Hunt for hallmarks as gold prices hit record highs in the UK
With gold prices flirting at all-time high prices in the UK, jewellery experts are calling on UK residents to rummage through the dressing table drawers and family trinket boxes for gold jewellery pieces that could be worth hundreds or possibly thousands. A full Sovereign ring is currently fetching up to as much as £700. Lots of smaller items can also add up to a lot, such as gold earring backs or spare links from a gold watch bracelet.
“The easiest and quickest way to separate treasure from tat is to read the small hallmarks on jewellery,” explains Jordan, valuations manager at Cheshire Gold Xchange. “One tiny three digit number can turn a forgotten old charm bracelet into this month’s food shop or even a pay for your summer holiday.”
The code hidden in plain sight
By UK law all solid gold items weighing above 1 gram must carry a hallmark stamp containing 3 compulsory symbols, Makers Mark, Purity, and the Assay Office Mark. The hallmark must be produced by one of four UK assay offices. The most important mark impacting the items value is the fineness number – 375, 585, 750, 916 or 999 showing what percentage of the alloy is pure gold. With 9 carat containing the least amount of gold (37.5%) and 24 carat being pure gold (99.9%).
The purity number is then usually followed by the assay office mark which can be a castle, anchor, leopard’s head or Tudor rose which tells you whether Edinburgh, Birmingham, London or Sheffield tested the metal.
What to do if the mark is missing or ineligible
- A jewellers magnifying loupe is the most effective tool for reading hallmarks. You could also try using a phone camera on macro mode: many stamps are clearer on screen than by eye.
- Beware 925 – this is sterling silver, not white gold.
- If the stamp reads GP (gold-plated) or GF (gold-filled) the underlying metal is mostly base metal and not solid gold throughout.
- Still can’t decode it? Cheshire Gold Xchange offers a free gold valuation service by post or in person at their store located in Cheshire, with instant payments for verified items.
The Current Gold Rush
Cheshire Gold Xchange says it has seen a huge influx UK and East Midlands sellers take advantage of the current high gold prices, with people nationally selling gold via their postal service. “We have setup a super simple way for customers all over the country to get an instant online valuation, and sell their gold via our insured and pre-paid gold packs,” explains Jordan.
Why the rush?
Analysts at the World Gold Council say geopolitical tensions, a weaker pound and persistent inflation have driven UK gold prices up 28 % year-on-year and volatility could see the short term peak pass as quickly as it arrived. For those looking to sell their gold jewellery, now is a great time but time should be taken when choosing the right gold buyer.
Consumer cautions before selling your gold
Trading Standards advises sellers to:
1.Weigh items after removing stones - only the metal counts.
2.Compare multiple quotes and insist on transparent gram-by-gram pricing.
3.Make sure any gold sent in the post is insured using Special Delivery.
4.Read previous customer feedback and reviews of any gold buyers.
