If you’re over 60 and have legacy jewellery gathering dust in a drawer, now could be one of the best times ever to consider selling it.
Gold prices in Australia have surged in 2025, with the price per gram of 24 K gold reaching around A$203.97 – up substantially on recent years. Record global demand, economic uncertainty and a weak US dollar are driving gold’s appeal as a safe‑haven asset. With money tight for many households, particularly among the 60‑plus cohort living on fixed incomes or downsizing, turning unwanted jewellery into liquid cash is a sensible option — provided you approach it carefully.
Why now?
Gold is not only at elevated levels, but analysts expect prices to remain strong for the foreseeable future – even though there will be a few bumps in price along the way. One forecast suggests gold may rise toward A$3,800 per ounce (roughly A$122 per gram) for bullion – so jewellery made of multiple grams of gold already ticks the “good time to sell” box. This spells opportunity if you have inherited gold necklaces, earrings or bangles that you no longer wear. Rather than letting them lie untouched, you might realise a meaningful sum to ease budget pressures, fund a mini‑holiday, cover unforeseen costs or simply tidy up the sentiment‑laden jewellery box.
Getting started: assess what you have
Begin by taking stock: gather all the gold jewellery you’re prepared to part with. Look for items that are 9 K, 14 K, 18 K or 22 K – the higher the karat and the larger the weight, the greater the value. Check for hallmarks, weights and condition. The current “spot” gold price gives you a rough benchmark, but jewellery fetches less than pure bullion because of craftsmanship, gemstones and resale costs.
Take photographs, note any damage and keep items separately so you know exactly what you’re offering. It’s wise to obtain a non‑obligatory valuation from a trusted jeweller or gold buyer so you enter negotiations informed.
How to sell safely: three key steps
1. Choose a reputable buyer.
Whether you select a local jeweller, gold‑buying kiosk or online buyer, check reviews, ask for identification of the business (ABN, licence where applicable) and ensure you understand the terms – how they calculate the offer, what fees apply, how you’ll receive payment. Never hand over items before you have a firm offer in writing.
2. Understand the offer.
You might see an offer quoted as a percentage of the “spot gold price.” If the spot is roughly A$203.97 per gram for 24 K gold, an 18 K piece should logically be worth less (because it’s 75% pure gold). Make sure the buyer explains how they’ve arrived at their figure, including deductions for workmanship, gemstones or condition.
3. Safeguard your interests.
Ask for a written agreement or receipt. Never accept “we’ll take it and call you later” promises. Consider getting a second opinion if the offer seems low, especially if your jewellery has sentimental or historic value. Also check payment timing: reputable buyers will offer immediate payment or bank transfer — avoid anything that leaves you waiting weeks.
Things to watch and questions to ask
Does the buyer purchase and pay on the spot? Some offer delayed payment or hold items for weeks.
What weigh‑back method do they use? Ask to watch the piece weighed, and ideally compare its weight to your own recorded figure or that of a third opinion.
Are gemstones included? If your piece has diamonds or emeralds, ask whether they are factored into the offer or if you should remove them first.
What happens to your item? Ask whether it will be melted down or resold intact – if it has sentimental value, removal might reduce value.
Payment method and timing? Immediate payment is best; avoid offers where you might wait or receive part payment.
For the 60‑plus crowd: special considerations
As people over 60 often carry pieces inherited through generations, it’s wise to reflect on sentimental worth and alternative options. Could you sell just some pieces and keep others? Could you repurpose jewellery into something more wearable for you? Also consider the tax side: in Australia, selling personal jewellery generally doesn’t attract capital gains tax if it’s used for personal use, but if you hold it as an investment, the rules differ – check with your accountant.
If you have mobility or transport constraints, choose a buyer with secure in‑home visit or insured courier options. Try to sell at a time when you feel relaxed and not under pressure – selling just because money is tight should still involve some planning.
Final word
In a climate where gold prices are elevated, selling gold jewellery can be a smart, practical step for Australians over 60 who have unused items and need to ease cash flow. By taking the proper steps – assessing what you have, choosing a reputable buyer, checking offers and protecting your interests – you can convert old jewellery into meaningful funds. Just remember: elevated price levels make now a timely opportunity, but your peace of mind and long‑term welfare matter more than chasing every last cent.
With careful planning, your old gold pieces might well become a welcome boost rather than a dusty drawer reminder.