Cash for Gold: Step-by-Step Selling Checklist

If you’re looking for cash for gold in Australia and want to Sell gold jewellery for the highest possible return, this step-by-step checklist will guide you through the entire process — from preparing your items to choosing the right buyer and getting paid securely.

Gold prices in Australia have remained historically strong. According to reporting by The Guardian, Australians have increasingly been cashing in as gold hit record highs globally. With local dealers publishing live rates daily, now is an ideal time to understand how to maximise your payout.

Step 1: Gather and Sort Your Gold Items

1.1 Inventory Everything

Start by collecting all potential gold items:

• Rings
  
  

• Necklaces
  
  

• Bracelets
  
  

• Broken chains
  
  

• Gold coins
  
  

• Scrap or dental gold
  
  

Most Australian gold buyers accept jewellery in any condition, as value is based primarily on gold content rather than appearance.

1.2 Check Purity and Weigh

Gold is valued based on purity and weight. Common purities include:

• 24ct (99.9% pure)
  
  

• 22ct
  
  

• 18ct
  
  

• 14ct
  
  

• 10ct
  
  

Australian gold buyers calculate payment per gram according to the live gold spot price and the item’s carat rating. Many dealers publish per-gram rates daily so sellers can compare offers transparently.

Use a digital scale for accuracy and separate items by carat before weighing.

1.3 Photograph and Document Items

Take clear photos of:

• Front and back of each item
  
  

• Any purity stamps (e.g., 375, 585, 750)
  
  

• Designer markings or serial numbers
  
  

Documentation helps you compare quotes and protects you in case of disputes — especially when using mail-in services.

Step 2: Research Gold’s True Value

2.1 Know the Live Spot Price

Professional gold buyers in Australia base offers on the global spot price. Australia’s strong gold production sector and global demand have supported elevated prices in recent years.

Always check the live gold price (per ounce and per gram) before visiting a buyer.

2.2 Understand How Purity Affects Payment

Higher purity equals higher payout per gram. For example:

• 24ct receives the highest per-gram rate
  
  

• 14ct receives significantly less due to lower gold content

Reputable buyers use electronic scales and XRF (X-ray fluorescence) testing machines to verify purity on the spot.

2.3 Compare Melt Value vs Offer Price

Buyers deduct a margin for refining and operational costs. That means you won’t receive 100% of spot price — but competitive buyers in Australia typically pay a strong percentage of the melt value.

If you plan to Sell gold jewellery, understanding this difference between melt value and final offer price is critical. Getting multiple quotes ensures you don’t accept an undervalued offer.

Step 3: Shop for the Best Buyers

3.1 Local Gold Buyers

In-store gold buyers offer:

• Immediate testing
  
  

• Same-day payment
  
  

• Face-to-face transparency

However, payouts can vary significantly between stores.

3.2 Mail-In Gold Services

Mail-in buyers provide:

• Free insured shipping kits
  
  

• Secure evaluation
  
  

• Direct bank transfer after acceptance
  
  

Turnaround is typically a few days, depending on postage and evaluation time.

3.3 Check Reviews and Accreditation

Before selling:

• Verify business licensing
  
  

• Check customer reviews
  
  

• Confirm they publish transparent per-gram rates
  
  

• Ask about testing methods
  
  

Avoid buyers who refuse to explain how they calculate your payout. Whether you sell locally or online, research protects your profits.

Step 4: Sell Securely and Get Paid

4.1 During the Valuation

Ask the buyer to:

• Weigh your items in front of you
  
  

• Confirm carat testing
  
  

• Show the spot price used
  
  

• Break down how the final offer was calculated
  
  

Transparency is key to a fair transaction.

4.2 Secure Payment Methods

Choose secure payout methods such as:

• Bank transfer
  
  

• EFT
  
  

• Cheque

Avoid informal payment methods that offer no protection.

4.3 Understand Tax Considerations

Under guidance from the Australian Taxation Office, gold may be subject to Capital Gains Tax (CGT) if it was held as an investment.

Personal-use jewellery is generally treated differently from bullion purchased for investment purposes. If you regularly buy and sell gold or intend to sell gold jewellery as an investment asset, it is wise to seek professional tax advice.

Step 5: Avoid Common Mistakes

5.1 Accepting the First Offer

Prices vary widely between buyers. Comparing at least two or three quotes can significantly increase your payout.

5.2 Not Checking the Live Gold Price

Gold prices fluctuate daily. Selling during strong market conditions can boost returns.

5.3 Mixing Different Carats Together

Combining 18ct with 9ct or 14ct gold can reduce clarity in valuation. Separate them before requesting quotes.

5.4 Ignoring Hidden Fees

Always ask if there are:

• Refining fees
  
  

• Assay fees
  
  

• Handling or processing deductions

Transparent buyers disclose everything upfront.

Final Checklist Before You Sell

• Inventory and weigh items
  
  

• Confirm purity
  
  

• Check live gold price
  
  

• Get multiple quotes
  
  

• Confirm secure payment
  
  

• Keep transaction records
  

Conclusion

Selling gold in Australia can be highly profitable when done strategically. With strong global prices and many reputable buyers operating across major cities, Australians have excellent opportunities to turn unused jewellery into immediate cash.

If you’re ready to Sell gold jewellery, follow this checklist carefully, compare buyers wisely, and secure the best possible payout before market prices shift.