How to Sell Gold, Jewellery or Krugerrands Safely

Preparing your items

A little preparation makes the assessment quicker and helps you understand the offer you receive.

• Sort what you have. Separate coins and bars from jewellery, and jewellery from watches. Group pieces by metal colour or stamp where you can.
• Look for stamps. Many gold items carry a fineness mark, such as 375 for 9-carat, 585 for 14-carat or 750 for 18-carat. A stamp is a useful indication, not proof, so items will still be tested.
• Do not clean coins. Polishing or cleaning a coin can reduce what a buyer will pay. Keep coins in their capsules or original packaging.
• Gather paperwork. Invoices, certificates, valuations and watch boxes and papers all help the assessment.
• Decide what you want to keep. If a piece has sentimental value, or a stone you would like to reset, set it aside before you go.
• Photograph and list your items before you leave home, so that you have a record of what you took with you.

Identity and proof of ownership

Expect a reputable buyer to verify who you are and to ask how you came to own the items. Dealers in second-hand goods have identification and record-keeping obligations under the Second-Hand Goods Act, and identity verification and reporting rules under the Financial Intelligence Centre Act may also apply. These checks protect honest sellers as well as buyers, because they make stolen goods harder to trade.

Commonly requested documents include:

• your South African ID or valid passport
• recent proof of residential address (dated within the last 3 months)
• proof of banking details in your own name
• proof of ownership where you have it, such as an invoice, certificate or valuation

If you are selling on behalf of someone else, or for a deceased estate, bring proof of your authority, such as letters of executorship. If you do not have proof of ownership for an older or inherited piece, say so upfront. Buyers often have a process for this, such as a signed declaration, but they may decline items where ownership is unclear.

Bring a valid ID or passport and proof of address (dated within the last 3 months), plus a bank confirmation letter for the account the payment must go to (it must be in your name). You will also complete and sign a bill of sale and a banking details form at Knox.

How items are tested

Testing establishes what an item is made of before anyone puts a price on it. A careful buyer will usually examine the item, check its stamps, weigh it and test the metal, and will be willing to let you watch and explain the result.

XRF testing (X-ray fluorescence) is widely used because it is generally non-destructive. It measures the elemental composition near the surface of an item, showing which metals are present and in what proportions. XRF has limits: plating, hollow construction, solder and repairs can affect readings, and it does not authenticate a whole item, a gemstone or a watch. Where a reading looks inconsistent, the buyer may test in more than one place.

Some buyers use acid or touchstone tests instead. These can be effective, but they involve marking or scratching the item, so ask which method will be used before testing begins.

Knox uses a Vanta handheld XRF analyser, which measures metal composition without cutting, scratching or applying acid to the item.

Weight, purity and how an offer is built

For gold sold for its metal, the offer starts with two measurements: weight and purity. Multiplying the weight by the purity gives the fine-metal content, which is then priced against the current market price. From there, the buyer allows for its own costs, such as refining, handling and its margin.

A few practical points:

• Ask whether the weight is measured with or without stones, springs, steel parts or other non-gold components.
• Ask whether items of different purity are weighed and priced separately.
• Bullion coins and bars are usually priced against the buyer's buy-back price for that product, adjusted for condition.
• Branded or designer jewellery may have value above its metal content, but many buyers price jewellery on metal alone. Ask which basis applies.

Knox quotes against the current market price: live pricing on the Knox website is used to calculate the value of a piece from its weight and carat, so you can see how the offer is worked out.

Selling Krugerrands and bullion

Krugerrands and bars are simpler to price than jewellery because their fine-gold content is known, but they are still checked before a firm offer is made. Counterfeit coins sometimes use gold plating over another metal, so a buyer will usually look at weight, dimensions and appearance as well as the surface reading from XRF.

• Bring the original invoice if you have it, together with any capsules, tubes or packaging.
• Expect the offer to be based on the buyer's buy-back price, which sits below its selling price, rather than on the price you see quoted for buying.
• Heavily scratched, cleaned or damaged coins may attract a lower offer.
• If you are selling a larger quantity, let the buyer know in advance so that it can plan the assessment and payment.

Gemstones and watches

Gemstones may be valued differently from metal, or not at all. Many metal buyers price jewellery only on its gold, silver or platinum content, and either remove the stones and return them to you or make no allowance for them. Diamonds and coloured stones need gemmological grading to be valued properly, and XRF does not identify or grade stones. If a piece has significant stones, consider an independent valuation first and ask the buyer how stones will be treated.

Knox's diamond tester shows whether a stone is a genuine diamond. Anything Knox cannot value on the spot is referred to its trusted partners, and when you book, Knox asks about your items so that the right professionals are available at your appointment.

Watches are different again. A luxury watch's value depends on its brand, reference, authenticity, condition, service history, box and papers and current resale demand, not only on its metal. Brand authentication is generally available only through the manufacturer or its authorised service network, and Knox is not an authorised watch-brand authenticator.

If a watch cannot be valued on the spot, Knox's trusted partners assess it on Knox's behalf. When you book, Knox asks about the watch so that the right professional is available at your appointment.

Indicative and final offers

Online, telephone and messaging quotes are indicative. They are based on your description and the market price at that moment, and they can change after physical inspection. The final offer depends on the tested purity, the measured weight, the condition of the item and the market price when the offer is made.

A final offer is usually valid only for a short time because metal prices move. If you need time to think, ask how long the offer stands and whether it will be recalculated later. You should never feel obliged to accept, and a reputable buyer will return your items if you decide not to sell.

Ask for the offer in writing, item by item where practical, showing the weight, the purity and the price used.

How payment works

Payment is subject to the buyer's compliance and payment procedures. Electronic transfer into a bank account in your own name is common, because it creates a clear record for both sides. Large cash payments are less common and may be restricted by the buyer's policies.

Once an offer is accepted and verification is complete, Knox pays by EFT into a verified bank account in your name; same-day immediate payment is available for a fee.

Before you hand over items, confirm how and when you will be paid, and ask for a receipt or sale note listing each item, its weight and purity where relevant, and the agreed price. If you are selling privately rather than to a business, be wary of proof-of-payment messages that look genuine but have not cleared in your account.

Comparing buyers

Comparing offers is sensible, as long as you compare like with like:

• Compare on the same basis: weight, purity and the price per gram of fine metal, after any fees.
• Ask whether testing fees apply and whether they are waived or deducted if you sell.
• Prefer buyers who test in your presence and explain the result.
• Check that the business has permanent premises, clear terms and a complaints process.
• Be cautious when an indicative quote is far above the others, because it may fall once the item is tested.
• Avoid buyers who pressure you to decide on the spot or discourage you from getting a second opinion.

Selling is final, so it is worth taking the time you need. Some people choose to keep, store or borrow against an item instead. Each option has different costs and consequences, none is right in every case, and the choice depends on your own circumstances.

Personal safety when selling

Most sales go smoothly, and a few sensible habits reduce the chance of problems:

• Book an appointment with an established business rather than meeting a stranger at your home or in a public place.
• Do not announce online or on social media that you have gold or jewellery to sell.
• Carry items discreetly in an ordinary bag, and go directly to and from the appointment.
• Consider taking a trusted person with you.
• Take only the items you plan to sell or have assessed.
• Leave your list and photographs at home, separate from the items.

You do not need an appointment to access your safe deposit box during opening hours. Collection of purchased Krugerrands is by appointment only, visits to items in safe custody need at least 24 hours' notice, and cash-in-transit visits must be approved in writing at least 48 hours in advance.

Questions to ask before you accept an offer

Keep this checklist with you during the assessment:

• Which items do you buy, and which documents must I bring?
• How will each item be tested, and can I watch?
• Is the weight measured with or without stones and non-metal parts?
• Which market price is the offer based on, and how is it calculated?
• How are gemstones treated, and will any removed stones be returned to me?
• Are there testing or other fees, and are they deducted from the offer?
• How long is the offer valid?
• How and when will I be paid, and what receipt will I receive?
• Can I take my items home if I decide not to sell?

Key takeaways

• Prepare by sorting your items, leaving coins uncleaned and gathering identity and ownership documents.
• Weight and purity, confirmed by testing, determine the metal value at the heart of most offers.
• XRF reads surface metal composition and does not authenticate a whole item, a gemstone or a watch.
• Indicative quotes can change after physical inspection, so ask for a written, item-by-item final offer.
• Compare buyers on the same basis and choose an established business with clear terms.
• Protect your personal safety by selling by appointment, carrying items discreetly and keeping your plans private.