What Does ‘Cash for Gold’ Mean?
Cash for gold simply means that you can sell or pawn your gold in return for cash. There are several ways that you can release the value held in your gold and different options for you. If you’re keen to sell gold, London offers many opportunities.
In this ‘Cash for Gold Guide’, you’ll find out how and where to sell gold, but you’ll also discover how you can pawn your gold and release the value in your gold, transforming it into cash.
Selling gold for the first time can feel daunting – but it can easily be broken down into a few steps:
- Find a good place to sell gold
- Get a quote for your gold
- Agree a price with cash paid instantly
Why do People Want Cash for Gold?
Gold is both precious and valuable but most people do own some gold, whether it’s in a pure gold form or as jewellery, like rings or chains. Selling, or pawning, gold is not unusual and there are many reasons why people want to release the value held in their gold, such as:
- Reinvestment in new jewellery
- Need access to the value held or want to realise investment value
- It’s time to move on from the memories held in some gold
What types of gold can you sell or pawn?
Typically, gold comes in different forms and all gold can be sold. Gold bars, bullion and coins are most often pure gold while jewellery can be mixed with other metals which may impact purity and/or value. The value of your gold can also depend on the condition and rarity, which is especially true of coins.
There are very few types of gold that don’t have a resale value attached to the them but it can be helpful to understand what type of gold you have before you get your cash for your gold valuation.
Selling gold jewellery
Gold jewellery can be a luxury brand, like Cartier or Boodles, or it can be generic gold. Pieces that you can sell include rings, necklaces, bracelets and bangles, and earrings. Jewellery can be valued by weight and carat, with some pieces attracting additional value because of luxury brand and provenance.
Scrap gold and broken gold
Cash for gold is a really good way to release the value help in your broken chains or damaged earrings. You can sell scrap gold in London. The valuations will appraise the purity content by carat, weight and the market rate, taking into account any impurities.
Gold coins
While your cash for gold value will be based on the UK carat system, your jeweller or pawnbroker will be happy to value many different types of gold coins from around the world, including Krugerrands and American Eagles.
Gold bars and bullion
You can sell gold bars and bullion, with valuations based on the current gold price and purity. Gold bars and bullion are usually 24ct
Gold watches
If you have a watch by one of the big Swiss brands, like Omega and Rolex, it is likely that the gold in the watch will secure a robust valuation as the brand equity associated with the product is high.
When can’t you get cash for gold?
If you have gold items that do not have a gold hallmark, it is likely that they are fake gold. It is worth checking to see if your piece is gold with a valuation.
Gold-plated jewellery is not considered to be gold as the value in the piece will be minimal. It is unlikely that you will secure a valuation for gold-plated pieces.
Can you boost your cash for gold valuation?
You can make it easier for the valuer. When preparing to sell your gold, organise it by type and purity, if you can. Gold purity is measured in carats (ct), with most gold jewellery ranging from 9ct to 24ct. UK gold purity measurements are considered to be the gold standard, but can differ from international carat measurements.
The price of gold changes on a daily basis so it will be worth you doing your own research before you get a valuation. You won’t get an exact match with the listed market price but you can get valuations from more than one buying option.
Where to get Cash for Gold in London?
Where is the best place to sell gold in London? If you’re wondering where to sell gold, there are six different options where you can sell gold in London.
- Specialist Gold Buyers
There are a multitude of gold dealers in London. Gold buyers can value and pay on the same day. - Pawn shops
Some of the best gold buyers in London are pawnbrokers. Jewellery valuation experts, pawnbrokers will offer cash for gold as an outright purchase but will also offer a cash for gold pawn loan option which will enable you to return for your gold at the end of your loan period. - Jewellers
Many jewellers, especially well-established brands, will offer cash for gold jewellery and you can sell gold coins. - Auction Houses
Can offer a highly specialised service for antique or rare pieces - Online buyers
You can sell gold online with gold buyers that are accessible nationally on platforms such as eBay. - Bullion dealers
For bullion bar transactions only.
Which is Right for You?
Selling your gold can feel an emotional decision, especially if you’re trying to find the right time to maximise your investment or part with a treasured piece.
Pawning offers an alternative that lets you retrieve your gold when the loan period ends
What are the pros and cons of each?
| Gold buyer | Pros | Cons |
| Gold specialist | Experts with same-day payment options | Focus is on the gold, rather than the brand or resell value |
| Pawnbroker | Quick valuations, with walk-in service | The pawn value is a % of the total value but you maintain ownership |
| Jeweller | Brand appreciation and a physical location | Can offer less than market value if not an in-demand item |
| Auction House | Good for high-value pieces with strong provenance | Sales process can take months, with no certainty over sale value |
| Online Gold Buyer | Convenient, kit-based valuations so you can post gold for cash | Ensure your online buyer is FCA regulated |
| Bullion dealer | Offer real-time prices for gold bullion and coins | Do not purchase gold jewellery items |
Your 5 Top Tips to Getting the Most Cash for Gold
- Know your gold before valuation – what’s the carat and what’s the weight
- Check the live gold selling price – what’s your gold worth per gram on the day of valuation.
- Get more than one valuation – when it’s gone it’s gone, unless you take a pawnbroking loan. Always get 2 -3 valuations between gold specialists, jewellers and pawnbrokers.
- Watch the weigh-in – If possible, ask to watch the valuation.
- Consider selling your high-end jewellery as jewellery – Protect the value in your branded jewellery as the value may be higher from a brand perspective than with a simple gold valuation.
Summary – How to get the most cash for gold
Getting cash for gold in London can be really straightforward – and there’s always the pawn loan option to consider. Pawnbrokers are FCA-regulated and pawn loan cash for gold means that you will get your gold back at the end of the loan period.
Your can sell all types of gold, including jewellery, coins and bullion. Before valuation, get to know your gold through weight and carat. Don’t forget to check the daily market rate of gold and decide which is the best buyer for your needs.
Cash for Gold FAQs
What is ‘Cash for Gold’?
Cash for Gold is selling gold items, including jewellery, coins or bullion, for cash. This can be through a sale or a pawn loan.
What types of gold can I sell for cash?
You can sell jewellery, scrap or broken gold, coins, bars, bullion and some gold watches. It is unlikely you can pawn scrap or broken gold and gold-plated items normally have no resale value.
Where can I sell gold in London?
Selling gold in London is relatively simple. Your local jeweller, reputable pawnbroker or a gold sales specialist in Hatton Garden typically offer same-day valuations. You can also sell gold to online buyers, auction houses or bullion dealers.
Is it better to pawn or sell gold?
Selling gives you a one-off payment, while a pawn loan allows you to borrow against your gold and reclaim it at the end of the loan period.
How is gold valued?
Gold is valued by weight, purity (carat) and the current market price per gram. High end luxury brand items may hold additional value.
Can I sell gold without a hallmark?
That will depend on the tests that your buyers carry out. All gold should be hallmarked but a reputable buyer will test for purity. Fake gold or gold-plated items will not secure a valuation.
How can I get the most cash for gold valuation?
Know your gold. Before seeking valuation, make sure that you have an idea of the value held in your gold. This can be done by weighing your gold, checking the carat and checking today’s gold rate in London.
How much is gold worth at a pawn shop?
Pawn shops will pay up to 70% of the current market value of your gold, depending on the item’s carat, weight and condition. Get in touch with us for a quote to get cash for your gold.
