You can find many compelling reasons to scrap your gold jewellery or sell the gold at a pawn shop. If you’re looking for the extra funds for a vacation or needing to pay some outstanding bills, selling your gold pieces is the answer. However, if cash for gold is what you need, it helps to visit a local pawnbroker. It is a quick, easy, and convenient way to make extra money. 

How Do You Decide Between Selling Gold Jewellery or Scrapping It

So which is better, the value of the gold or the value of the gold item. Visiting a pawnshop selling the gold piece gives you more money like a ring, bracelet, or necklace. Still, it can be more worth in scrap gold. When you scrap the gold, the pawnbroker has the gold melted down and sells it back to the market via the gold refinery.

While not all pawnbrokers deal in scrap gold, it helps to find out when visiting a local pawnshop. The best is to find a few local Melbourne pawnshops near you to see what they offer for scrap and whole item value. The main thing is to get a reliable appraisal to compare the scrap with the intact value. 

Do Your Homework

The best is to weigh your gold to determine the karat value and the melt value based on the current market rates. For example, when you sort it into the karat from the hallmark of the ring and weigh it, you can enter the weight using an online gold value calculator. 

For example, if the weight is one gram and 18k gold, you can expect an approximate amount of AUD 63.36. These are only estimated prices for reference. 

Visit a Pawnshop Near You

When you walk into a dealer’s shop, they will first look at your gold jewellery pieces’ weight as the gold price is determined on this. They will then give you its worth based on the weight in grams. Sometimes if you have something nice such a designer jewellery the pawnbroker can offer you more than scrap gold for it. This ie because he won’t melt it down he will try to re-sell it in the pawn shop window.

Another thing that will impact the price is the purity of the gold, and the higher the karats, the more money you get. So, do your homework by checking the hallmarks before visiting a pawnbroker and separating your pieces individually into karats. 

Once the pawnshop determines the current price of gold, the purity, weight, they are only looking to make a profit by melting it down. Hence, the price you receive is based on these factors; if the dealer cannot sell these items, you can instead sell them as scrap gold. 

We recommend getting an estimated value as most pawnshops offer you anywhere from 7% to 80% for scrap gold.