Using a jeweler’s loupe, Heinrich Bott examines the gold bracelet on his desk. He’s looking for the stamped number. For example, 750AU. The stamp – also called a hallmark – tells him that the piece is made up of three-quarters fine gold. The woman who owned the bracelet no longer likes it.
In Zurich’s Niederdorf, Bott runs a shop called Schweizer Edelmetallhandel. There, he buys and sells old gold, silver, jewelry, tin, watches, and diamonds. “People most often bring jewelry from the ’60s, ’70s, and ’80s. They wore it themselves and now want to sell it because it’s no longer in fashion,” Bott says. The items have served their purpose. Most is melted down. “A small portion, timeless design jewelry, we sell in the store. For such things, we pay more.”
Selling gold and silver is “the easiest thing in the world,” Bott says. “Customers are often surprised by how quickly it goes.” They need to bring their items and have an ID. “Everything must be documented. It’s a regulated business – all dealers must record people’s personal details. If someone doesn’t do that, it’s a sign to be cautious.”
The Swiss Federal Customs and Border Security Office also warns to be cautious: “Selling gold is a matter of trust. The more so, you should think carefully before selling your family heirlooms, to see if the buyer deserves that trust.”
The prices in Bott’s shop are based on the current market rate. He emphasizes: “It’s worth bringing even a small stud earring.” It’s just a “tiny bit of gold,” but with a weight of 1.5 grams, you could currently get more than 100 francs for it. The fact that the precious metal is priced higher than ever is also felt by Gyr Edelmetalle AG from Baar. “The quantities offered have significantly increased, especially in spring. The rise will encourage private individuals to sell their old, unused jewelry,” the company says. According to Gyr Edelmetalle, potential sellers should keep the following points in mind.
How much gold is in my jewelry?
“Gold jewelry has a stamped mark. 750 with the letters AU means the piece is three-quarters fine gold, or 75%. There are also often stamps 585 or 333 – in which the content of pure gold is correspondingly lower.”
How do I calculate the value of my jewelry?
“Even with a kitchen scale, the weight can be roughly determined. This weight, multiplied by 0.75 (with a corresponding stamp), gives the approximate fine gold content. The weight of the approximate fine gold content, multiplied by the current fine gold price, gives the theoretical value.”
Will I be paid exactly that amount?
“Serious buyers and workshops pay a lower price because they have to cover recovery costs, smelting losses, risks related to price volatility, and their business’s common fixed costs like wages, shop rent, etc.”
How do I recognize a serious gold buyer?
“It seems the most important thing is that the buyer has a brick-and-mortar store and comes from the industry, whether as a goldsmith, jeweler, or coin dealer. Dishonest or low-paying buyers do a lot of advertising with flyers or big ads and promise high prices that, upon closer inspection, are not accurate. Furthermore, serious buyers use calibrated scales and weigh and document everything right in front of the customers.”
If my jewelry contains gemstones – what should I be aware of?
“Gemstones rarely have high value, no matter how beautiful they are. Used stones are difficult to sell. An expert can best assess if the stone is really valuable.”
Is it worth waiting longer to sell?
“Our recommendation is not to sell all your old gold at once, but to sell a little bit each week or month. This way, you’ll get a good average price in the end, and you’ll have less risk of regretting it.”
One should not sell all of their gold jewelry at once.
The Zurich gold buyer Heinrich Bott.
