Are you looking for a good gold buyback professional? Have you just sorted your gold items? Do you want to resell your jewelry but don’t know how to do it or where to go? We give you all our advice to prepare your transaction and choose the right gold buyer.
Buying gold: a highly regulated activity
The repurchase of gold is a field of activity that is still relatively unknown. If the rise in the price of gold in 2019 and 2020 contributed to bringing it to light, it is clear that many preconceived ideas persist around this activity which still seems very opaque to some. You should know, first of all, that the activity of buying gold is highly regulated and secure among qualified and equipped professionals. The law of March 17, 2014, on consumption protects the consumer and advocates transparency on the prices charged by counters. In other words, the information must be completely clear from the outset for the customer.
What you need to know
As a customer,it is essential to be completely comfortable with the conditions for reselling your gold. You will first need to be aware of the qualities of your precious metal objects. Are your jewels in 750.00 ‰ (18-carat) gold? Did you know that the amount of gold in a jewel differs if it is 18, 14, or even 9 carats? This data will play a major role in determining the final price of your transaction. Also, be aware that some gold jewelry as well as the sale of investment gold are subject to a tax on precious metals that the professional will deduct from the final amount of your sale to return to the State. Insofar as it is a service, it will be necessary to withdraw the professional’s margin at the calculated price. This will allow him to be remunerated but also to contribute to the financing of the equipment he needs to buy back your objects as well as the rental of his premises. When you want to sell your gold, you have obligations. You must be of legal age and present an identity document. Finally, if you no longer wish to sell your jewelry, you have a withdrawal period of two working days (48 hours) after signing the contract.
How to benefit from a resale bonus?
To benefit from a bonus, three rules must be respected.
Choose your parts well
As seen above, some parts can benefit from a resale bonus, and not all are affected. However, do not give in to the charms of old coins, which certainly benefit from a significant premium about their weight in gold, but which are therefore taxed as collector’s items: 6% of the price of the item for an amount greater than €5,000. You have to think as an investor, and favor so-called investment gold coins, which will allow you to benefit from the capital gains tax, zero after 22 years of ownership.
Of South African origin, the Krugerrand gold coin is also a low-premium coin outside of crisis periods. Its financial solidity enables it to benefit from a variable premium depending on the country. Partially made of copper, it is very robust and resists wear well.
Keep your purchases sealed
The seal is essential for the preservation of your items. It is he who will allow you to prove the origin and authenticity of your property, and who will allow you to prove the 22 years of mandatory detention to benefit from the capital gains tax. The seal preserves and protects your parts in the state, protected from scratches and other deteriorations.
Stay informed about coin price fluctuations
Investing in gold coins for a bounty is primarily a game of chance. It is a question of betting on the evolution of the price of a gold coin, with the risk that a coin bought the day before with a premium no longer has one the next day. The risk is generally low since a coin will in any case be worth the value of its weight in gold: but certain currencies can benefit from a premium of up to twice their spot price, and the variation in prices remains unpredictable.
To benefit from a bonus, it is, therefore, necessary to keep informed of the price of the coins possessed, to be able to buy or sell at the right time. In 2008, for example, the half-Napoleon saw its premium reach 100%, in other words, exceed twice the price of its weight in fine gold. It was the perfect time to sell!
