Scrap gold and selling jewellery
Selling gold or jewellery that no longer has any sentimental value can be an easy way to make some money from an unwanted item. Scrapping gold, silver or platinum from an old piece of jewellery can sometimes enable you to buy a new piece of jewellery.
At Jacobs, we’ve been buying unwanted jewellery for over 70 years in Reading and the Berkshire area. Whether you have items that are made from gold, silver or platinum, we’re always looking for good second hand pieces, or (if not suitable as whole items) offering a scrap value for recycling the metal.
Scrap gold prices today depend on the market value and how much precious metal the jewellery item contains, accounting for any gems or features that aren’t needed. Because every piece of jewellery is different, we have to examine it carefully to work out whether it's something we’re able to help with. We’ll assess whether it’s fair for us to offer a scrap value or point you in the direction of someone who may want to buy it as an article of jewellery (we have the specific market in mind). We may be interested in buying your gold for the scrap value, or we also offer part-exchange for eligible pieces.
We pay by cheque or BACS transfer only, no cash. We also require photographic ID with proof of ID and address, and you must be over 18.
We can usually assess and offer on most items quickly, sometimes while you wait. On other occasions like busy times in the shop or for large quantities we may require a few hours or a few days to go through items.
For unusual items we may need to send offsite for definitive testing - this makes sure we offer the right price to you. We will usually give a range price in this instance on certain assumptions, for instance if we believe the items were either 9ct or 18ct gold. If an item is sent away and quoted for, however subsequently the offer is rejected we may charge you a fee covering administration and postage to and from testing. We will always tell you about this before we send away.
When it comes to selling jewellery, we pride ourselves on fair, honest and trustworthy advice. Unlike an auction house, we don’t have any fees or hidden charges for buying your scrap gold. You can sell your jewellery to us here in our Reading store with the peace of mind that you’re selling gold at a fair and accurate price.
We can’t promise to buy everything we see but we will give you honest advice to help you.
Buying scrap gold
If you want to sell gold, silver or other precious metals to us, we must first evaluate the piece in question before any offer is made. We test the quality of the jewellery (the purity of the metal will of course affect the overall value) and the exact quantity of gold in the jewellery.
Once we have an idea of the scrap gold price, we’ll be able to let you know how much we might be able to buy your gold for.
For scrap buying we abide by the National Association of Jewellers “Gold Standard“.
Sometimes we may need to take expert advice from bullion or gold coin specialists, but we will always explain how this works at the time.
Buying jewellery to resell
Unlike a typical highstreet ‘cash for gold’ pawnbroker, we take an expert, honest appraisal of every piece of jewellery before buying it. Is this piece of jewellery ideal for us or is it only the scrap gold or platinum value? Usually we look for older pieces of jewellery to buy as whole articles, as they often have more appeal to our customers. If we do make an offer we’ll always pay by cheque or BACS transfer – never cash for gold or jewellery.
We are quite selective and have to take into account a few important variables:
- condition
- remedial work required
- style of piece
- our current stockholding
- general market demand for that type of jewellery
We can typically give an immediate answer but sometimes we may ask for a few days to check some details. We will require photo ID and proof of address in all circumstances when buying gold or jewellery.
Customer Goods on Sale
On rare occasions we do offer a commission sale structure for buying jewellery called Customer Goods On Sale. This involves us taking your goods, cleaning and polishing them for a reduced fee and then placing them for sale in our Reading shop at a mutually agreed price. When the item sells we take a commission of 20% + VAT. If they don’t sell, you’re at liberty to collect them at any time.
We may also offer part-exchange on your jewellery items, and we can add credit on your Jacobs account to spend when and how you like.
If you’re considering selling gold or an item of jewellery to us, a good way to start is by emailing a picture of your jewellery via our contact us page. If you have any paperwork we recommend scanning and sending that too so we can give you a quick idea of the jewellery or scrap gold value.
Please note when we buy:
- We won’t promise to buy your item but will give you an honest evaluation.
- Currently watches are not a focus of our attention.
- We offer payment by cheque or bank transfer only.
- We require photo ID with proof of address in all circumstances.
