Selling or exchanging your old gold
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What a shop checks when you bring old gold, why less than the day's rate is paid, and why exchanging usually gets you more.
How is old gold valued?
It is weighed and its purity is tested. The value is its gold at the day's rate for that purity, less a deduction for testing, melting and refining.
Why is the buying price below the day's rate?
Old gold has to be tested, melted and refined before it can be used again, and some is lost doing it. The deduction covers that.
Is exchanging better than selling?
Usually. When old gold goes towards a new piece, the deduction is smaller than for a straight cash sale.
What should I bring?
The pieces, and the old receipts if you have them. Pieces from a known shop with a receipt are quicker to value.