Selling gold: How to know what your gold jewelry is worth

The article first appeared in June 2025 and has been updated with current gold prices

Opinions differ as to whether gold is a good investment. On the one hand, the precious metal will probably always be worth something in the eyes of people. On the other hand, no one can reliably predict whether that will be more or less in five years than it is today – and gold doesn’t pay interest or dividends either.

One thing is certain: the Germans are sitting on a gigantic treasure trove of gold. The Steinbeis University Berlin has determined that an incredible 9,000 tons of gold are privately owned in this country. According to the study, at least six out of ten German citizens hoard some of the precious metal – in the form of bars, coins or jewelry.

The value of this treasure has increased enormously in recent years because the price of gold is at record levels. Some people may remember that one old piece of jewelry that has been lying untouched in the drawer for years. Or the inherited coin collection that you actually have no use for. And ask yourself: Should I turn my gold into money now and if so, what is the best way to do that?

In any case, there have been worse times, because the market price is historically high. A troy ounce of gold is currently worth more than 3,500 euros. That’s almost 50 percent more than a year ago and about twice as much three years ago. At the turn of the millennium, the price of gold was only a tenth of its current value.

On the other hand, given geopolitical uncertainties, some investors value owning a little gold right now – as a hedge against possible stock market crashes or as protection against inflation. Some experts also predict that gold prices will continue to rise, although such forecasts should be viewed with caution. Whether you want to turn your gold into money or not ultimately remains an individual decision.

Even popular wisdom knows that not everything that glitters is gold. So what about grandma’s old necklace? For professional buyers, the ideal value usually plays just as little a role as the design, says Ralf Scherfling, financial expert at the NRW consumer advice center. “When it comes to jewelry, the material value is usually the only thing that counts.” You can often even determine this yourself, says Scherfling. This is when the valuable item contains an engraving that indicates the gold content.

The number “333”, for example, means that the piece of jewelry is made of one third gold, while “750” means three quarters. The total weight can be determined using a letter scale; multiplied by 0.333 or 0.75, the gold weight in grams is obtained in the two examples. One troy ounce of gold corresponds to 31.1 grams. One gram of fine gold is therefore currently worth around 115 euros.

Anyone who knows the approximate material value of their piece of jewelry can classify purchase offers accordingly. Particularly artistic pieces can fetch more than the material value, but as a rule you have to expect a discount to the market price. “For a gold chain with a material value of 500 euros, an offer of over 450 euros is within the reputable range,” says expert Scherfling. “If the buyer only offers 300 euros, I know he is ripping me off.”

Depending on what form the gold is in, it can be very difficult to determine its value. “With a certified gold bar, the weight and gold content are clearly stated, and I can look online to see what it is worth at the current gold rate,” says Scherfling. However, this is not possible with gold dental crowns; an expert must estimate their value. It also depends on the condition: in a practical test by Stiftung Warentest, some retailers did not want to accept dental gold with ceramic residue.

When it comes to coins, a distinction is made between collector coins and investment coins. For the former, you only get what another collector is willing to pay (if you even find an interested buyer). Investment coins such as the Krugerrand, on the other hand, have a standardized material value that determines the selling price. Scratches can cause buyers to pay less. It is best if the coins are still in their original packaging.

Consumer advocate Scherfling basically names three ways to sell gold. The first: “Take an afternoon and visit various jewelers and gold dealers in the city.” This means you can receive various concrete offers relatively quickly. The disadvantage, especially with greater wealth: You have to carry the gold around with you and be careful not to become a target for criminals. It is therefore always advisable to take a second person with you as reinforcement, says Scherfling. This means you also have a witness with you during the sales discussion.

If you are not mobile or do not want to carry an extensive jewelry and coin collection from store to store, you can also have it inspected by an expert at home. Sounds convenient, but it also has its disadvantages. In order to get multiple offers, you have to approach several potential buyers. And: “You should be very careful about who you bring into your home,” warns Scherfling. After all, you can also get ripped off in your own four walls. In the worst case, criminals could spy on the location for a later break-in.

The third option is online sales. This route is most suitable for coins and bars that are traded at standard prices. Trustworthy providers can be found, for example, on the comparison site gold.de. However, when selling online, you basically always have to pay in advance: first you hand over your gold and only later do you get your money. There remains a shipping risk, which in turn has to be insured against money. And if you fall victim to fraudsters, the gold is simply gone.

The most important tip to avoid being ripped off when selling gold is to compare several offers. Especially when it comes to jewelry, the offers from gold buyers can vary surprisingly, as a practical test by Stiftung Warentest recently showed: for one and the same gold bracelet, the test person received offers from ten Berlin gold dealers ranging from less than 1,500 to more than 2,100 euros.

It’s best to go to the store with someone and don’t let your gold out of your sight until it’s sold. If the potential buyer wants to disappear into the back room alone with the piece of jewelry for inspection, that’s not a good sign, says consumer advocate Scherfling. Certified gold buyers can be found on the website of the professional association of the German coin trade.

Particular caution should be exercised with dubious dealers who blatantly promise the best deals in flyers or advertisements. The police recently warned in many places about traveling fur and gold buyers who only settle in a city for a few days in order to take advantage of laypeople with bad prices. “Unfortunately, buying gold is currently an interesting business area for fraudsters,” says consumer advocate Scherfling. If in doubt: “It’s better to go to a dealer who has been there for years and not to some shop that wasn’t there last week.”