Sell gold: How to get a transparent valuation

The price you can get for your gold is fundamentally based on three things: the weight in grams, the karat content (fineness), and the current gold price on the international market. Gold is traded worldwide in US dollars per troy ounce, and the Danish buyer converts this spot price into kroner per gram for the different karats. This is why the price you can get fluctuates day by day, and sometimes hour by hour, as the market moves.

Karat indicates how much of an item is actually gold. Pure gold corresponds to 24 karat, while 18 karat contains 75% gold with the remainder other metals such as copper or silver, and 14 karat contains roughly 58.3% gold. The lower the karat, the less gold there is in the item per gram, and the lower the price you can expect for the metal content itself. Some pieces of jewellery also combine several alloys in one item, for example a 14 karat frame with 18 karat details, which can require a more detailed assessment.

It is worth remembering that the price a buyer offers is not necessarily identical to today's exchange rate converted directly into kroner. Buyers run a business and must cover costs for operations, testing, insurance and resale, so prices can vary between different buyers. It is therefore a good idea to obtain more than one offer before you decide.

When you hand over gold for assessment, it is typically first weighed on a precision scale so the buyer can record the exact gross weight in grams. If the gold contains stones, pearls or other materials that are not gold, these should be deducted from the weight used in the price calculation, so you are paid for the net weight of the metal itself.

The karat content is then examined. The most common methods are an acid test, where a small scrape of metal is taken and an acid applied that reacts differently depending on the gold content, and XRF x-ray analysis, which measures the elemental composition of the item without damaging it. Many pieces of jewellery also carry a fineness hallmark stamped into the metal indicating karat or per-mille content, but the stamp alone is not always sufficient proof, and a reputable buyer will usually also test the item.

You should be able to follow the test or have it explained while it takes place. If a buyer refuses to show how the assessment was carried out, or will not disclose the weight and karat used as the basis for the offer, that is a clear reason to look elsewhere.

Before you agree to sell, ask for a written offer stating the net weight in grams, the measured karat content, the price per gram used, and the total amount you will receive. A written offer lets you compare with other buyers and gives you documentation if any doubt should later arise about what was agreed.

Pay attention to whether the offer is binding for a certain period, or whether the price can change if you do not accept it the same day. The gold price fluctuates continuously, so a buyer may reasonably offer that the price only applies right now or for a few hours. It is still your right, however, to take time to consider the offer and possibly obtain another one, without being pressured into signing on the spot.

If you sell through a postal process where you send the gold to a buyer, make sure the shipment is insured to the full value of the items, and that the buyer sends you a written offer that you must actively accept before the money is paid out and the sale becomes final.

Selling in a physical shop has the advantage that you can watch the assessment take place, ask questions along the way, and walk away if you are not satisfied with the offer. On the other hand, it can take time to visit several shops to compare prices, and in some towns the number of buyers available is limited.

Sending gold by post can be more convenient, but it means giving up physical control of the items before you see the final offer. Here it is essential that the shipment is insured, that you receive a receipt for what has been received, and that you have the option to decline the offer and have the items returned if you do not wish to sell.

Whichever method you choose, you should always keep receipts, photographs of the items before shipping, and any correspondence with the buyer, so you have documentation of the process.

If your jewellery contains diamonds, gemstones or pearls, it is important to be aware that most gold buyers only pay for the metal content and not for the value of the stones, unless they specifically offer stone valuation. The stones' trade value can in some cases exceed the value of the gold itself, so it may be worthwhile having the stones valued separately by a specialist before deciding whether the piece should be sold as a whole or taken apart.

Antique or designer-branded jewellery may also carry a collector or design value beyond its metal value. A piece from a well-known designer or a family heirloom with historical interest will often be worth more sold as jewellery to an antiques dealer or at auction than as scrap gold to a buyer who only pays for the metal content.

It can therefore pay to take a moment's pause before handing over jewellery with stones or special design, and consider whether there is a buyer who values the whole piece and not just the gold weight.

Once you have accepted an offer, it should be clear how and when you will receive payment. Many buyers offer instant transfer to your bank account the same day, while others may have a longer processing time, particularly for postal shipments or larger transactions where identification and anti-money-laundering rules must be observed.

Ask specifically about the settlement date, and have it noted down if it differs from the same day. If the buyer needs to identify you under anti-money-laundering rules, you should bring valid photo ID, and for larger amounts you may also be asked about the origin of the items.

Always keep the final receipt or settlement note showing the price per gram, weight, karat and total amount. This documentation can be relevant if you later need to account for the sale, for example in connection with an estate matter or an insurance case.

Before choosing who to sell your gold to, it can be worthwhile looking a little closer at the company. How long have they existed, do they have a physical address you can visit, and can you find reviews or mentions of the company from other customers? A company that is easy to contact and clear about its procedures typically offers a safer transaction.

Trading in used goods, including buying gold, is covered in Denmark by the act on trading in used goods and pawnbroking activity, which among other things requires the trader to keep a register of items traded . In practice this means a reputable buyer will ask for identification and register the transaction, which is part of the mandatory supervision of the industry and not something unusual or suspicious.

If you are in doubt about a buyer's practices, you can contact the Danish Consumer Council (Forbrugerrådet Tænk) or check whether there are complaints or cases against the company before entering into an agreement.

Dental gold and other scrap gold are assessed on the same principles as jewellery: weight and karat content determine the value. However, dental gold can vary greatly in purity, from low alloys to high karats, and in some cases also contains other metals such as palladium, which can have independent value or conversely require a more complex analysis.

Since dental gold is often difficult to assess visually, a professional test is especially important here. Ask to be told the karat and weight found specifically for the dental gold, so you can compare with other buyers' offers if you have several pieces to sell.

If you are unsure whether it is worth gathering several smaller pieces of scrap gold together for one sale, it can be advantageous, since some buyers have a minimum size or offer a more favourable price per gram for larger quantities.