FAQ
“What sort of gold is Gold Buyers Australia Pty Ltd interested in buying?”
If you have yellow gold, white gold, rose gold or platinum jewellery then we can turn that gold into instant cash for you! This can be 9 karat, 14, 18, 22 or 24 karat gold, and it can be broken or damaged, or even have pieces missing, like an odd earring or piece of chain.
So, if you have any necklaces or chains, charms or pendants, earrings, rings, gold nuggets, dental gold, bullion or coins that you no longer want, this can all be turned into instant cash at one of over 200 Gold Buyers Australia stores.
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“What about special items like rare gold coins or designer-named jewellery?”
Gold Buyers Australia are licensed secondhand dealers only, and are not antiques or ‘collectables’ dealers: we place value solely on the gold as second hand goods, or as some people call it, ’scrap gold’.
So we like to advise people that if they have coins or other special pieces, then they should take these pieces to someone who deals specifically in that field if they feel there are some other special attributes to their pieces, or where there is perhaps an ‘antique’ value.
This advise means you can determine whether your gold has a greater second hand value as an artifact or collectable piece, rather than as simple ’scrap gold’.
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“What are the stamped numbers that are on some of my pieces jewellery?”
The numbers you can sometimes see stamped on your jewellery can be an indicator of the karat content of the gold, meaning the percentage purity of the gold. You can use the simple table below to sort some of your jewellery before you visit your nearest Gold Buyers store.
| Karat Content: | Stamp or Marking: | Pure Gold Content: |
| 8kt | 333 | 33.3% |
| 9kt | 375 | 37.5% |
| 10kt | 417 | 41.7% |
| 14kt | 585 | 58.5% |
| 16kt | 667 | 66.7% |
| 18kt | 750 | 75.0% |
| 20kt | 833 | 83.3% |
| 22kt | 917 | 91.7% |
| 24kt | 999 | 99.9% |
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“What sort of gold don’t you buy?”
Rolled gold, gold plated pieces, electroplated or costume jewellery unfortunately cannot be processed by Gold Buyers Australia! A quick guide is to check the markings on your gold, for example, any pieces marked with the following cannot be purchased by Gold Buyers Australia.
KT GP = “Gold Plated” or “Plum”
KT GF = “Gold Filled”
KT GEP = “Gold Electroplated”
AVON, ‘O‘, Oroton, MONET or Roman = “Costume Jewellery”
HGE = “Heavy Gold Electroplate”
RGP = “Rolled Gold Plated” or “Gold Overlay”
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“How are prices calculated?”
All of our prices are based on weight, karat and market price.
For example, 9 karat gold is only 37.5% pure (24kt) gold, 14 karat is 58.5% pure gold, 18 karat is 75% pure and 22 karat gold is 91.6% pure gold.
Once your gold has been tested to confirm karat content, it is weighed and then those figures are put into the computer and a wholesale ‘buy price’ is calculated for you automatically, based on that day’s market price!
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“What’s the difference between ‘retail’ and ‘wholesale’ or second hand gold prices?”
The difference is determined by who is buying and who is selling. For example, when you go into a supermarket, you know the supermarket is buy product from their wholesale suppliers for a lower price than what you pay for it at the counter.
So the supermarket (in fact this is true for all business) then adds a margin to the wholesale price so they can pay their staff, their advertising and operating expenses. Hopefully they have also included a small profit margin as well, so they can continue to grow and develop more and better services to you.
It’s the same with you selling your gold and Gold Buyers Australia buying your gold, only in reverse. In the gold buying industry, when you sell your gold to us, you are selling it as second hand goods even if it is brand new! This means Gold Buyers Australia are buying it from you at a second hand or wholesale price and so the pricing offered reflects that.
The price that is advertised on the TV and in the newspapers is what is called the ‘retail’ or ‘tradable bullion’ price. This is the price you pay for gold when you buy it as new jewellery or gold bullion as an investment, from the Perth Mint or similar company.
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“What does it mean when ‘an offer’ is made for the gold, and how do you pay for the gold?”
Once we have tested the gold for authenticity and karat content, the gold is weighed and then those numbers are put into the computer and wholesale/second hand gold price of the day price is automatically calculated for your gold. Our lovely gold buyer will than ‘make an offer’ to you for your gold based on the calculation of the gold price on the day.
If you accept our offer, you will be paid cash on the spot for your gold! However, if you chose not to accept the offer, that is fine, as you now have a free second hand valuation for your gold, and we have been happy to help you!
It’s as simple as that!
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“What happens to the stones in the jewellery?”
As gold buyers, we are only interested in the gold content of your pieces as we do not deal in stones. The best thing to do is to look at your jewellery before you go to your local Gold Buyers store, and decide which pieces have stones that are large or of good quality and to then take those pieces to a jeweller to have the stones removed for you.
If some of your pieces have small stones, or clusters of small stones, then let one of our friendly gold buyers examine the pieces for you. They may choose to accept the stones as well as part of the buy, or they may recommend that you have them removed as mentioned above. Depending on the weight and number of stones, your gold buyer may adjust the calculations slightly to account for the extra weight of the stones. Please note, our gold buyers are not authorized to remove stones.
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“How do you test the purity of the gold?”
Having the opportunity to test the purity of gold is important for anyone who is thinking of selling their gold. A jewellery item that is stamped as 9kt, 14kt or 18kt does not necessarily mean that it actually contains that level of gold content.
It is a reality that ‘non-genuine’ gold pieces exist in the marketplace and believe it or not, sometimes a lower quality of gold will be stamped with a higher grade marking, or other times it may not be gold at all, but rather layered with gold in such a way that it is not immediately obvious that it is a plated item.
To protect you and to ensure that what you are selling is authentic, it is important to test the purity of your gold first, and at our Gold Buyers stores this testing is done right in front of you!
There are primarily four steps to testing a piece of gold.
The first test is called the ‘magnet’ test and this is done by placing a magnet over your piece of jewellery. If it sticks to the magnet, it could indicate that the piece is not genuine or solid gold (as pure gold is not magnetised), but rather that it is plated or costume jewellery (see above), and unfortunately may have no value as second hand gold.
If your gold items pass the ‘magnet’ test, the next step is the ‘loupe’ test. This involves using a jewellers magnifying eye-piece to examine any markings on the pieces, such as hallmarks and stamps to indicate the karat content of the piece. Look on the inside of your pieces or an area that is not normally seen if you are wearing it. Please remember, that just because a piece may be stamped as a certain karat, this doesn’t guarantee it is.
An ‘acid’ test is part of the final process. This test is done by using a drop of special gold testing acid on a small thin film of gold from your pieces. This process may leave an almost invisible mark on the gold, but in no way devalues your gold. However, this thin veneer of gold is usually enough for the acid to be able to ‘react’ and therefore give a conclusive result for you and our gold buyer.
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“What do I need to bring with me, apart from my gold?”
The second hand dealers’ industry is highly regulated and this is for your own security and peace of mind. The laws are slightly different in each state, but all states require proof of identity that you are the owner or have the right to sell the gold. In most states this means you need to provide photo ID with a current address to be paid for your gold. In WA the rules are slightly different in that you need to provide ‘100 points of ID’. This can consist of your passport, utilities bills with current address that are not more than 3 months old, or other identifying documentation.
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“How can I find my nearest store?”
Simply go to the ‘Store Locator’ page and type in your post code and a selection of nearby stores will appear. Choose your most convenient location and let our friendly gold buyers give you instant cash for your gold!
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“What happens to the gold after you buy it?”
Gold Buyers Australia Pty Ltd is one of largest private gold recyclers in the world, and after a legislative period the gold is sorted, ready to be forwarded to the refiner s for smelting and recycling. The refineries then sell it back into the market place as bullion for investors or raw material for jewellers or industry.
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“What are some common ‘gold buying’ terms?”
Assay: a test that determines the purity of metal.
Alloy: a mixture of metals. Refined gold is usually an alloy containing a small amount of some other metal
Bid/Ask: the ‘bid’ or ‘buy’ is the price that the buyer is willing to pay for gold (bullion). The ‘ask’ or ’sell’ is the price offered by the seller
Bullion: refined gold that is at least 99.5% pure. Refined gold usually comes in bars, wafers, coins, or ingots.
Gold: a precious metal that does not oxidize or tarnish and is very malleable. Gold is alloyed with other metals like silver, copper, or nickel to make it harder. The ratio of gold to other metals is what denotes the karat content.
Gold Filled (GF): jewellery or an item with a sheet of gold applied to the surface. Newer items contain markings that indicate how much and what type of gold was used in the layer. Example: a marking of 1/20 14kt GF means that the piece is at least 1/20 14kt gold by weight. Gold Buyers Australia Pty Ltd does not buy gold filled pieces.
Gold Plated (GP): a layer of gold is applied to a base metal, usually by electroplating (GEP). This is usually a very thin layer, which is likely to wear quickly. Jewellery may also be heavily gold plated (HGP) in which gold is applied to a base metal in the same way but with a thicker layer. Gold Buyers Australia Pty Ltd does not buy Gold Plated (GP), Gold Electroplated, or Heavily Gold Plated (HGP) items.
Grain: one of the first weight units for the measurement of gold. It was used in ancient Greece, and named such because the weight was equal to one grain of wheat. One Grain equals 0.0648 grams.
Hallmark: mark or stamp on a bullion item that identifies the producer.
Karat (k or kt): the measure of fineness of gold equal to 1/24 parts. Pure gold is 24 karat gold, 18kt gold is 18/24 gold, 14kt gold is 14/24 gold and so on.
Oxidation: the darkening or other changes of metal by the presence of acidic perspiration. Darkening does not occur in higher karat gold.
Platinum (Pt or Plat): the rarest of the 3 precious metals. It is harder than gold or silver and very dense, making it more durable for jewelry. Platinum has a whiter color than silver and it’s resistant to tarnish.
Red Gold: a gold alloy with a high copper content. The higher the copper content, the more red the gold alloy becomes.
Rose Gold: also known as pink gold, gold with a pink tinge.
Sterling Silver (925): sterling is silver with a fineness of 925 parts per thousand or 92.5% silver and 75 parts per thousand or 7.5% copper. Copper is added to alloy to increase silvers hardness.
White Gold: an alloy of gold made with nickel or palladium. It is brighter and whiter than silver due to the nickel content.
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“What happens at a Gold Party?
A Gold Party is truly that! Generally a group of friends are invited to meet for a few hours for morning or afternoon tea, or an evening catch up, in a mutual friend’s private home. A qualified Gold Buyers Australia Party Consultant will attend, and will then test and value the gold items brought along by the invited guests.
The host and guests will see their gold being valued, and once that is done, each individual guest is made an offer for the gold they wish to sell and payment is made directly into their nominated bank account. (Please note that cash is not paid at our parties, for the security of all attending, and therefore all payments are made via EFT.)
The host or hostess of each party earns a generous 10% commission on all buys made, and so everyone is excited and happy! Gold Buyers parties are fun, easy to set up and your friends and family will love coming to a party where they are paid money, rather than being expected to spend money! What a great idea!
Visit the Gold Parties page and register your interest today!
NB: The Gold Party program is available only in certain states, according to local legislation.
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“How do your ‘Fundraisers’ work?
Fundraisers are set up so that organisations, charities or community groups can raise funds for their new buildings, equipment, uniforms, trips or other unique requirements they are working towards.
Very simply, fundraisers or larger, organized gatherings that can be run as part of your existing fundraising efforts or events, or as a stand-alone function. Gold Buyers Australia Pty Ltd will provide you with professional marketing materials so you can promote the fundraiser to your supporters, plus a team of qualified gold buyers to conduct the testing and buying.
The benefit of holding a Gold Buyers Australia Fundraiser is that for the first time for many groups, your supporters do not have to put their hands into their pockets to support you, or make cakes or buy raffle tickets. Now they can simply go through their jewellery boxes and bring along any of their old, broken or unwanted gold for valuation.
If your supporters accept the offer on the day, they will receive the same pricing for their gold as they would receive from one of our shopping centre stores, so they are happy, and your organisation as the benefactor will receive 10% of the total ‘buys’ from the fundraiser, as a direct paid donation.
All payments for your supporters gold are paid directly into their individually nominated bank accounts, and the donation component will be paid directly into the most appropriate account, nominated by your organisation’s treasurer or executive member. (Please note that cash is not paid at the fundraiser, for the security of all attending, and therefore all payments are made via EFT.)
Now you can raise funds in a professional manner, without your supporters having to ‘dig deep’, which will give them more opportunity to ‘contribute’ without pain. In fact, by helping you, they are helping themselves, by turning their old unwanted and broken gold into instant cash!
So, visit the Fundraisers page and register your interest today!
NB: The Gold Fundraiser program is available only in certain states, according to local legislation.
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“How can you afford to pay Gold Party host commissions and Fundraiser donations?”
The normal operating costs and overheads of supporting a store, like rent, advertising and staffing, etc are not incurred at our Gold Parties or Fundraisers. This allows us to give the host or the fundraising organisation a generous return, above what is paid to your guests and supporters on the night.
It’s as simple as that!
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“Why would I choose Gold Buyers Australia?”
With over 200 stores, in nearly all of the major shopping centres around the country, you will find a Gold Buyers Australia store or mobile kiosk near you. So convenience is probably number one.
Secondly our trained gold buyers will test and value your gold right in front of you. The whole process is transparent and fascinating to watch and this comes from our commitment to provide excellence in value and service.
Thirdly, you will be paid cash on the spot for your gold, when you accept our offer. So you can use that cash instantly, without having to wait for cheques to be cleared, or deposits to arrive in your bank account.
And last but not least, as one of Australia’s largest independent gold recyclers you will be helping reduce the environmental impact and pollution caused by the process of mining raw gold, simply by making a decision to turn your old, broken and unwanted gold into instant cash!
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“Why is gold recycling good for the environment?”
One of the most polluting activities carried out on Earth is the mining for gold, so the process of recycling your old, broken and unwanted gold assists in establishing a cleaner environment. According to the World Gold Council figures for 2001-2005, recycled gold constituted 23 per cent of gold being sold worldwide over that period, with much of it being extracted from jewellery.
This figure is considerably less than the amount supplied by gold mining, but is still greater than the amount of gold yielded by the sales of central bank reserves (only 15 per cent). (Source: Goldbug, 05 Sep ‘07)
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“What should I do if I want to report stolen jewellery?”
The first thing to do is to report the loss to your local police. Most states have dedicated departments that deal with this situation and they generally cross reference their reports with second hand dealers’ transaction reports, for the purpose of recover and return to the rightful owner.
Gold Buyers Australia Pty Ltd have an excellent relationship with the police in each state and co-operate to ensure the integrity of our ‘buys’ and to reduce the impact of fraud and theft in the market place. If you are able to provide the police with photos, this can make it easier for them to help you as well.
