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If you have recently paid a visit to a jewellers to buy something for an anniversary or Christmas, you may have noticed that your wallet is feeling slightly lighter than usual.  This may have been due to the fact that the price of gold has shot up in the last year and has in turn had a knock-on effect on the price of gold jewellery.  In India, the world’s largest gold market, sales of gold jewellery have dropped by 30% according to reports as consumers, brides in particular, are buying cheaper imitation jewellery as opposed to the real thing.  As a result some people have started to sell, rather than buy, gold jewellery in an effort to raise some funds in the midst of the recession.  If you do choose this option there is certainly no shortage of companies or jewellers willing to take it off your hands.  Gold buying companies have been appearing on our television screens consistently over the past year offering competitive prices for your scrap or broken jewellery.  The question is whether it truly is the right time to sell you gold or whether you may be better off waiting for the price to increase once again?

Experts are divided on this issue with some believing that the price of gold will break the $2,000 mark, however, there is no clear time frame and it may take more than a decade for this to happen.  In truth unless you have a two ounce 24ct gold bracelet, it will not make a huge difference whether you sell your jewellery now or in a year’s time.  If the jewellery is broken, you will be selling it purely for its gold content as it will be melted down and refined and in this case the best option would be a gold buying company.  However, it would be wise to search around for the best offer as valuations can vary considerably.  If your jewellery contains some gemstones and is in a good condition, a jewellers will not just value it based on its gold content but also on a number of other factors such as the craftsmanship and the design.  Overall, my advice would be to sell you gold jewellery when you need the cash the most and it would make sense to sell now to avoid getting into too much debt over the Christmas period.

Tags: cash for gold, gold jewellery, sell gold