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Scrap gold sellers BEWARE!

Published Tuesday 30th June 2009

A deal too good to be true...

(Please note: all prices below we're correct on the 18th June 2009)

In recent weeks we have seen a number of competitors offering impressive scrap gold prices - in some cases almost above the gold trade value!

Determined to discover how our competitors are offer such unrealistic and inflated prices, Scrap Gold UK posed as a customer and signed up to complete a test transaction.

The test...

We used our professional jewellers scales to weigh two identical sample 9ct gold items, our scales gave a reading of 15.2 grams. We selected two on-line scrap gold buyers advertising what we believe to be unrealistic 9ct gold prices - £6.70 per gram - then completed their on-line forms and sent the packages off.

After a couple of days, we received a call from one of our test vendors explaining that our 9ct gold had been weighed and found to be only 14.9 grams! (May be our jewellers scales are broken!) They also claimed the 9 carat gold was in fact only 30.72% and not the 37.5% that we tested at. So... instead of the £103.85 we calculated for our gold, we received just £5.72 per gram, giving a grand total of £87! a significant difference!

The really interesting point here is that our buying price for 9ct gold on that day was approximately 15% lower than both our test vendors - with their assessment of our gold, their final purchase offer price, taking into consideration their claims that the weight was incorrect and the purity of the gold lower, was unsurprisingly approx 15% less than their advertised price!

With the gold price at its current high and with the current economic situation pushing more people to realise the value of their gold items, the number of scrap gold buyers has soared. We strongly recommend that anyone looking to sell their scrap gold look for a BJA registered company.

The BJA (British Jewellers Association) are a recognised trade body and have clear guidelines for their members to follow.

Scrap Gold UK and Sabre Jewellery are full members of the BJA and have a full BJA members profile available for review.

If you would like an honest, commission free quote for your scrap gold, complete the form on our website.