Record Gold Prices: How to Sell Old Jewelry for Big Money.

According to The Sun: Do you have old jewelry or a ring that you no longer wear? You might have a real treasure trove.

The price of gold has risen from £1885 last year to a record high of £2643 per ounce earlier this week – now is the time to consider selling.

Even your gold teeth could fetch a nice sum.

Rosie Murray-West offers helpful tips on how to sell your gold at the best price.

WHY HAS GOLD SUDDENLY SOARED IN PRICE?

Gold is renowned for its status as a 'safe asset,' meaning investors are hopeful for the preservation or even growth of its value.

Recent economic instability, particularly due to trade wars and tariffs, has prompted investors to rush to buy gold, leading to price increases.

Jim Tannahill, director of the jewelry company Suttons & Robertsons, notes that more and more people are selling old jewelry to take advantage of the 'gold rush.'

'We are very busy. People are remembering old gold chains or wedding rings they never wore. It's worth a decent amount now,' he adds.

According to John White from Gold Traders UK, the top three items sold include necklaces, charm bracelets, and wedding rings.

STEP ONE: CHECK THE HALLMARK

Many companies, such as jewelers and antique shops, offer to buy your gold, either in person or via mail.

However, make sure to do your research before making any deals to avoid being scammed.

First, check the purity of your gold, which is measured in karats. This indicates the percentage of pure gold in the item.

Look for a 'hallmark' that should be inscribed somewhere on the gold item. This is three digits: 999 – for 24-karat gold, 916 – for 22-karat, 750 – for 18-karat, 585 – for 14-karat, and 375 – for 9-karat gold.

Use a magnifying glass or a smartphone camera with zoom capability.

STEP TWO: WEIGH IT

Next, weigh your jewelry. Currently, one gram of gold costs approximately £84.

If you don't have a scale handy, visit a post office and ask if you can use the electronic scales for letters.

If your jewelry has gemstones, the process will be more complicated.

These items may be worth more than the gold by weight, as the stones also have their price.

John advises taking the item to an auction house if it contains a diamond of over one third of a carat.

STEP THREE: ESTIMATE ITS VALUE

Now you are ready to determine how much your gold might be worth.

Multiply the weight of the gold by the current 'spot price,' which is set for a specific weight of gold.

This price is about £83.59 for 24-karat gold.

However, buyers will pay less. Depending on the situation, it will be 10-15% less, so for a wedding ring valued at £400 at the spot price, you might get between £340 and £360.

STEP FOUR: FIND A BUYER

Avoid companies that operate only online, and sell your gold in person if possible, as it is safer.

Try approaching a local jeweler. Pawn shops can buy your gold, but you'll likely get a worse price.

Choose a buyer who will test your gold using fluorescent X-ray technology (XRF), as this is the most accurate method.

It’s also important to select a buyer who is signed up with the National Association of Jewelers.

Beware of scammers posing as fake buyers, especially those who pressure you to close a deal or offer a price that seems too good to be true.

'My Broken Gold Jewelry was Worth £2500'

When Michelle Fulia decided to sell her broken gold jewelry, she had no idea it could be worth £2500.

Michelle's mother passed away when she was five, leaving her a box of broken gold jewelry.

'I thought for a long time about whether to sell it. I changed my residence more than 27 times and was sure the box could get lost, or my children would never use this jewelry,' she says.

In the end, three years ago, Michelle decided to sell the gold and took the jewelry to a professional in Birmingham.

Only a few items in the small bag were actually gold.

Among them was a ring that looked like it had been cut from a finger, and a broken gold cross.

Michelle, who runs a business and coaches teens at youngentrepreneurstartups.com, spent the money on publishing a book she wrote.

'They weighed the gold and gave me a valuation that precisely matched the costs of professional editing, proofreading, illustrations, and design for my children's book,' she shares.

'I sold it there and drove home in fear I had been conned, but when I saw the money in my account, I was thrilled.'

Demand for gold continues to rise as more people realize that old jewelry can be a reliable source of income. Because of this, especially in times of economic instability, selling old jewelry can be a lucrative endeavor. Collecting, weighing, and evaluating your gold can help not just declutter your space but also raise a decent sum of money.