You know that little box everyone seems to have — the one buried at the back of a drawer, filled with odd earrings, tangled chains, and broken bangles? Mine had been there for years. Every time I moved house, it came with me, even though I hadn’t worn a single piece from it in over a decade.
One day, after watching gold prices hit yet another high on the news, I started to wonder — what’s all that “junk jewellery” actually worth?
Well, I’ll be honest: I had no clue where to start. Selling scrap gold sounded simple enough, but once I began looking into it, I realised there’s a fair bit to know if you want to get a good deal — especially here in Melbourne.
So, if you’ve ever thought about turning your forgotten jewellery into cash, here’s what I learnt when I decided to sell scrap gold, and how you can make the most of yours too.
Why “Scrap” Gold Isn’t Really Scrap
First things first — don’t be fooled by the word scrap. It doesn’t mean worthless. Far from it.
Scrap gold simply refers to any piece of gold you’re no longer using — broken jewellery, mismatched earrings, damaged coins, old dental gold, even gold watch cases. It’s still gold, which means it still has intrinsic value.
The purity (measured in carats) determines how much your piece is worth. For example, 24-carat is pure gold, while 18-carat and 9-carat contain other metals mixed in for strength.
When I brought my pieces to a buyer, I was surprised to see how much they weighed everything and tested it right in front of me. It’s a bit like watching someone assess an antique — you suddenly see these forgotten trinkets through a very different lens.
And here’s a little secret most people don’t realise: even a single broken chain can be worth a surprising amount when gold prices are strong.
How to Know If You’re Getting a Fair Price
Gold prices fluctuate daily, and that’s the first thing you should check before selling.
If you’re like me, you probably don’t track the gold market. But a quick online search for “current gold price Australia” will give you a good idea of what your metal’s worth per gram. Once you know that, you can calculate roughly what your gold should fetch based on its purity and weight.
When I went looking for a reputable buyer, I quickly learnt that transparency is everything. Good gold buyers don’t hide behind vague promises like “best price guaranteed.” They show you the live market rate, explain how they calculate the payout, and let you decide — no pressure.
One of the more helpful resources I found was sell scrap gold. It breaks down the process clearly, from identifying your gold type to getting an estimate. It’s refreshing to see a service that doesn’t just talk about cash but also helps people understand the why behind the value.
If you’re in Melbourne (like me), you’ll know we’re spoiled for choice when it comes to buyers. Still, it pays to be selective. A few minutes of research can mean the difference between a fair offer and, well, a disappointing one.
What Happens When You Sell Scrap Gold
The process was much simpler than I expected. Here’s roughly how it went:
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Assessment and testing – The buyer checked my items with a small acid test and electronic analyser to confirm carat levels.
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Weighing – Every piece went on a digital scale, right in front of me.
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Offer – Based on that day’s gold price, they calculated a per-gram payout.
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Payment – I could choose cash, bank transfer, or cheque.
It took less than half an hour, and honestly, I walked out with more than I expected.
What struck me most was how professional and straightforward the process was — no sales pitch, no pressure, just honest assessment. It’s a good reminder that not all second-hand gold dealings are shady or back-alley operations. Many established Melbourne gold buyers are licensed, regulated, and genuinely helpful.
If you’re curious, Melbourne gold buyers often provide same-day appraisals and payments. Some even come to you, which makes it easy if you’ve got a few pieces lying around.
Common Mistakes People Make When Selling Gold
After chatting with a few jewellers and gold traders, I discovered that many people make the same avoidable mistakes. Here are a few to keep in mind:
- Not knowing the carat purity – 9k, 14k, 18k — these make a huge difference in payout. Always check the stamps or have them tested.
- Mixing different types of gold – Don’t lump yellow, white, and rose gold together when weighing. They’re valued differently.
- Forgetting about gemstones – Gold buyers usually pay for the metal only, not the stones. If a piece has sentimental gems, remove them first.
- Ignoring small pieces – Tiny earrings, clasps, or broken bits still add up. Bring everything.
It’s funny — once you start looking, you realise how much gold you actually have tucked away. I found a few old cufflinks, a broken chain, and a single gold earring I’d been keeping “just in case.” Together, they added up to nearly $600.
When Sentiment Gets in the Way
Here’s the part no one really talks about: selling gold can be oddly emotional.
You might be holding onto pieces that belonged to someone special, or that mark certain moments in life — a graduation gift, an old engagement ring, a pendant from your nan.
For me, there was a mix of nostalgia and practicality. I didn’t want to part with everything, but I realised some items weren’t memories — they were just things. And those things were better off recycled, melted down, and given new life rather than gathering dust.
If you’re unsure, set aside anything that genuinely means something. Sell the rest. You’ll be surprised how liberating it feels to let go of the clutter and turn it into something useful — like paying off a bill, saving for a trip, or just adding a little breathing room to your budget.
The Bigger Picture: Sustainability and Gold Recycling
There’s also an environmental upside to selling scrap gold. Mining new gold is incredibly resource-intensive — tonnes of rock and chemicals for just a few grams of metal.
By recycling existing gold, you’re contributing (in a small but meaningful way) to a more sustainable system. The gold you sell doesn’t vanish; it’s refined, purified, and reused in new jewellery, electronics, or even medical devices.
It’s a nice feeling to know your old bracelet might become part of someone else’s engagement ring one day.
What I’d Tell Anyone Thinking About Selling
If I could give one piece of advice, it would be this: do your homework first.
Don’t just walk into the first shop you see. Compare rates, read reviews, and ask questions. A trustworthy buyer won’t mind explaining their process — in fact, they’ll encourage it.
Bring your ID (it’s a legal requirement in Australia) and be prepared for the buyer to record the transaction. That’s standard practice under the Second-Hand Dealers Act.
Also, don’t rush. Prices fluctuate, and if gold’s on a steady rise, waiting a week or two could make a difference.
And one more thing — if you’re selling jewellery that’s still wearable or vintage, check whether it has more value as a collectible piece than as scrap. A local jeweller or antique dealer can help you figure that out.
Final Thoughts: More Than Just Extra Cash
In the end, selling my old gold turned out to be about more than just the money (though that was definitely nice).
It was about clearing space — physically and mentally. Letting go of things that no longer fit who I am, and giving them a second life.
It also reminded me how value isn’t always obvious. What looks like a box of broken bits might actually be a hidden investment, quietly sitting in your drawer.
So, if you’ve got some old pieces lying around, take an afternoon to go through them. Get them tested, learn a bit about purity and price, and see what they’re really worth.
Even if you decide not to sell, at least you’ll know — and there’s something empowering about that.
And if you do go ahead, remember: the process doesn’t have to be daunting. With a bit of knowledge and the right buyer, you can turn forgotten trinkets into tangible value — responsibly, transparently, and maybe even a little sentimentally.
After all, gold’s been treasured for thousands of years. It might just be time yours found a new story to tell.
