Watch out for dodgy dealers when selling your old gold
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CONSUMERS should be very careful about selling scrap gold, says Mark Appleby of Appleby Jewellers in Dublin.
Perhaps it's desperation borne of tough economic times, but he's heard of cases where sellers were offered half of what the scrap gold was worth.
"It's quite alarming," he says. "There are a lot of unscrupulous people out there.
"Most jewellers will buy back from their own clients so if you have a relationship with a jeweller that's the first place to start."
His company will buy back at no-profit from existing customers. "I make money by selling jewellery, not by trading in gold. So I use a standard calculation, deducting 10pc of the day's gold price, and that's what I offer customers," he says.
While that represents an excellent deal, it is tricky for people who can't prove, and maybe in the case of a gift or inheritance, don't even know the origin of the piece.
Some form of ID, such as a passport and a utility bill showing your address, might help persuade jewellers that the pieces are indeed your own property. For example, at goldparty.ie, each seller must produce an ID and the details are noted.
Mr Appleby says he too will talk to people who are not his clients, particularly if they are interested in trading old gold for new jewellery.
"What I really want to impress on people who have scrap gold is to think of it as money. It used to be money after all. Don't be scammed into selling at a rock-bottom price."
