale/second hand price is automatically calculated for your gold. Our lovely gold buyer will then ‘make an offer’ to you for your gold based on that calculation.

If you accept our offer, you will be paid cash* on the spot! It’s as simple as that!

Q

Do you pay under the ‘market rate’ for gold?

A

There is no set ‘market rate’ for gold. The gold price referenced on the Stock Exchange is the price paid by traders who trade in unallocated and allocated gold accounts. Gold Buyers is initially guided by the gold price per gram as quoted by the Stock Exchange.

Gold buying is one of the most heavily regulated industries in the world and Gold Buyers prides itself on its strong relationships with the local, national and international legislation. We always endeavour to remain competitive and confident in the service we offer.

Q

What happens to the stones in the jewellery?

A

As gold buyers, we are only interested in the gold content of your pieces as we do not deal in stones.

Depending on the weight and number of stones, your gold buyer may adjust the calculations slightly to account for the extra weight of the stones.

Q

What do I need to bring with me, apart from my gold?

A

The second hand dealers’ industry is highly regulated and this is for your own security and peace of mind. The laws are slightly different in each country, state and province but all places require proof of identity that you are the legal owner of the items or have the right to sell the gold. In most states this means you need to provide photo ID with a current address to be paid for your gold.

Q

How can I find my nearest store?

A

Simply go to the ‘Store Locator’ page, on our website for your country and select the name of the nearest city centre and a store locations details will appear.

Q

What happens to the gold after you buy it?

A

Gold Buyers International is one of largest private gold recyclers in the world, and after a legislative period the gold is sorted, ready to be forwarded to the refiners for smelting and recycling. The refineries then sell it back into the market place as bullion for investors or raw material for jewellers or industry.

Q

What are some common 'gold buying' terms?

A

Assay: a test that determines the purity of metal.
Alloy: a mixture of metals. Refined gold is usually an alloy containing a small amount of some other metal.
Bid/Ask: the ‘bid’ or ‘buy’ is the price that the buyer is willing to pay for gold (bullion). The ‘ask’ or ‘sell’ is the price offered by the seller.
Bullion: refined gold that is at least 99.5% pure. Refined gold usually comes in bars, wafers, coins, or ingots.
Gold: a precious metal that does not oxidize or tarnish and is very malleable. Gold is alloyed with other metals like silver, copper, or nickel to make it harder. The ratio of gold to other metals is what denotes the karat content.
Gold Filled (GF): jewellery or an item with a sheet of gold applied to the surface. Newer items contain markings that indicate how much and what type of gold was used in the layer. Example: a marking of 1/20 14kt GF means that the piece is at least 1/20 14kt gold by weight. Gold Buyers does not buy gold filled pieces.
Gold Plated (GP): a layer of gold is applied to a base metal, usually by electroplating (GEP). This is usually a very thin layer, which is likely to wear quickly. Jewellery may also be heavily gold plated (HGP) in which gold is applied to a base metal in the same way but with a thicker layer. Gold Buyers does not buy Gold Plated (GP), Gold Electroplated, or Heavily Gold Plated (HGP) items.
Grain: one of the first weight units for the measurement of gold. It was used in ancient Greece, and named such because the weight was equal to one grain of wheat. One Grain equals 0.0648 grams.
Hallmark: mark or stamp on a bullion item that identifies the producer.
Karat (k or kt): the measure of fineness of gold equal to 1/24 parts. Pure gold is 24 karat gold, 18kt gold is 18/24 gold, 14kt gold is 14/24 gold and so on.
Oxidation: the darkening or other changes of metal by the presence of acidic perspiration. Darkening does not occur in higher karat gold.
Platinum (Pt or Plat): the rarest of the 3 precious metals. It is harder than gold or silver and very dense, making it more durable for jewelry. Platinum has a whiter color than silver and it’s resistant to tarnish.
Red Gold: a gold alloy with a high copper content. The higher the copper content, the more red the gold alloy becomes.
Rose Gold: also known as pink gold, gold with a pink tinge.
Sterling Silver (925): sterling is a silver with a fineness of 925 parts per thousand or 92.5% silver and 75 parts per thousand or 7.5% copper. Copper is added to alloy to increase silvers hardness.
White Gold: an alloy of gold made with nickel or palladium. It is brighter and whiter than silver due to the nickel content.

Q

Why should I choose Gold Buyers?

A

With over 750 stores worldwide, you will find a Gold Buyers store or Gold Rush cart in a convenient location somewhere near you.

The whole process is transparent and fascinating to watch and this comes from our commitment to providing excellence in value and service.

You will be paid cash on the spot for your gold*, when you accept our offer. So you can use that cash instantly without having to wait for cheques to be cleared, or deposits to arrive in your bank account.

And last but not least, as one of the world’s largest independent gold recyclers you will be helping to reduce the environmental impact and pollution caused by the process of mining raw gold, simply by making a decision to sell your unwanted, broken and damaged gold for instant cash!

*Some countries may offer alternatives to cash

Q

Why is gold recycling good for the environment?

A

One of the most polluting activities carried out on Earth is mining for gold, so the process of recycling your old, broken and unwanted gold assists in establishing a cleaner environment.

According to the World Gold Council figures for 2001-2005, recycled gold constituted 23 per cent of gold being sold worldwide over that period, with much of it being extracted from jewellery.

This figure is considerably less than the amount supplied by gold mining, but is still greater than the amount of gold yielded by the sales of central bank reserves (only 15 per cent). (Source: Goldbug, 05 Sep ’07)

Q

What should I do if I want to report lost or stolen jewellery?

A

The first thing to do is to report the loss to your local police. Most countries, states and provinces have dedicated departments that deal with this situation and they generally cross reference their reports with second hand dealers’ transaction reports, for the purpose of recovery and return to the rightful owner.

Gold Buyers has an excellent relationship with the police and co-operate fully to ensure the integrity of our ‘buys’ and to reduce the impact of fraud and theft in the market place. If you are able to provide the police with photos and detailed descriptions, this can make it easier for them to help you as well.

Q

Trivia and other gold facts

A
  1. If half the gold located under the sea were mined, every person in the world would receive 4 kilos of gold.
  2. In 1542, Francisco Pizarro took more gold from the Inca in a week than European miners produced in a year. The conquistadors brought so much gold from the New World to Europe that they increased supply by 500% and started the first gold-induced inflation. Other inflations caused by sudden gold supplies happened during the U.S. and Australian gold rushes in the 19th century
  3. When used in trade, gold coins wear out in about 18 years.
  4. The term “gold” is from the Proto-Indo-European base *ghel/*ghol meaning “yellow,” “green,” or possibly "bright".
  5. Gold is edible. Some Asian countries put gold in fruit, jelly snacks, coffee, and tea. Since at least the 1500s, Europeans have been putting gold leaf in bottles of liquor, such as Danziger Goldwasser and Goldschlager. Some Native American tribes believed consuming gold could allow humans to levitate.
  6. All silver coins of legal tender are made of Cupronickel or copper-nickel - sometimes incorrectly referred to as 'cupernickel'. (75% copper and 25% nickel). All Gold coins of legal tender are made of 92%copper 6% aluminium 2% nickel