Gold jewellery is worth different amounts to different people. A broken 9ct chain is worth its metal. A signed Art Deco brooch is worth what a collector will pay. A Victorian locket with its original photograph may be worth more than either. Knowing which conversation you are having is the whole trick.
What actually decides the value
- Weight — in grams for jewellery, troy ounces for bullion. A kitchen scale is not precise enough for a valuation; a jeweller's scale is.
- Purity — the carat or fineness, read from the hallmark, not from the colour.
- Condition — breaks, repairs, thinning, missing stones and previous resizing all matter.
- Maker and period — a signed piece by a known house can exceed its scrap value many times over.
- Stones — diamonds and coloured stones add value; paste, glass and synthetic stones usually do not.
- Demand — the same weight of gold in a wearable modern chain and in a damaged antique brooch is not the same object to a buyer.
Reading a hallmark
British hallmarks usually combine a maker's mark, an assay office mark, a date letter and a purity mark. The purity is the part that matters for metal value:
| Mark | Fineness | Approximate gold content |
|---|---|---|
| 9ct | 375 | 37.5% |
| 14ct | 585 | 58.5% |
| 18ct | 750 | 75% |
| 22ct | 916 | 91.6% |
| 24ct | 999 | 99.9% |
| Sterling silver | 925 | not gold — 92.5% silver |
| Platinum | 950 | not gold — 95% platinum |
A hallmark can be missing, worn, or foreign. That does not automatically mean the piece is not gold, but it does mean someone has to test it before anyone can value it honestly.
Scrap value: the arithmetic
The scrap value is the weight of pure gold multiplied by the current gold price, less a margin for refining and risk. For a 10g chain marked 9ct:
- Pure gold content: 10g × 37.5% = 3.75g.
- If gold is £50 per gram, the metal is worth £187.50 before any deduction.
- A refiner or cash-for-gold buyer will pay less than that, because they must refine it, hold it and make a margin.
That is a formula, not a quote. The gold price moves daily, and the deduction varies. The important point is that scrap value is a floor for the metal, not a valuation of the object.
When it is worth more than scrap
Signed pieces, named designers, fine period jewellery, good diamonds, natural pearls, enamelling, cameos, intaglios and pieces with documented provenance can be worth far more than their metal. So can complete sets, original boxes and receipts. A dealer buying for stock and a collector buying at auction are two different markets, and the second can pay substantially more.
The opposite is also true. A heavy gold ring with a large but included diamond may be worth mostly its metal; a light piece with an exceptional stone may be worth mostly its stone. Weight alone is a poor guide.
Four different “valuations”
| Purpose | What it answers |
|---|---|
| Scrap / cash offer | What a refiner or buyer will pay today for the metal. |
| Auction estimate | What the open market might pay, after marketing, on a given day. Usually a range. |
| Insurance replacement | What it would cost to replace the piece at retail. Usually the highest figure. |
| Probate / estate | A defensible market value for tax or division. Often between scrap and retail. |
An auction estimate is not an insurance valuation, and a cash offer is not an auction estimate. If someone gives you one number without asking what it is for, ask the question.
How to prepare
- Gather the pieces, including the broken ones; separate gold, silver, platinum and costume.
- Do not polish antique pieces. Cleaning can remove patina, enamel or a surface that matters.
- Photograph the hallmarks, the maker's mark, any signature and any damage.
- Find certificates, receipts, boxes and provenance. They add value and are easy to lose.
- Weigh on a jeweller's scale, or ask for the weight to be recorded in front of you.
- Get more than one opinion when the piece is significant. A second look is not disloyalty.
Ways to sell, and what each is good for
Cash for gold is fast and certain, and pays for metal. It is a poor route for a signed or antique piece. Auction is slower but exposes the piece to competing buyers; it suits anything with collectable value. Private sale can work for a known buyer, but you carry the risk and the paperwork. Pawn is a loan, not a sale, and the terms matter.
The right route depends on what the piece is, not on how quickly you need the money. If it is a 9ct chain with a broken clasp, speed may be the only variable. If it is a Victorian locket, speed is the wrong variable.
Red flags
- A buyer who will not weigh in front of you or explain the deduction.
- “Free assay” that involves destroying or melting the piece before you have agreed a price.
- Pressure to decide on the spot, or a price that changes after the piece is behind the counter.
- No receipt, no paperwork, cash only.
- A valuation that does not say what it is for.
The short version
Read the hallmark, weigh the piece, separate metal value from object value, and decide which market you are selling into. A cash offer is a metal price; an auction estimate is a market opinion; an insurance valuation is a replacement cost. They are not interchangeable, and the difference can be large.