How to Get the Best Price When Selling Gold and Diamond Jewellery in South Africa

Investigate the market value of your jewellery

Gold and diamond prices fluctuate based on global economic conditions, demand and other factors. Keep an eye on market trends by checking the daily gold price or diamond indexes.

This can help you determine if it’s the right time to sell.

Also have a look at local online platforms, like Facebook Marketplace and Gumtree. Check for pieces similar to yours and compare the prices being asked.

This may help you set realistic expectations about what your piece could fetch, especially given how flooded the market already is with offers.

Get an independent appraisal

An independent appraisal can give you a (comparatively) unbiased estimate of your jewellery’s worth. However, it’s worth noting that there are different types of jewellery appraisals – and some will typically assign higher values than others to the same piece.

Ensure that the appraiser you choose is certified and has no affiliation with a potential buyer, to avoid any conflict of interest. In South Africa, the South African Jewellery Council (SAJC) is a reliable source for finding qualified appraisers.

An appraiser can also equip you with information about the purity and weight of the precious materials in your jewellery.

Know the karat and weight of your gold

The karat of gold indicates its purity, with 24-karat being pure gold. The weight will determine how much gold is in the piece, which directly affects its value. Make sure to have your jewellery weighed by a professional, and be aware of the current price per gram of gold.

Know the carat of diamonds

Similarly, the value of a diamond or other gem will depend on its carat. (Traditionally, “karat” is for gold, while “carat” relates to the weight of a gem). It may also depend on how skillfully the diamond was cut and whether it has a colour.

Shop around for offers

Different buyers will offer different prices for your jewellery. It’s wise to shop around before making a decision.

Compare offers from various sources, including local jewellers, pawnshops and online platforms.

Also investigate auction houses if you have a valuable piece to sell. Houses like Bonhams, Strauss and Co and Stephan Welz regularly auction items of jewellery.

Consider selling to a reputable jeweller

Jewellers are more likely to appreciate the craftsmanship and design of your piece, which can add to its value. This is worth investigating, especially if your jewellery features an intricate or unique design.

However, bear in mind that if your jewellery is damaged or outdated, it might only be valued for its scrap gold or diamond content.

Beware of scams, in person or online

Be cautious of buyers who offer significantly lower prices than others. This could be a red flag. Also, never agree to meet with a possible buyer at an unfamiliar or private location.

While online platforms can offer convenience and a wider market, they also come with potential risks.

Be cautious when selling jewellery online, especially to buyers who ask for payment details upfront or who make offers that seem too good to be true. Also, always use a secure payment method and consider using a platform that offers buyer protection.

What to consider before selling jewellery

Family heirlooms or pieces with sentimental value might be worth more to you than the money you’d get from selling them. If you’re unsure, take some time to reflect before making a decision.

Also, avoid selling in in a rush or out of desperation. This can lead to poor decisions and make you more vulnerable to scams or poor offers. Take your time to do research, compare prices and find the best buyer.

Get everything in writing

If you decide to sell, ensure that all the terms of the sale are documented in writing.

This includes the agreed price, payment method and any other conditions of the sale. Also have the buyer provide their ID number, for legal purposes.

Having a written agreement protects you and the buyer, and helps avoid the potential for any misunderstandings later on.

By understanding the market, getting a proper appraisal and carefully selecting a buyer, you can help ensure you get the best price for gold or diamond jewellery in South Africa. Remember to take your time, and don’t be afraid to walk away if the offer isn’t right.

An alternative to selling jewellery

If you need cash, you can opt to use jewellery of value to get a loan from Lamna. This means you can access part of the value of your piece quickly, and without having to sell.

For more information about using an asset to secure a short-term loan, contact us on 086 111 2866 or simply complete and submit our online application form.