The Perth Mint explains the versatile uses for gold and why old gold is still worth its weight.
Most people are familiar with the primary uses of gold; as a currency, in the creation of coins and bars, and as jewellery.
However, gold is also used for medical purposes in the treatment of rheumatoid arthritis and certain cancers; and in modern dentistry and orthodontics. It can be consumed as an indulgence in beverages or as a culinary decoration; and used in electronic devices such as mobile phones, tablets, and televisions, to name a few, as it is a highly efficient conductor that doesn’t corrode, making it extremely reliable.
The versatility of its uses is founded in the properties of the prized metal, as it is also highly malleable, it doesn’t tarnish, it can be drawn into wire, hammered into thin sheets, melted and cast into intricately detailed shapes, and has a brilliant colour and lustre admired by many. It can also be alloyed with other metals such as copper, silver, and platinum to enhance its durability, or blended with other metals to alter its colour palate.
Given the many and varied uses for gold, it’s no surprise that people look to sell their unwanted gold with the hope of making some quick cash. The most popular item presented for sale is jewellery.
Do you own gold jewellery that's not quite your style or is no longer in fashion? Has your gold jewellery lost its sentimental value?
Whatever reason one may have for wanting to sell their gold jewellery, sellers are unlikely to receive the full market value for the item. It is exceptionally rare to sell a second-hand piece for anything close to its original retail price, as most buyers will melt the gold down, so they are not concerned by the craftsmanship, style, or design. Thus, in the case of family heirlooms, it is often a good idea to investigate whether the item has more antique value compared to its metal value.
What can you do with your old gold?
There are several different options one can take to sell their old gold jewellery. Sellers can present it to a refinery, a local jeweller or a pawn shop, use a mail-in service or even get their friends and colleagues together for a gold party aka Tupperware style. However, given buy back rates are not regulated, prices can vary dramatically.
As a trusted government owned institution, The Perth Mint is licenced to buy unwanted gold jewellery and can guarantee competitive rates. The Mint is registered as an authorised dealer of second-hand jewellery and will purchase unwanted gold jewellery items at 80 per cent of the gold spot price, multiplied by the weight and purity of the item.
In 2015 The Perth Mint purchased 370 kilograms of unwanted gold jewellery. Sellers can simply bring their gold jewellery to the bullion trading room in The Perth Mint Shop on Hay Street in East Perth, with any gemstones already removed, along with identification (Australian Drivers Licence, Passport, or Proof of Age card), and a utility bill in the seller’s name and indicating their current residential address. Their Bank-State-Branch (BSB) and account number of their chosen financial institution into which the proceeds of the sale is to be deposited is also required.
The Perth Mint will test each gold deposit on the spot, and the seller will receive the relevant payment into their nominated bank account the following day after the transaction. For more information on how to sell your gold jewellery visit perthmint.com.au/buybackjewellery.aspx.
In addition to buying unwanted gold jewellery, The Perth Mint also offers clients the option to sell their gold and silver cast bars calculated on the prevailing spot price of the metal. For enquiries contact firstname.lastname@example.org