Selling gold. Do you need proof of ownership?

[livingwithathaigirl]

I've seen how when Thais buy gold, that they often (always?) get a piece of paper that looks like a certificate.

My question is: do you need that to be able to sell it? Are there any other checks run?

[Phetchy]

Just asked the wife, she says you need no paperwork. No ID details, receipt - nothing at all. A bit different if it's being pawned apparently.

[Wolfy]

Where are you trying to sell it, here or there ?

I recently sold some of my English bits of Gold in a shop in Sangnam near Phitsanulok. No paperwork, no questions asked, obviously the jeweller used his neccesary tools to confirm these bits were Gold and then offered me 3,000 baht. After a quick calculation, i accepted.

My bits were just a couple of links of an old bracelet and necklace. I was offered £43 by a scrap gold dealer in the Jewellry Quarter Birmingham but thought i might get more in LOS, which i did.

[livingwithathaigirl]

I'd sell it 'here' (in Thailand).

[colin244]

Agree Thai's will say their gold is better (shiny maybe) but farang stuff will get a better price in LOS than the UK.

Thai gold in LOS is the second currency hence the gold prices are posted twice a day in bangkok Post etc.

colin 244

[Wolfy]

[ddwjg]

Thai's will say their gold is better (shiny maybe

It is better. Far higher gold content and value.

Dave.

[colin244]

Far higher gold content and value.

Maybe higher gold content and value in LOS Dave but the reverse happens if you try to sell Thai gold in the UK.

colin 244

[KhunIanB-UK]

Colin,

I have sold Thai Gold in the UK and have got excellent prices last bit I sold was over £30 a gram :-) This was done at a Cov Jewellers who take it at scrap value (no hallmark) http://www.britishjewellerycompany.com/info/Repairs

[bifftastic]

Ah, that takes me back! That used to be Joe Cole's song at Upton Park...

"..Joey Cole (Cole!) always believe in your soul.... you've got the power to know...you're indestructible...always believe it...Joey Cole (Cole!)..."

[ddwjg]

Maybe higher gold content and value in LOS Dave but the reverse happens if you try to sell Thai gold in the UK.

colin 244

I have to disagree Colin. The gold content (%) is all important in its value. Admittedly, as Ian said, you do not get value for the workmanship in UK, and no hallmark, but the scrap value is higher, by miles.

Dave.

[ash]

Gold content of thai gold is 23 carat which is 95.6% most European bullion is 24 carat and has a higher gold content than Thai gold.

Gold Jewelry runs from 9 carat- 22 carat (The higher value being that used in Gold sovereigns etc)

Therefore the assumption Thai gold is more pure than gold in the UK is incorrect.

The only issue with selling Thai gold in the UK is the lack of hallmarks and that the businesses who buy gold are rip off merchants paying far less than spot price. Selling THai gold in Switzerland to a bank gets the same price per gram as any other gold (That being per gram of gold adjusted for the carat value)

[KhunIanB-UK]

"The only issue with selling Thai gold in the UK is the lack of hallmarks and that the businesses who buy gold are rip off merchants paying far less than spot price"

Ash I would say "most of the businesses" as when I first looked around I found that the majority did "undervalue" it, some by quite a considerable margin, however, the Jewellers in Coventry would pay between the below for Thai Gold :-) I was lucky in finding them though and also that they are so local :-)

22ct	30.60
24ct	33.38

[ddwjg]

I totally agree with you Ash. I wasn't referring to gold bullion, and would agree that 22 ct gold jewellry is almost on a par with the average Thai gold jewellry. The 9ct stuff in the UK is pretty poor in gold content and attracts a very low 2nd hand value.

Also agree that most of the businesses in the UK who buy gold are rip off merchants.

PS. I did not intend to assert that Thai Gold was more pure, but what I meant was that Thai Gold jewellry had a higher percentage gold content than most UK gold jewellry.

Dave.

[colin244]

Noted Dave but reality is no hallmark etc scrap value only as most Thai's (ladies) in this town have found out to their dismay

colin 244

[ddwjg]

No Thai lady or man, with a brain would sell Thai gold in the UK, unless they sold it to another Thai person, who would know its true value, in Thailand.

In fact, in the Basildon, Southend area there are Thais who have set themselves up, by word of mouth, as the first call if you want to sell your Thai gold.

Dave.

[Wolfy]

When i had a price for the Gold i eventually sold in Thailand (post #3) i also asked the chap to give me a price for a ring Mai had bought for me in June last year, she paid 5,000 baht for it.

I was offered £60 !!

[ddwjg]

It's the same selling English gold in England. A ring that cost me say 200 pounds, when I tried to resell it I was offered 20 pounds in the UK. I didn't sell it, I hasten to add.

Dave.

[Wolfy]

I'll give you thirty for it.

[ddwjg]

I gave it to somebody as a present. That gave me more pleasure than cash.

Dave.