Selling gold has been very profitable in recent months. However, you should entrust your jewelry to experts.
Olympic metal and safe haven: gold has had a great summer. The price of the most precious metal has been swelling for several months, due to the combination of several factors including massive purchases by central banks, very dynamic Chinese demand and geopolitical conflicts that are pushing investors around the world to turn to bullion.
Over the first eight months, the price of gold jumped from $2,043 per ounce on January 2 to $2,500 in recent days, an increase of 23%. In comparison, the S&P 500, an index of the most highly rated American stocks, rose by 20% over the same period. The French stock market, for its part, stagnated, at less than 1% for the CAC 40.
Investors are therefore increasingly present to buy, as reported by Laurent Schwartz, founder of Comptoir national de l’or, a specialist in buying/reselling.
“We have almost doubled the activity in 2024, compared to 2023. There were much fewer investors for ingots and coins in 2023.”
So is this the best time to sell your jewelry? The very high prices allow you to hope for nice capital gains. “It’s obviously a good time, there can’t be any mistakes with such a high price: if you want to get rid of an item, it’s ideal, otherwise, you can keep it, it will always have investment value,” Laurent Schwartz adds.
Melted and purified gold
Selling jewelry is indeed profitable in two ways for the purchasing parties: they can first be valued as such, after appraisal, and resold. Brands like Rivluxe, for example, have specialized in the resale of luxury second-hand jewelry items.
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Otherwise, a jewel with less know-how or value can be melted down, to recover pure gold. Laurent Schwartz describes the operation: “When the jewels are taken back, they are sent back to the smelters, then to refining plants. We make blocks of different qualities, alloys. Then comes the possible purification, to obtain pure gold, at 24 carats.”
The good news is that gold prices largely determine the buyback price, although the buyer’s margins and handling fees are factored in.
Some rules to apply
However, there are a few rules to follow if you want to avoid unpleasantness. Laurent Schwartz advises comparing buyback offers by testing several competing stores, if possible. “You have to contact recognized professionals: the market is still very fragmented. Some independents do the job very well, but others don’t.”
“In particular, the jewel must be carefully examined and not just weighed: this demonstrates skills in gemology, if there are stones, or in jewelry.”
It is also important to check the price of gold in advance to see if it is reflected in the price offered by the store.
Finally, forget the Internet: online sales remain complicated, with perilous shipping by La Poste. “Online, it is impossible to discuss the price: in the store, you can always leave,” explains the president of the Comptoir national de l’or.
