steve999w

Exactly. Scrap price is fixed on a daily basis on the day Cash Converters offered me £25 it was about 12 quid a gram for 9ct gold. They would have sold it for probably 11 quid a gram which is over a 100% profit margin. As for the shops declining to quote a price over the phone you have to wonder what they are trying to hide? They could easily quote a minimum price they would pay based on the current scrap price (allowing a profit for themselves). As I said it pays to do a bit of research and, based on my experience, think carefully about selking gold to Cash Converters!

But in some ways they do compete. Cash Converters sell watches and Jewellery at second hand prices similar to Jewellers and Pawn Shops and they are probably buying those items at bargain basement prices from people who know no better. Of course gold buyers pay higer prices in my case Chapel Jewellers would have given me 59 qiud I accepted 52. Cash Converters offered 25 that's not competition it's robbery! IT PAYS TO SHOP AROUND.

Maybe it's not surprising they want to make maximum profit. Having said that the Jeweller/Pawnbroker who bought it paid a fair scrap price and will no doubt make money by selling it as second hand goods. Chapel Jewellers explained they pay 90 to 95% of the current scrap price and get 97% for any scrap they sell on. Small margins but probably high volume because they are paying the higer prices. The jam on the 'bread and butter' for anyone buying at scrap price is selling some items as second hand retail goods. The Cash Converter offer was a blatant rip off. Anyone giving you "We can't give you a price till we see the item of gold" is, in my view, dodgy. There is a price they are prepared to pay if the item is scrap where the only thing that matters is: What does it weigh and what carat gold is it? What they want you to do is schlep down to the shop and think "I can't be bothered to go somewhere else" and take their offer.

I have used them to buy and sell goods on a number of occasions. I recently wanted to sell a small gold chain which was unwanted. I know it was bought in the last 6 months from a jeweller and cost £90. I visited the Hillsborough store where one of the staff weighed it (5 grams) went to speak to a colleague and told me "I have spoken to my Manager we would definately scrap this" and offered me £25 which I refused. I looked on line at scrap gold prices which were over £10 a gram for 9ct gold. I contacted Chapel Jewellers in Sheffield by phone they said they were offering £11.74 a gram but were currently closed until mid February following an attempted ram raid robbery. However they asked where I lived and gave me contact details for other gold buyers in the area. I eventually sold it for £10.50 a gram ££52.50 received cash over the counter. I was shocked by the offer from Cash Converters who obviously wanted to make 100% profit by selling it on to a reputable gold buyer. I called a couple of other gold buyers who wouldn't give me a ball park price over the phone saying "We need to see it our offer will depend on a number of factors like saleability condition etc" That shouldn't prevent them on giving you a price based on scrapping the item where such matters aren't relevent! So if you are looking to sell gold. Do a bit of research, use a company who will give you a ball park scrap price when asked.