Selling inherited jewellery: what to keep, what to value, what to scrap

A box of inherited jewellery usually holds three kinds of thing: pieces to keep, pieces worth more than their weight, and pieces that are only worth their weight. The mistake is treating the whole box as one of those. Sort first and sell later; nothing about the gold price rewards rushing.

1. Decide what stays

Set aside anything with a story. Metal value can be checked any day; a ring that was worn for sixty years cannot be bought back. If several family members have a claim, agree the keepsakes before any valuation.

2. Separate the categories

• Signed or branded pieces (a maker's name inside the band or on the clasp), period jewellery (Victorian, Edwardian, Art Deco), good coloured stones and diamonds, and early or rare coins. These may be worth several times their metal. Get a valuation from an auction house or an independent valuer before anyone offers you scrap.
• Everyday gold: chains, plain bands, odd earrings, broken items, worn-out watches. Priced by weight and carat. The calculator gives today's figure.
• Costume and plated pieces: marks like GP, RG, HGE or 1/20 12K, or no mark and a magnet pull. Worth little as metal; charity shops and vintage dealers are better homes.

3. Read the marks

The hallmark guide explains the numbers. Older British pieces may carry a crown and a date letter instead of, or as well as, a fineness number; foreign pieces may be unmarked. Unmarked gold is still gold, and we test it rather than guess.

4. Who may sell

Until the estate is distributed, the executor or administrator sells on its behalf, and the proceeds go to the estate. Once items have passed to a beneficiary, they sell as the owner. Either way, bring photo ID; a buyer who does not ask for it on a larger sale is cutting a corner that protects you too.

5. Tax, briefly

Inheritance tax is a matter for the estate, not the sale. When you sell, your gain is measured from the value at the date of death, not what the item cost originally, and jewellery sold for £6,000 or less is normally free of Capital Gains Tax. UK legal-tender coins are exempt at any value. See the tax guide, and speak to the estate's solicitor or accountant for anything sizeable.

6. Selling in stages

You do not have to sell everything at once or to one buyer. Many people sell the scrap first, which is quick and the price is transparent, then take their time with the pieces that need a specialist. We will tell you if we think an item belongs in the second group.