- Today's Prices
- Start Investing
- Sell Your Old Gold Jewellery
Gold Price: 1602.20 AUD
Silver Price: 22.64 AUD
Gold Pack Jewelry Valuation
Marc: Hi, I'm Doctor Marc Dussault. I'm here with Peter August, managing director of Australian Bullion Company in Melbourne. What we wanted to do today is just explain to you, when you have some old jewelry, and in this case here it's gold, and you want to trade it in, because you know that the gold price is high and you're not going to wear this anymore. One of the questions that people have is: How do I know I'm not going to get ripped off? And how do they actually know what the percentage of gold is?
If you look at all this, they're different pieces from different eras, from different pieces of jewelry, and some of them are broken, and some of them are in their entirety, like a ring for example, or an earring. What do you do with this? Why don't I hand this over to Peter? Once you have this, you take this, and what do you do with it?
Peter: OK, we'll test one piece at a time. I'll get this necklace over here and I'll just put it into this little section here. You can't see it properly there, but I'll show it over to you. There's a little window.
Marc: Right there.
Peter: That window is where you put the gold over. Once we do that, we close the top of this chamber.
Marc: This is a sophisticated machine.
Marc: Called Zappy.
Peter: The staff decided, we have several of these machines, so they decided to name them.
Marc: So each machine has a different name. I say that because, that's kind of funny. But this technology is actually space age technology, isn't it?
Peter: Absolutely. This technology was created by NASA, to take on the Pathfinder mission to Mars. That little Mars rover that goes around the surface of Mars, has a similar version of this machine attached to it, and it zaps the rocks, to tell what are the constituents of those rocks.
Marc: Excellent. So if we in fact zap this.
Peter: Absolutely. What I'll do is I'll press the button, and on the screen at front you'll see a reading. I'll turn this around here. You'll see on the reading it says, Ag 13.6%, Au 73.67%. What that's telling us, it's got other metals as well.
Marc: What other metals does it have?
Peter: Zn for zinc.
Peter: Cu for copper.
Peter: The predominant constituent of this is Au, which is gold.
Marc: So it's 73.67% gold?
Marc: And Ag is?
Marc: It's silver. So 13.6% silver.
Peter: That's correct. We can tell immediately, what the constituent of that necklace is.
Marc: Excellent. Can we do another one?
Marc: This is from the same person. So that's the necklace.
Peter: OK. I'll take an earring. We've got a little earring here. I'll put that over the window, close the chamber, press the trigger, count to about four or five. Then we can see. This one here 13.9% silver, 74.71% gold, 10.1% copper.
Marc: Is that regular or standard for this kind of jewelry?
Peter: For 18 karat jewelry you will get a range.
Marc: Would this be 18 karat?
Peter: That would be considered as 18 karat. Technically speaking, 18 karat is 75%, but I've yet to see any 18 karat which is made, or very rarely does it actually make 75%. It's always slightly under.
Marc: What would it be? 73%, 72%, 74%?
Peter: We have it ranging between 72% and 75%. Anything below 72%, it's really counted as 17 karat. The range for 75%, is 72% to 76% or 77%.
Marc: For each piece, literally you put them in. I notice that, this is a ring for example, and you might not be able to see on the YouTube video. But the actual gem, or in this case if it was a diamond, it's actually taken out.
Peter: That's correct.
Marc: That's important that you actually take out the gemstones.
Marc: Can we just do this one and maybe, how about these two, just to see how different these two would be.
Peter: Yeah, absolutely.
Marc: Just so that you can see the variation, and these are all from the same person. We'll do this one.
Peter: We'll do the gold ring first, we'll press the trigger.
Marc: The reason I'm doing this for you, is so that you can see that there's space age technology to make absolutely sure.
Peter: Here's a rarity.
Marc: Oh, here we go.
Peter: We've actually got Au at 76.9%.
Marc: Yep, and silver?
Peter: Silver at 13.49%.
Peter: Copper at 8.51%.
Marc: This one is slightly above.
Peter: Slightly above. He was an honest jeweler, this jeweler that made this piece. Very honest.
Marc: Absolutely. So that's the ring, and then we have another ring.
Peter: We have another ring here.
Marc: Again, from the same person.
Peter: I'll just do it sideways, this time.
Peter: Press the trigger.
Marc: Depending on the pieces that you have within your collection, and the ones that obviously you don't want to wear anymore, you're going to get a different...
Peter: This one here is 71.55%. That means it was slightly less than 18 karat, about 3.5% less than 18 karat. That means that it was not quite right, at the time it was made.
Marc: That's not the point of this exercise, is this feeling bad that you paid for 18 karat but didn't get it. Because the reality is when you actually bought this ring in the first place, or when someone gave it to you as a gift, you actually had it for reasons other than just the gold content.
Peter: Correct, and the gold content in the price when you paid for it originally was only a small proportion of the price.
Peter: Because the actual diamond that would go on with this ring. would have been the majority of the cost.
Marc: Correct. The other thing though is that you'd also be buying the design value, in other words the mounting, the quality of the mount. The actual design of this ring versus this one. Which is quite different and quite dramatic, in the quality of the setting and the ornateness of the setting. When we look at selling gold and silver for recycling purposes, and cashing in on the high value of the commodity, it becomes a completely different equation.
Regardless what you paid for it, what it's worth today, the only way that you can actually assess it, is using this kind of technology. It's not just on a scale where someone's guessing that yes it is 18 karat, because between this one and this one there's about 4% difference.
Marc: You can rest assured when you deal with the Australian Bullion Company, that they're using space age technology to make absolutely sure that regardless of what you have, whatever its origins, whether it's a bracelet, a broach, an earring, or a ring. That whatever it is, item by item it will be analyzed, and you'll get the fair price based on the content of the materials, of the actual element, that make up that jewelry. That's why you want to deal with a reputable company. When people bring this is, you actually pay them cash, don't you?
Peter: Absolutely. We pride ourselves on paying the right price for the gold that we're buying. We make sure that the people understand the technology that we're using. We show them, right in front of them, how we test their jewelry, and then we pay them on the spot.
Marc: All you have to do is literally come in with your jewelry in a bag like this, have it analyzed, and if you're happy with the assessment that's give to you, you leave this behind and leave with cash in hand.
Peter: That's correct. It's as simple as that.
Marc: Absolutely. Thanks very much for listening.