What Happens When You Sell Scrap Gold
Have you ever considered selling your old or broken jewellery, damaged coins, bars, or watches? With Sharps Pixley’s scrap gold service, you can easily liquidate these types of old gold, as well as any other items that contain gold. The circular economy of the bullion market means that by recycling your gold, you are responsibly harnessing the cash value of your gold. Sharps Pixley – a member of Degussa, offers competitive rates and exceptional service in the liquidation of your unloved gold products. Furthermore, you can count on expert advice in transferring your gold into investment-grade bullion if so desired.
Assessment & Valuation
All scrap gold items brought into Sharps Pixley are tested and weighed to ensure the most accurate valuation possible. Testing begins with a Material Composition Analysis using non-destructive XRF testing . By X-raying the metal, the fluorescent reaction creates a definitive list of all the materials in the piece. Any further testing, such as conductivity tests, will take place following XRF testing. Once the purity has been recorded, the metal is then weighed on state-of-the-art jewellers’ scales . Clients are encouraged to be in the room as the metal is being tested. Non-precious metal fixtures or gemstones that may be present in jewellery, watches, or broches for example, can be removed professionally and returned to the seller, but may delay the creation of the final quote.
The term ‘Spot Price ’ is used to describe the underlying, or live gold price. Sharps Pixley makes all offers based on the spot price, often reflected as a percentage below the spot price. Mainly, this percentage is to account for the manufacturing and shipping costs involved in recycling the gold. Once an offer has been made and agreed to, the seller can choose to receive funds in cash (subject to limitations,) or have a bank transfer paid within the same working day.
Spot Price vs Scrap Price
As aforementioned, the spot price is the live price of gold and is representative of the market rate for 24ct gold. However, it does not represent lower carat gold. The term ‘carat’ is used to describe the purity of metal out of a total of 24 parts. The well known term ‘24ct gold’, or .999 gold, is 99.9% pure and contains 24 out of 24 parts gold. Lower carats represent a lower proportion of gold; for instance, 22ct gold contains .916 or 91.6% gold with the remaining percentage made up of other metals. As is common with jewellery, 9ct gold or .375 (as is usually hallmarked) is the most common carat of gold that is less than 50% gold.
At Sharps Pixley, we only transact over the gold content of products, meaning that the purity of your gold products does have an impact on the final price.
The final step towards an offer is to add in any shipping, manufacturing, and handling costs. Sharps Pixley endeavours to offer the most competitive price possible, while taking into account the necessary costs. This tends to present as between 10% and 12% below spot; however, this does vary depending on the quality of the product, whether the product contains any non-metal, and the quantity of gold being sold. To obtain a price estimate for your old gold, use our handy scrap calculator. As for what happens once you decide to sell your old gold? All of our scrap gold is refined and recycled into other bullion investment products, supporting sustainability and a circular economy.
Refining Process
Refining gold has been a practice of many civilisations for thousands of years and today the process remains largely unchanged. Scrap gold is first crushed and ground into much smaller grains, sometimes as fine as powder. The gold is then concentrated, most rudimentarily through panning and gravity separation (using centrifuges) or, on more industrial scales, through mixing the grain with a cyanide solution which dissolves only the gold and can later be recovered.
Finally, the recovered gold is then melted into molten gold and cast into bars or coins ready to be sold. Otherwise it may be turned once again into jewellery and watches, or similar. As gold refining has become incredibly sophisticated and technology-driven, recycled and reused gold products maintain the same high-quality standards as brand-new minted bars. The proportion of gold is the key value driver of the bars, therefore it is impossible to tell if metal is freshly mined, or bought refined from scrap. Scrap metal also allows refineries to keep their costs to a minimum, rather than receiving their gold directly from a mine.
Circular Economy & Environmental Impact
Scrap gold is also a major contributor to the sustainability aspect of the bullion industry, allowing the demand on mines to soften, thus reducing mining energy usage. This initiative is taking place all over the world, with even the Royal Mint producing a small gold bar from gold which is exclusively recovered from electronics.
Recycled gold enters the market in the form of bars, coins, and can even be repurposed back into jewellery and other pieces. Scrap gold is often the most environmentally friendly way of liquidating a commodity, as it helps contribute to a cycle of trading without the costs or demands on miners and refineries.
Sell Scrap Gold with Sharps Pixley
Deciding to sell your old gold is a deeply personal choice, and one which should be handled with the upmost respect and care. Selling old gold through Sharps Pixley – a member of Degussa, ensures a trusted, secure, transparent and professional process which allows you to fully benefit from your unloved, unused or broken gold products. We ensure this through in-person private valuations, expert testing under video surveillance, and a fast payout directly to your bank account, or in cash (up to £8,000 per 12 months, per person). With our long-standing expertise and fair prices, you can rely on us at every step.
Whether gold jewellery, coins, bars, silver, or even dental gold – we purchase your items reliably. Even small pieces can add up to surprisingly high value. The proceeds can help you make your wishes come true: that long-awaited holiday, a renovation project, an investment in your future, or simply something special for yourself. With Sharps Pixley, old gold becomes new opportunities.
If you have any questions, or would simply like to speak to one of our experts, please do get in touch on +44(0) 20 7871 0532 or [email protected], or pop into our London showroom at 54 St James’s Street – no appointment necessary.
08 Dec 2025 | Categories: Gold, Coins, Silver, Bars, LBMA, Beginner's guide, Scrap Gold, Selling gold