Plenty of people in Australia have gold jewellery, coins, or broken pieces tucked away in drawers or boxes, and they often wonder what’s the smartest way to turn it into cash.
If you act too fast or trust the first person offering money, you risk leaving hundreds of dollars on the table, which happens more often than most people realise when they try to sell gold for cash without understanding the process.
This guide will help you stay clear-headed by giving specific steps that keep the whole thing straightforward, reduce your risk of being underpaid, and make sure you’re dealing with people who respect your time and your gold.
The goal is simple: give you real information so you can make a good decision, whether you’re dealing with small items or selling family pieces that deserve fair treatment.
Know What You Own Before You Step Out of the House
Before doing anything else, take a close look at each piece to see if it has a carat stamp like 9ct, 14ct, or 18ct, which tells you how much pure gold it contains.
These little numbers matter because the higher the karat, the higher the percentage of gold, and that directly affects what each piece could be worth when someone weighs it and makes an offer.
Separate anything broken, tangled, or scratched from those that still look wearable, because intact or branded pieces might be worth more when sold as jewellery instead of melted for scrap value.
Look Up the Gold Price for That Day Before Going Anywhere
Gold prices shift daily, and knowing the current price per gram gives you a rough number to work with when someone quotes an amount for your chain, ring, or earrings.
Buyers won’t pay you full market price, but they shouldn’t be offering far below it either, and knowing this baseline keeps you from getting trapped by lowball offers.
Compare Offers From Multiple Buyers Before Agreeing to Any Deal
Always visit two or three different shops before agreeing to a price, because each place has different policies and margins, and some may charge hidden fees or offer better rates.
There are several trustworthy gold buyers Melbourne residents speak highly of, but it still makes sense to go in person, listen carefully, ask for a breakdown, and see how each place handles the transaction.
Walking away from a bad deal or checking just one more store often results in an extra $100 or more in your pocket, which you’d miss if you rushed the decision.
Ask the Right Questions to Stay in Control of the Sale
When you walk into a store, ask how they calculate purity, how they weigh items, and whether they’ll test your gold while you watch, not behind the counter or in another room.
These questions aren’t rude—they’re basic protections that honest buyers should welcome, and anyone who refuses to explain their process or answer clearly is likely not someone you want to deal with.
Being direct is not about arguing—it’s about making sure no one takes advantage of the fact that you might not sell gold every day.
Pawn Shops Are Convenient But Often Pay the Least
Pawn shops may be open late or located nearby, but their offers are usually based on what they can flip fast—not what your item is truly worth in today’s gold market.
Even when the item is clean and wearable, many pawnbrokers pay only for weight, and the price per gram is often much lower than a dedicated gold buyer would pay.
Use them only if you need money right away and accept that convenience comes at a cost.
Bring ID and Keep All Paperwork From the Sale
Australian law requires gold dealers to take your identification to prevent the resale of stolen property, so always bring a valid driver’s license or other official ID.
After the sale, request a written record of what you sold, the karat weight, total weight, and final payment amount, because these records protect both you and the buyer.
Any business that refuses to offer written proof of the sale isn’t worth doing business with, no matter how high their offer sounds.
Separate Unique Items From Scrap to Get the Best Price
When you sell gold for cash with stones, designer bracelets, or antique items, don’t lump them in with broken bits or basic gold chains, because different buyers offer different prices for each type.
Sometimes local jewelers or collectors pay more for a piece that has character or design value, and selling it as scrap means you’ll only be paid for weight, not style.
You don’t need to become an expert, but take time to get second opinions for anything that looks unusual or valuable.
Understand How and When You’ll Get Paid Before You Leave
Ask each store how they pay—some will offer instant cash, others might write a cheque, and some prefer a direct deposit, which could take one or two business days.
Clarifying this upfront avoids confusion, especially if you have an urgent need for money and can’t afford to wait for a delayed payment or an account transfer that takes too long.
Always double-check the final amount before walking out and get a receipt that confirms every detail of the transaction.
Agreement on Price
It’s crucial to understand that gold dealers will not purchase your gold at the market price, so you shouldn’t anticipate to recoup your initial investment. Buyers can offer more for bigger quantities and provide a reasonable price that is somewhat less than the current market value. However, if you locate a single buyer on the open market, you most likely receive a bit more.
The procedure is fairly simple. The buyer can either hand you cash in person or deposit the funds straight into your bank account after they have agreed on a price and a contract. Reputable purchasers constantly want to make sure you’re satisfied with the deal and are certain you made the best choice. You don’t need special training to get a fair deal—just a bit of patience, some preparation, and a willingness to ask questions and walk away if something feels off. Always compare offers from trustworthy gold buyers Melbourne customers speak well of and never accept a price that felt rushed or vague. Selling gold is simple if you stay focused and remember this: knowledge is the best protection, and clear questions get honest answers every single time.