How to sell gold without being ripped off: a nine-point checklist

Selling gold is safe when you can see how the price is made. The problems people report, offers that halve at the counter, stones that vanish, parcels that take months to come back, all come from buyers who keep the numbers hidden. Run through these nine checks and you remove most of the risk.

At any buyer

1. A price per gram is displayed, for your carat, today. Trading Standards found only one buyer in seven doing this. If the first number you hear is a lump sum, ask for the rate behind it.
2. The rate is a stated share of the live price. “Best prices paid” means nothing. “We pay X% of the metal value” can be checked against any live gold price in seconds.
3. Approved scales. Trade scales carry a verification mark and a sticker. Trading Standards found two of seven buyers using non-approved scales. Ask to see the reading.
4. Testing you can watch. XRF testing reads the alloy without damage. Acid testing is fine for a quick check but leaves a mark; a buyer who takes items out of sight to test them should be refused.
5. Stones and parts are accounted for. Either weighed out and returned, or valued separately in writing.
6. Payment terms in writing before you agree. Same-day bank transfer is the norm. A buyer who pays large sums in cash should be registered with HMRC as a high-value dealer; most reputable buyers avoid cash altogether.
7. Registered and traceable. A real address, a company number, HMRC anti-money-laundering supervision, and the Hallmarking Act Dealer's Notice on display. All of ours are in the footer of every page.

Selling by post

8. Insurance that covers your parcel. Royal Mail Special Delivery insures up to £2,500 at the top tier; if your items are worth more, split them or ask the buyer about courier collection. Photograph everything before it goes in the box.
9. A free, insured return if you decline, and a date. This is a promise, not a legal right, because consumer cancellation rules cover buying, not selling. Get it in writing and check how long the buyer takes to send items back.

Red flags

• Pop-up buying events in hotels and village halls, and “gold parties”.
• Prices that are only revealed after your parcel arrives, or that fall sharply from the online quote.
• Pressure to accept on the spot, or a “today only” bonus.
• Comparison sites that rank buyers by who pays them a referral fee.

Before you sell anywhere, get a baseline. Weigh your items, check the carat in the hallmark guide, and run the numbers through the calculator. You then know what a fair offer looks like before anyone makes one.