Know what you have first
- Identify the purity (karat) — 24k is pure gold, 18k is 75%, 14k is 58.5%, 10k is 41.7%
- Weigh your gold (in grams or troy ounces)
- Check the current spot price of gold before approaching any buyer
Where to sell
- Local jewelry stores / pawnshops — Quick and convenient, but expect lower offers (they need margin to resell)
- Gold dealers / refiners — Better rates than pawnshops, especially for larger quantities
- Online buyers (e.g., APMEX, Kitco, Cash for Gold USA) — Competitive rates, but you ship your gold and wait for payment
- Auction houses — Best for antique, branded, or high-value pieces where craftsmanship adds value beyond melt price
- Private buyers / online marketplaces (e.g., eBay, Facebook Marketplace) — Potentially the best price, but more effort and risk
In the Philippine context
- Pawnshops like Cebuana Lhuillier and M Lhuillier are common and accessible
- Bangko Sentral ng Pilipinas (BSP) buys gold directly from small-scale miners, but not from general public
- Check the Philippine Stock Exchange gold price or BSP's daily gold buying rate as your reference
- Jewelry stores on Carriedo St. (Quiapo) and similar gold trading areas offer competitive rates
Tips to get the best price
- Get at least 3 quotes before selling
- Know the current spot price — most buyers offer 70–90% of melt value
- Sell the piece as jewelry (not scrap) if it's in good condition and has brand value
- Avoid selling during market dips if you can wait
- Watch out for buyers who weigh gold with inaccurate scales or lowball karat assessments — bring your own estimate
Red flags to avoid
- Buyers who won't tell you the karat or weight they're using
- Pressure to sell immediately
- Offers significantly below market spot price with no explanation
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