Your Ultimate Guide to Selling Gold For Cash In Melbourne

If you are looking for some extra, easy cash, digging through your old jewellery box might just be a good option. Many people often hold on to old pieces of gold jewellery, which they don’t wear anymore. However, if you do not have any sentimental value attached to your old gold jewellery and are looking to sell it for some extra cash; Diamond Brokers has just the solution for you.

Located in Melbourne, Diamond Brokers helps you identify all of your precious metals. If you are not sure what the value of your gold and diamonds are, don’t worry. Diamond Brokers has some of the most experienced and reputed gemmologists who can give you the best quote for your precious jewellery.

If you are ready to sell some of your old gold in Melbourne, here is a guide to help you through the process.


Who Do You Want To Sell It To?

As a seller, you have a variety of options:

  • Gold refiners – While this might be a good option for you to get a good price on your gold jewellery (you could get close to the full market value from a refiner), the only drawback is that most refineries buy gold jewellery in bulk. This option might not be feasible if you are looking to sell just a few pieces of your gold jewellery.
  • Gold shops- This is probably the best option for personal amounts of gold. You will receive a great price on your jewellery and get instant cash for your sale. Places like Diamond Brokers in Melbourne offer easy, safe and protected buying and selling of your gold jewellery and offer you great prices for your gold.

  • Pawn shops – This is one of the worst options for profitability. Pawn shops are notorious for undervaluing gold. It is not possible for you to get a good deal on your expensive gold jewellery at a pawn shop.


Know the factors which affect price

You will be able to get the best deal for your gold jewellery only if it is pure gold. For example, you would get a full price for 24 karat gold, whereas you would get only 75% for 18. You also need to take into account the stones; value precious and semi precious gems on your gold jewellery before factoring in the price.

Keep your items separate

Before you visit a gold shop to sell your jewellery, there are two things you must organise on your own. The first would be to identify which items are gold and which ones are imitations. You can do this by simply holding up a magnet to your jewellery. If there is a magnetic pull, your jewellery is most likely not pure and will not sell for much. Separate these with the pure gold jewellery items and take them to your gold shop. However, at Diamond Brokers, a certified professional will do this initial consultation and weighing in of your jewellery without any charge.

The second thing you need to keep in mind is to separate your jewellery by different karats. If your gold jeweller ends up weighing all of your jewellery together, you will most likely attain a lesser price for them than if they were weighed individually and then valued.



This is one of the most important points when selling your gold jewellery. Research the current market value of gold, research the reputation of the shop you plan to sell your jewellery to (compare the prices and reviews with other shops), and lastly, research the jewellery you are planning to sell. Some branded gold jewellery can catch a higher price than the unbranded ones.


For further advice, read our top ten tips and this three step quick guide to selling your gold

Visit Diamond Brokers to know more about the best prices you can get for your gold jewellery in Melbourne.