The Ultimate Guide to Selling Scrap Gold in London
If you’re looking to Sell Scrap Gold in London, you’re in one of the best places in the world to do it. London has a long history as a global precious-metals trading hub, with world-class refineries, reputable gold dealers, and highly competitive market prices. Whether you have old jewellery, broken chains, damaged rings, dental gold, or gold coins, this guide will walk you through everything you need to know to get the best price — safely and confidently.
In this comprehensive guide, we’ll explore gold valuation, how to choose the right buyer, what affects your payout, common mistakes to avoid, and tips used by professionals to maximise profit.
Why London Is One of the Best Cities to Sell Scrap Gold
London’s status as a financial powerhouse gives sellers a unique advantage. The city is home to countless accredited gold dealers, jewellers, bullion traders, and pawn brokers who compete against each other every day — meaning better prices for sellers.
Here’s why selling scrap gold in London is so attractive:
- Competitive pricing: High-density dealer areas like Hatton Garden ensure strong competition.
- Trusted and regulated industry: Many buyers adhere to strict industry standards.
- Instant cash payments: Most places offer cash, bank transfer, or even same-day electronic payments.
- Accurate testing methods: Professional equipment such as XRF analysers ensures reliable purity checks.
With such strong infrastructure, choosing to Sell Scrap Gold in London often results in faster, more secure transactions and higher payouts compared to selling elsewhere.
Understanding Scrap Gold: What Qualifies as Sellable
Before you sell, it helps to know what counts as “scrap gold.” Many people are surprised to learn how valuable old or damaged items can be.
Common Types of Scrap Gold
- Broken or damaged jewellery
- Tangled chains or single earrings
- Old-fashioned or outdated jewellery
- Gold bars and coins in poor condition
- Dental gold (crowns, fillings, caps)
- Gold nuggets or fragments
- Watch cases or components
- Gold accessories or ornaments
If an item is made partly or fully of gold, it has value — even if it’s scratched, damaged, or missing pieces.
How Your Scrap Gold Is Valued
To get the best results when you Sell Scrap Gold in London, it’s essential to understand how dealers calculate value. The payout depends on three main factors:
1. Gold Purity (Karat)
Gold purity is expressed in karats (K), with:
- 24K = pure gold
- 22K = 91.6% gold
- 18K = 75% gold
- 14K = 58.5% gold
- 9K = 37.5% gold
Higher purity means a higher payout.
2. Total Weight
Your gold will be weighed using a calibrated scale. The weight after removing stones, clasps, or non-gold parts determines the price.
3. Live Gold Market Prices
The global gold price fluctuates throughout the day. The moment you sell influences your payout. Dealers usually pay a percentage of the live market “spot” price.
Where to Sell Scrap Gold in London
London offers dozens of trustworthy options. Knowing the differences can help you choose the right one for your needs.
1. Reputable Gold Dealers
These are professional gold-buying businesses often located in areas like Hatton Garden. They offer accurate testing, competitive rates, and immediate payment.
Best for: High payouts and transparency.
2. Pawnbrokers
Ideal if you’re not ready to part with your items permanently. You can pawn your gold for a loan and buy it back later.
Best for: Temporary cash solutions.
3. Jewellers
Some jewellers buy scrap gold, often offering store credit or cash.
Best for: Upgrading jewellery or getting credit toward new pieces.
4. Refiners
Direct sale to refiners can yield excellent prices but often requires larger quantities.
Best for: People with bulk scrap gold or business sellers.
How to Choose the Best Buyer in London
When you Sell Scrap Gold in London, selecting the right buyer makes a huge difference. Here’s what to consider:
Check for Reputation
Look for businesses with strong reviews, established presence, and positive customer experiences.
Transparent Testing
Reputable dealers will test your gold in front of you using non-destructive methods.
Clear Pricing
Good buyers show:
- Market spot price
- Their payout percentage
- The weight and purity of your gold
No Pressure Policies
High-quality dealers allow you to walk away at any time.
The Gold Selling Process: Step-by-Step
Selling scrap gold in London is usually fast and straightforward. Here’s what to expect:
1. Assessment of Your Items
Your gold is examined to identify hallmarks or purity stamps.
2. Testing
Techniques include:
- XRF scanning
- Acid testing
- Electronic gold testing
3. Weighing
Your gold is weighed on a calibrated scale in view of the customer.
4. Pricing and Offer
The dealer calculates your payout based on purity, weight, and the live market price.
5. Payment
You can typically choose from:
- Cash
- Bank transfer
- Same-day card payments
The entire process often takes under 20 minutes.
Tips to Get the Best Price When You Sell Scrap Gold in London
Selling smart can significantly increase your payout. Use these strategies professionals rely on:
Know the Purity Before You Go
Check the karat stamps (e.g., 750 for 18K, 585 for 14K). This prevents undervaluation.
Sort Your Gold by Karat
Dealers often weigh gold together if not separated — which reduces your payout.
Check the Live Gold Price
Sell when the market is strong. Gold prices fluctuate daily.
Get Multiple Quotes
Visit at least two or three buyers before committing.
Remove Stones
If possible, remove non-gold stones or parts, as they add weight but not value.
Avoid Mailing Gold
Walk-in transactions are safer and ensure transparency.
Common Mistakes When Selling Scrap Gold
To protect your wealth, avoid these pitfalls:
- Accepting the first offer too quickly
- Not knowing the karat of your items
- Selling gold-plated items as gold (will be rejected)
- Choosing buyers with unclear pricing
- Falling for high-pressure sales tactics
- Forgetting sentimental or heirloom value
Awareness is a powerful tool in getting the best outcome.
Is Now a Good Time to Sell Scrap Gold?
Gold prices tend to rise during economic uncertainty, inflation, and market volatility — conditions that often lead to favourable selling opportunities. Because London’s gold market is so competitive, you can usually secure excellent prices at any time of year.
If you’re thinking about making extra money from unused jewellery or old items, it’s often a great moment to Sell Scrap Gold in London.
Frequently Asked Questions
Is broken gold worth anything?
Absolutely. Scrap gold is valued by purity and weight, not condition.
Can I sell gold without a receipt?
Yes. Gold buyers do not require original receipts.
Do I need ID to sell gold?
Most reputable dealers will ask for photo identification for security purposes.
Will stones or gems add value?
Only the gold is valued unless the dealer buys gemstones separately.
Final Thoughts
Selling scrap gold doesn’t have to be stressful or confusing. With London’s highly competitive and trustworthy marketplace, you can get an excellent price by knowing what you have, researching buyers, and taking a few simple steps to ensure transparency.
Whether you’re clearing out old jewellery or converting unused items into cash, knowing how to Sell Scrap Gold in London empowers you to make confident, profitable decisions.