Valuing / selling Indian gold jewellery in the UK

[Goldtion]

Hi all

new member on this forum, been doing lots of reading on various forum posts. great content from what I have seen, and the Knowledge is great.

looking to get into buying gold bullion bars and silver, and now likening the idea of gold coins.

Looking to value then sell some Indian gold jewellery that is not being used, and wondered if it’s best to sell as scrap or sell as jewellery?

stamped with 916.

I also popped into costco yesterday to do the weekly shop and noticed some bullion bars and coins. 

has anyone purchased gold bars or coins from there before ?

thanks 

goldtion

[TutoredSoup232]

I'd say sell it as jewellery, scrap you probably won't get as much for it whereas as jewellery you can add a bit extra on for the craftsmanship. Or keep it, its quite a high carat

If you got it straight from India I'm guessing its not hallmarked either. Dealers try to offer less for non-hallmarked jewellery. 

[Relm]

Being Indian jewellery I would expect them to appreciate and be more interested in it as jewellery than a European would be.  Private selling or selling to a jeweller will probable get you the best price.

[Goldtion]

Thanks for the responses. The design comes down to taste . Old fashioned stuff, and not really worn now. 
 

the jewellery was purchased in the uk from an Indian jewellery shop. Massive premium due to intricate design. 
 

looking to use the funds for something like a 50g or 20g gold bar , or a 1 kilo bar of silver. 

[Relm]

Due to jewellery premiums (and silver premium + vat) you would be better off selling them as jewellery (or swapping for bullion). I'm also guessing it will be 22 crt rather than 24 melt.

[Goldtion]

Ok thanks for the info, yes it’s 22crt.

I’ll call some jewellers next week see what they say.

I’ll post up a pic once I manage to make my first purchase of either the gold bar or coin 

[TutoredSoup232]

try ebay too, and might be worth waiting for a festival in which to sell , might generate more alternative interest 

[stefffana]

A jeweller will give you only scrap price because not having british hallmark, even your gold is high purity and possibly nice patterns and interesting and exquisite shapes.

If you want to try better, someone from indian community can be more flexible in offering a good price. 

Good luck with your sale. Try to upload even here some pictures, descriptions, weigh, who knows, maybe you will have a good advice or swap offers.

Cheers!

Stefan.

[Arganto]

Indian 22ct jewellery is a mixed bag. Sometimes it's sold with a premium in its native country but often it's bought by its weight. Gold is treated differently over there than in the UK, it's (generally speaking) more ingrained in the culture. I lament the current 'issues' worldwide as I'd like to travel to India for various reasons, one of them being filling a small case with marketplace 22ct 😂. Selling it in the UK for premium prices may be a slow burner, but if it's nicely made and is obviously carrying a bit of age but in good condition someone somewhere will want it. It will sell on the bullion market reasonably quickly for the spot price of the gold content although the lack of hallmark puts some people off especially if they don't 'get' Indian gold or are nervous about authenticity. Not a comment on you or any other seller, but there is a lot of gold plate knocking around with misleading stamps on.

An idea may be to visit a scrap dealer who has testing equipment, make out you may sell it to them or offer them a few quid to test it then get a copy/take a picture of the results. It may help with a sale.

Out of curiosity are you able to post pictures here? 

[Goldtion]

Thanks for the info. I will try to upload some pics when I get a chance. I have to go to the storage facility to get the stuff out .
 

some of it has been passed down from earlier generations and the style of not what is really worn now, out of fashion. 
 

I agree with you saying Indian gold is a mixed bag. 
 

 

[westminstrel]

Or visit an antique dealer and see if they’re willing to pay a bit of a premium over spot, since it is jewellery and also since it has some “age” to it. Maybe... 😊

[TutoredSoup232]

On 06/04/2021 at 09:03, Liam84 said:

Indian 22ct jewellery is a mixed bag. Sometimes it's sold with a premium in its native country but often it's bought by its weight. Gold is treated differently over there than in the UK, it's (generally speaking) more ingrained in the culture. I lament the current 'issues' worldwide as I'd like to travel to India for various reasons, one of them being filling a small case with marketplace 22ct 😂. Selling it in the UK for premium prices may be a slow burner, but if it's nicely made and is obviously carrying a bit of age but in good condition someone somewhere will want it. It will sell on the bullion market reasonably quickly for the spot price of the gold content although the lack of hallmark puts some people off especially if they don't 'get' Indian gold or are nervous about authenticity. Not a comment on you or any other seller, but there is a lot of gold plate knocking around with misleading stamps on.

An idea may be to visit a scrap dealer who has testing equipment, make out you may sell it to them or offer them a few quid to test it then get a copy/take a picture of the results. It may help with a sale.

Out of curiosity are you able to post pictures here? 

My dad says buying gold in India is more expensive than getting it here. When he and my grandad want Indian jewellery they would take old European jewellery and other gold with them to Delhi and get it melted down and turned into 18-22ct gold jewellery