High prices: How to sell your jewellery or gold in France
The sale of gold is highly regulated in France. We give tips to make the most of the booming market
The price of gold has risen by more than 26% since the start of the year, spiking resales
Miriam Doerr Martin Frommherz/Shutterstock
The price of gold has risen by more than 26% since the start of the year, so selling your precious items could make financial sense. Here are tips on how to make a good sale in France.
As of October 15, an ounce of gold (31.1 grams) was valued at €2,428, and the price of a bullion kilo has now passed the €78,000 mark.
Unsurprisingly, national gold seller Comptoir National de l'Or (CNO) has seen a boom at its branches.
In France, the sale of gold is highly regulated. It is based on several factors, including:
The weight of the coin or jewel
The purity of the gold
The quality of the stones, if any
The signature and the craftsmanship (level of detail, finish, etc.)
Read also: €600,000 in gold found in UK car stopped at France-Swiss border
Top tips to value your gold
There are some recommended tips and processes to follow when selling gold, as outlined by TF1.
Check the purity of the gold. Identify your gold. For example, a Napoleon coin is worth more than a conventional gold coin.
Weigh it. The value of gold is calculated to the nearest milligram. Have your gold weighed by an authorised dealer, or by using postal weighing services. To be on the safe side, weigh your gold in several different places.
Look for hallmarks. In the case of jewellery, check the hallmarks on the ring or pendant. They tell the owner about the purity of the gold contained in the jewel, and have meanings. For example a seahorse means the equivalent to 24 carats (pure gold), an eagle's head is 18 carats (75% gold), a scallop shell is 14 carats (58% gold) and a trefoil is 9 carats (37% gold).
Be realistic. Remember that most jewellery gold is mixed with other metals, so the final price may not correspond to the market price of pure gold.
Note that the value of a piece of jewellery differs depending on its destination. For example, if it is melted down, it may lose its value, and you will have to sell the stones or the watch mechanism (if relevant) separately.
It is recommended to contact a recognised gemologist to get the best price for your antique, historic or signed jewellery. They can assess, analyse and certify the authenticity of stones based on precise criteria (size, colour, origin, intensity, etc.). You may be able to find a gemologist through a good quality jeweller.
Ways to sell your gold
There are three main recommended ways to sell your gold:
The bank will then send your gold to a dealer of its choice, who is free to set the price at which it will buy. Often, the bank will ask you to pay shipping costs and will take a commission. These costs can be high.
Send off for a resale kit. These usually include an envelope, a bag, and instructions. This method usually only works for jewellery. It is advisable to take out insurance to protect yourself against theft or loss during the journey.
The CNO offers this service, whereby you can order a kit online to be sent to your home. Another service to offer a secure option is called Lingor (note: neither of these services are associated with ConnexionFrance.com).
A professional will value your items, and it is then up to you whether to accept or reject the offer. This is often the best way of selling gold quickly, and at minimum cost.
You can find your nearest CNO shop on its website here. It claims to offer a free value estimate without an appointment, and can pay out immediately. They also have professionals who can advise you and answer questions.
