Before you accept any offer for old jewellery, broken chains or single earrings, work out the melt value yourself. You need three things: the weight in grams, the purity (carat), and the live gold price per gram. Kitchen scales accurate to 0.1 g are good enough for a solid estimate — you do not need jeweller’s equipment to get within a few percent of the true figure.
Purity is usually stamped as a hallmark: 375 for 9ct (37.5% pure), 585 for 14ct, 750 for 18ct and 916 for 22ct. If there is no hallmark, assume a conservative purity or have the item tested — never take a buyer’s word for what your gold is worth. Multiply the weight by the purity fraction to get the pure gold content, then multiply that by the live price per gram. Our scrap gold calculator does this arithmetic for you against the current spot price.
Expect dealers to offer between roughly 70% and 95% of melt value — the difference covers their refining costs, testing and margin. The exact percentage depends on the buyer, the quantity, and how easily they can resell or refine the metal. A single 9ct ring will attract a lower percentage than a bag of mixed jewellery, because the fixed costs of refining are spread over less metal.
Get at least three quotes before selling. Be wary of postal gold services that lead with high headline rates but pay less once items are received, and avoid any buyer who pressures you to accept on the spot. Reputable dealers will let you walk away and think. The National Association of Jewellers maintains a code of conduct; members are a safer starting point.
Knowing the melt value before you walk in is your strongest negotiating position. A buyer who realises you have done the maths is far less likely to lowball you. Remember too that some items — antique pieces, designer jewellery, or items with collectable appeal — may be worth more than melt value at auction. Check for maker’s marks and distinctive craftsmanship before consigning anything unusual to the scrap pile.