Where to Find the Right Buyer for Gold Jewellery and Coins

buying gold jewelry

Gold prices have returned to the peaks experienced roughly ten years ago, when you may have first noticed the huge growth in cash-for-gold businesses and advertising. The rush in businesses offering cash for your old jewellery or coins was the result of record-breaking gold prices, and with prices high once more, you may be thinking about trading in unworn and broken jewellery, coins, or other heirlooms made from precious metals.

Toronto is home to a robust gold market, whether you’re buying or selling, and you’re likely no stranger to seeing ads on TV about it. With so many options and offers, it’s not easy to know the best place to sell gold in Toronto.

How to Sell Gold Coins in Toronto

There are big differences between the types of gold you might own. The two most important factors are weight and purity.

Investment-grade, bullion gold coins and bars have some of the highest gold purities available at 99.9% or sometimes even higher. This is the equivalent of 24-karat gold. Jewellery doesn’t use 24-karats because the metal is too soft and needs to be alloyed with other metals, such as silver or copper.

If the coins are older or unique, you may want to take them to a coin shop to be evaluated for collectible value. Collectability is difficult to determine on your own and should be left up to an expert.

How to Sell Gold Jewellery in Toronto

Selling gold jewellery can also be profitable if you know where to go. The best places tend to be jewellers and professional gold buyers with a long history in the business.

Avoid offers from pop-up buyers who tend to travel around. They’re known for offering tantalizing prices but underpaying in the end. Your best bet is to go with a business with a local presence and community. You can generally expect more honest practices because they’re not going anywhere. They have to live with the reviews they get.

Taking old jewellery to a jeweller or a business that specializes in gold valuables besides coins can help you take advantage of the whole item, not just the bullion content. For example, some cash-for-gold businesses simply discard precious stones on rings or necklaces and don’t pay for them. They are only concerned about the melt value of the metal.

Have Your Jewellery Evaluated

It’s best practice among gold buyers to offer free evaluations of gold jewellery before offering a price. Don’t hesitate to have someone look at it and offer a price, even at multiple locations.

You should also look for establishments that publish the prices they pay by volume and purity. Public pricing takes all the guesswork out of it. Once you’ve confirmed the weight and purity of the item, you know exactly how much to expect. Sometimes that information can even be found on the item itself.

Selling gold doesn’t have to be intimidating. Go to the right gold buyer and they’ll make the process simple and reassuring.

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