What percentage of the gold price will a buyer pay?

Refiners and large bullion dealers often pay 90–97% of the melt value, local jewelers 75–90%, and pawn shops or "we buy gold" stores frequently 50–85%.

Should I sell gold by the gram or by the piece?

Always ask for a price per gram for each karat. It lets you check the offer against the live price and compare buyers fairly.

Is it better to sell gold to a jeweler or a pawn shop?

Usually a jeweler, coin dealer or refiner pays more than a pawn shop. A pawn shop makes sense mainly if you want a short-term loan and intend to recover your item.

Do I need ID to sell gold?

In many countries yes. Precious-metal dealers must identify sellers to prevent trade in stolen goods and money laundering.

How to Sell Gold for the Best Price: A Step-by-Step Guide

Before you sell: know what you have

The biggest mistake sellers make is walking into a shop without knowing what their gold is worth. Buyers know the price to the cent; you should too. Spend twenty minutes on these steps and you will negotiate from a position of strength.

Separate pieces that may be worth more than scrap. Signed designer jewelry, genuine antiques, pieces with significant diamonds or gemstones, and collectible coins can be worth more than their gold content. Have them appraised separately before selling them as scrap.
Sort the rest by karat. Check each stamp (24K/999, 22K/916, 18K/750, 14K/585, 10K/417, 9K/375) and make a pile for each purity. Items with no stamp should be tested.
Weigh each pile in grams. A cheap digital scale that reads to 0.01 g is enough. Remove stones if you can, or note that they add weight.
Calculate the melt value. Enter each pile in our scrap gold calculator. It adds up the pure gold content and shows the value at today’s live price, plus what a fair buyer should offer.

Who buys gold, and what they pay

Buyers differ enormously. The figures below are typical ranges as a percentage of melt value; local competition and the size of your lot change them.

Refiners and large bullion dealers (about 90–97%). They melt the gold themselves, so they need the smallest margin. Many accept walk-ins or insured mail-in lots, sometimes with a minimum weight.
Local jewelers and coin shops (about 75–90%). Convenient and often fair, especially for larger lots or if you are a regular customer.
"We buy gold" stores and pawn shops (often 50–85%). Fast cash, but margins are wide. A pawn loan is not a sale: if you do not repay, you lose the item.
Online mail-in buyers (varies widely). Some are excellent, others send low offers counting on you not to bother asking for your gold back. Check independent reviews, insurance, the return policy and how long you have to accept or reject the offer.
Private sale or marketplace. Can achieve more than melt value for wearable jewelry, but carries fraud and safety risks.

Illustrative margins: the gap between what you pay and what you get back is your real cost. Compare quotes against the spot price.

How to compare offers properly

Ask each buyer the same question: "What do you pay per gram for 14K (or 18K, 22K…) today?" A price per gram for each karat is easy to check against the live price and makes offers directly comparable. Be wary of buyers who quote a single lump sum without showing their working, or who quote in pennyweights (1 dwt = 1.555 g), which makes a per-unit price look higher than it is.

Divide each offer by the melt value from the calculator. If one buyer pays 72% and another 92%, the difference on a 50-gram lot of 18K gold is substantial. Getting three quotes is the single most effective way to raise your payout.

At the counter: what a fair buyer does

Weighs your items on a certified scale in front of you, in grams, and shows you the reading.
Tests purity openly with an XRF analyser, an electronic tester or acid on a touchstone, and tells you the result for each item.
Gives you a written breakdown: weight, karat and price per gram for each group.
Checks your identity — in many countries the law requires it to prevent the sale of stolen goods — and gives you a receipt.

Red flags

Your jewelry is taken to a back room to be weighed or tested.
All your pieces are lumped together and paid at the lowest karat.
Pressure to decide immediately, or an offer that changes once you hesitate.
"Gold parties", unsolicited door-to-door buyers and ads promising "the highest prices" without numbers.

Timing your sale

No one can call the top of the market, but there are sensible rules. Avoid selling at the weekend if you can, when markets are closed and some dealers widen their margins to protect themselves against Monday’s opening. If you do not need the money urgently, you can split a large lot and sell part now and part later. Watch the live price and the price history so you know whether today’s level is unusual.

Taxes and paperwork

Rules vary by country, so check locally. In the United States, profits on physical gold held for more than a year are generally taxed as collectibles, at a maximum federal rate of 28%, and dealers must report some bullion sales and large cash payments. In the United Kingdom, personal items sold for £6,000 or less are usually exempt from capital gains tax, and Sovereigns and Britannias are exempt as legal tender. Selling your own jewelry at a loss rarely creates a deductible loss. Keep receipts for what you originally paid where you have them.

Selling coins and bars

Bullion coins and bars from recognised mints and refiners are easier to sell than scrap, because they do not need to be melted. Dealers typically pay close to spot for popular one-ounce coins and kilo bars, less for small or unusual items. Keep original packaging and assay cards, and do not clean coins — cleaning can reduce their value.