“Have you got any old gold lying around? Want to turn it into cash?” Then stay away from cash-for-gold advertisers and log in to your eBay account. You’ll get five times more cash for your gold there anyway.
If you really want a competitive price for your unwanted jewellery, ignore Dale Winton’s slogans and use eBay or another online auction site.
When we went about trying to sell a whole bunch of gold bracelets and necklaces, we got much more for it on eBay than from TV-advertised buyers like CashMyGold.
For a £215 gold bracelet we got almost six times as much from eBay than from TV buyers (£69 compared to only £12). How about from a high street jeweller? We were offered 46 smackers.
Yes, I know what you’re going to say – none of them are particularly good deals. But come on, those TV buyers are only offering 6% of the bracelet’s retail value! I mean, 12 quid – really? Again and again TV buyers gave the lowest quotes on each item during our investigation.
Earlier in the year we even found that many of these postal services sent envelopes with the word ‘gold’ written on them. Now isn’t that a safe way to send jewellery! (That was sarcasm in case you hadn’t noticed.)
Which? will present its evidence at the Trading Standards conference in September. But for now, be wary – the gold market’s unregulated and eBay may be your best option.