Selling Gold in Singapore? Here’s How to Get Paid More
Selling gold jewellery in Singapore can be a smart way to unlock cash – especially with gold prices near record highs – but getting the highest price requires some know-how. Recent market trends show that gold has reached all-time highs (over US$3,400 per ounce in 2025), prompting many Singaporeans to cash in their old jewellery while prices are elevated. However, not all buyers will give you the best deal. This comprehensive guide will help you understand how to sell your gold jewellery for the highest price in Singapore, covering how gold value is determined, where to sell, and tips to maximize your returns.
Understanding the Value of Your Gold Jewellery
Know Your Gold Content: The price you can get for your jewellery largely depends on its gold content (purity measured in karats or fineness) and weight in grams. Pure 24K gold (999 fineness) commands the highest price per gram, while 18K (750 fineness), 14K (585 fineness), etc., contain proportionally less gold. Check for hallmarks on your jewellery (such as “999”, “916”, “750”) which indicate purity. The higher the purity, the more the item is worth per gram of weight.
Check the Current Gold Price: Gold prices fluctuate daily based on global markets. Before selling, look up the live gold price (per ounce or gram) in Singapore dollars – this gives you a baseline for the value of the pure gold in your item. For example, if gold is trading at S$90 per gram for 24K, an 18K piece (75% gold) has roughly S$67.5 worth of gold per gram. Many bullion dealers (for example, Indigo Precious Metals) provide live price charts and even online calculators to estimate your jewellery’s value. Knowing the market price helps you negotiate confidently and spot unfairly low offers.
Understand Deductions and Premiums: No buyer will pay the full market gold price for your jewellery – they need a margin to cover refining or resale costs. However, reputable buyers in Singapore often pay 90–98% of the gold content value, depending on the item and market conditions. Keep in mind that new jewellery carries additional costs (design, branding, GST) that you paid at retail but won’t recover when selling. As one financial guide noted, jewellery prices include hefty marketing and craftsmanship premiums, so resale value might not match the raw gold values. In Singapore, Goods and Services Tax (GST) on jewellery (currently 9%) is another factor – you pay it when buying new, but second-hand gold buyers won’t reimburse that. All these factors mean the offer you get will be lower than what you originally paid, but your goal is to minimize the discounts.
Where to Sell Gold Jewellery in Singapore
Singapore offers several avenues for selling gold jewellery. It’s wise to compare a few options to find the best price because offers can vary significantly – there’s no single “gold exchange” that sets a uniform rate for jewellery. Here are the most common channels and what to expect from each:
Pawnshops
Pawnshops are a convenient and popular option for quick cash. Major pawnshop chains (such as Maxi-Cash, MoneyMax, and ValueMax) and neighborhood pawnbrokers will assess your gold items and offer an immediate payout. In Singapore, pawnshops are licensed and regulated, providing a safe transaction environment. They typically base their quote on the day’s gold price and purity of your item, minus a margin.
Pros: Instant cash on the spot, no need to find a buyer yourself. Pawnshops often display their buying rates publicly, and you can get a pawn loan if you prefer not to permanently part with your jewellery (you can reclaim it by repaying the loan plus interest).
Cons: The price might be a bit lower than other avenues because pawnshops must account for storage and the risk if gold prices drop. According to consumer reports, you might lose roughly 10–20% of your jewellery’s original purchase price when selling older pieces via pawnshops, and up to 60% for very new pieces, due to retail mark-ups that don’t carry over to resales. In practice, this means pawnshop offers can be somewhat conservative. It’s important to shop around at different pawn shops – each appraiser may quote a slightly different price, so getting 2-3 quotes can help you find the highest offer.
Licensed Gold Dealers and Bullion Traders
Specialized gold dealers and bullion trading companies are often the best choice if your goal is to maximize price. These include companies that deal in investment-grade bullion (coins, bars) as well as scrap precious metals. Examples in Singapore include Indigo Precious Metals (IPM), BullionStar, Silver Bullion and others who buy gold jewellery based on live market rates.
Pros: Competitive pricing. Reputable dealers typically offer high buyback rates since they have efficient channels to refine or resell the gold. They often publish transparent price tables by purity on their websites (for instance, some dealers list the per-gram buyback price for 24K, 22K, 18K, etc., updated in real time) so you know you’re getting a fair deal. Indigo Precious Metals, for example, pegs its buyback prices to global gold markets and provides same-day payment for clients selling gold, ensuring you receive near-market value for the gold content. Another advantage is the expertise: these dealers can test your item’s purity accurately (via XRF analysis or assays) and will buy a wide range of items from 99.9% bullion coins to 9K jewellery.
Cons: You may need to visit their storefront or office during business hours (though some offer mail-in or online valuation services). Also, if your jewellery has significant artistic or collector value, bullion dealers will still only pay for the gold content – they are not concerned with designer value or gemstones. That said, many Singaporean gold dealers are happy to remove any stones for you and pay for the metal weight. Ensure the dealer is properly licensed or accredited – look for membership in the London Bullion Market Association (LBMA) or registration as a precious metals dealer under Singapore’s Ministry of Law regulations, which indicates compliance with regulatory standards. Working with established dealers like IPM gives peace of mind that you’re dealing with professionals in the gold industry.
Jewellery Shops and Second-Hand Jewelers
Some jewellery retailers and independent goldsmith shops will buy back gold jewellery, especially if it’s of high purity or can be resold. In areas like Chinatown or Little India, there are shops known for trading in used gold. Additionally, if your item is from a luxury brand (Cartier, Tiffany, etc.) or antique, you could consider consignment or resale through a jeweler or a specialized second-hand dealer.
Pros: If the jewellery piece has designer value, a second-hand jewellery store might pay a premium above the raw gold value, intending to resell it as jewellery rather than melt it down. Consignment through a store can fetch a higher price for unique or luxury pieces – the store will display your item and sell it to a buyer, then take a commission (often around 10–15% of the sale price). This route can yield more cash than selling for scrap if a buyer appreciates the craftsmanship or brand of your piece.
Cons: Time and fees. Consignment sales aren’t instant – it might take days or months to find a buyer, and you only get paid after the item sells (minus the commission fee). If you sell directly to a retail shop, the price still mainly depends on gold content unless the piece is something they know they can quickly resell. Many jewellery shops (especially big chains) do not buy back items outright, or if they do, their offer may be low because they prefer selling new pieces. Small family-run goldsmiths might negotiate, but as always, compare offers. Also note that when selling diamond or gemstone jewellery, most gold buyers (including shops) will only pay for the gold – you may get little or nothing for the stones unless they are large solitaire diamonds or the shop specifically deals in gems.
Online Marketplaces (Classifieds & E-Commerce)
It’s tempting to try selling your gold jewellery on platforms like Carousell, eBay, or Facebook to cut out the middleman. You might hope to get a higher price from a direct buyer, especially for crafted jewellery. While some have had success, be very cautious with this route.
Pros: Potentially higher price if you find the right buyer who values your piece’s design or is willing to pay close to gold content price. You set the price and negotiate directly, and you aren’t obligated to accept low offers. This method might work well for collectible jewellery or pieces with sentimental value where the right buyer might pay above melt value.
Cons: Risk and hassle. Online sales come with significant fraud and safety risks. You may encounter scammers or time-wasters. For high-value items, trust is a big issue – buyers might be unwilling to pay first, and you should never send a gold item without secure payment. There have been cases of sellers mailing jewellery only to find the payment was fraudulent, or meeting a “buyer” who then disappears with the item without paying. Even if the transaction seems successful, using payment methods like bank transfers or online escrow can be complicated to arrange between private parties. Additionally, e-commerce platforms often have fees, and if the buyer is not local, you’ll have to navigate insured shipping. Given these challenges, most experts advise against selling high-value gold items online to unknown individuals unless you’re experienced and take strict precautions. If you do try, insist on meeting in a safe public place (some suggest inside a bank where you can immediately deposit cash) and verify cash or payment on the spot.
More recently this case was in the news: Man nabbed for stealing $16k gold chain, carrying folding knife which shows these platforms are dangerous places to deal in high value items!
Auctions for High-End Pieces
For very rare or valuable jewellery (e.g. a vintage Rolex encrusted with gold or a large pure gold necklace worth tens of thousands), auction houses could be an avenue. Esteemed auctioneers like Sotheby’s or local houses sometimes handle jewellery auctions.
Pros: Access to wealthy collectors willing to pay top dollar for exceptional pieces. Auctions create competition that could drive up the price if your item is desirable.
Cons: Costs and uncertainty. Auction houses charge listing fees and a percentage of the sale (commissions around 10–15% or more), and there’s no guarantee your item will sell at your target price. It might also take time to schedule and conclude an auction. This route makes sense only for items with significant value beyond just gold content, where the audience of buyers is limited but potentially willing to pay a premium.
Tips to Get the Highest Price for Your Gold Jewellery
No matter where you choose to sell, a bit of preparation can significantly boost your payout. Keep these tips in mind to ensure you’re getting the best possible deal:
Do Your Homework on Prices: Knowledge is power. Start by checking the current spot price of gold (per gram or per ounce) in Singapore dollars – you can use online resources or live gold price charts (for example, see the gold price on our site) for up-to-date information. This gives you a benchmark for the maximum theoretical value of the gold in your jewellery. Also, research typical buyback rates. If 24K gold is S$90/gram on the market, a good dealer might offer something like S$85-88/gram for 24K jewellery (slightly less for lower purities accordingly). Being informed about these numbers helps you recognize a good offer versus a lowball offer.
Determine Your Jewellery’s Purity and Weight: Before approaching any buyer, try to ascertain what you have. Examine the karat stamp (e.g. 10K, 14K, 18K, 22K, 24K or corresponding fineness like 750, 916, 999). If you have a scale, weigh the item (in grams). You don’t need absolute precision – a bathroom scale won’t work for small items, but a kitchen or postal scale might give a rough idea if it’s accurate to 0.1g. Knowing that, for instance, you possess a 22K chain weighing about 50 grams, you can estimate its melt value (50g × 91.6% purity × current gold price per gram). This prevents situations where unscrupulous buyers understate the weight or purity to justify a low price. Reputable buyers will test the gold in front of you (typically via electronic tester or acid test) and show the weight on a calibrated scale. If someone refuses to let you see these steps, consider walking away.
Shop Around and Compare Offers: This is perhaps the most crucial step. Don’t accept the first offer you get unless you’re confident it’s excellent. Prices for gold jewellery can vary widely between buyers. Take your item to multiple places – for example, visit two pawnshops, a bullion dealer, and a jewelry resale shop – and get quotes from each. You may be surprised how much offers can differ for the same item. One buyer may offer significantly more because they have lower overhead or a strong demand for gold at that moment. By comparing at least 2–3 quotes, you ensure you’re capturing the highest end of the range. As a strategy, you can politely mention to each buyer that you’re getting multiple quotes; sometimes this alone prompts a better offer as they know you might go to a competitor. Remember, comparison is key to getting the best price in the absence of a single exchange rate for jewellery.
Timing Matters – Sell when Gold Prices Are High: Gold prices fluctuate due to global economic factors. If possible, aim to sell during a high point in the gold market. For instance, those who sold in March 2025 when gold hit record highs reaped more dollars per gram. Keep an eye on financial news – if gold prices have surged due to economic uncertainty (often reported in the news), it could be an opportune moment to sell. Conversely, if prices dip and you can afford to wait, you might hold off until they rebound. That said, trying to “time the market” for a perfect peak is tricky; if you need cash or if your jewellery is just gathering dust, a good price today is better than a hypothetical higher price tomorrow. Also, note that when prices are very high, buyer demand from the public might slow (fewer people buying jewellery, more people selling), but gold dealers are still buying actively to melt or fulfill other orders. In Singapore’s active gold market, there’s almost always a buyer – the main point is you’ll get more when the global gold price is high.
Clean and Present Your Item (if selling as jewellery): If you believe your piece might have value as a piece of jewellery (not just scrap), take a little time to clean it so it looks its best. Use a gentle jewellery cleaner or soap and water to remove tarnish or dirt. While cleanliness won’t affect the gold weight, it can make the item more appealing to a resale buyer or pawnshop who might see that it’s well-cared for. Do avoid over-polishing or aggressively scrubbing, as that can actually remove tiny bits of gold or scratch the surface. If your item has gemstones, ensure they’re secure – you don’t want a stone falling out during an evaluation.
Remove Gemstones or Non-Gold Parts: Most gold buyers only want the gold. If your jewellery has precious gemstones (diamonds, emeralds, etc.), ask beforehand how the buyer handles them. Many pawnshops or gold dealers do not pay for stones (they’ll return them to you after removing, or sometimes even discard small stones). If you have the skills or a jeweler’s help, you might remove valuable gems yourself and potentially sell them separately (to a jeweler or gem dealer) or keep them. For example, if you’re selling a 18K gold ring with a diamond, you could have a jeweler remove the diamond and just sell the ring for gold weight. Note: Only attempt removal if you know what you’re doing or have it done professionally – don’t damage the piece if you haven’t decided whom to sell to. If the stones are costume quality or very small, they likely add no value, so it’s fine to leave them in and let the gold buyer remove/dispose of them.
Understand the Buyer’s Terms (Payment and Fees): When you’re about to close a deal, clarify how you’ll be paid. Reputable shops in Singapore will pay you on the spot in cash (for smaller amounts) or by immediate cheque/bank transfer for larger sums. Ensure you have your ID (NRIC or passport) with you, as legitimate gold buyers will usually require identification to record the transaction (this is standard to prevent sale of stolen goods and for government regulations). Ask if there are any fees or commissions that will be deducted. Generally, with direct sales to dealers or pawnshops, you should not be paying any additional fees – the price they quote is what you should receive (they make their profit margin by offering slightly below market, not via added fees). For consignment or auction sales, of course, commissions apply as discussed earlier. Also, get a receipt for the sale that includes details of the transaction (item description, weight, purity, price paid). This not only serves as proof of the sale but also is good for your records.
Choose a Reputable Buyer: This cannot be overstated – only deal with trusted and licensed buyers. Unfortunately, high gold prices can attract unscrupulous actors. Look for established businesses with a physical presence and good reviews. If selling to a company like Indigo Precious Metals or another bullion dealer, you have the assurance of dealing with professionals in the field who value their reputation. Avoid unverified mall kiosks or online ads that promise unbelievably high prices – if it sounds too good to be true, it probably is. A trustworthy dealer will grade your gold honestly and pay fairly according to published rates, with no hidden charges. They will also be transparent about the process (e.g. testing the gold in your view). Singapore’s Ministry of Law maintains a registry of precious metal dealers – you can check if the buyer is registered (though registration is required, it’s a sign they are complying with rules). Also, members of the London Bullion Market Association (LBMA) adhere to certain standards albeit they seem to let them breach them as well (see also JP Morgan Manipulation case. Dealing with well-known institutions gives you peace of mind. In short, safety and honesty are as important as price – never sacrifice security for a slightly higher offer from an unknown source.
By following these steps – educating yourself on value, comparing multiple offers, and choosing the right selling venue – you put yourself in the best position to get the highest possible price for your gold jewellery.
Maximizing Value from Your Gold Jewellery
Selling gold jewellery in Singapore for the best price is absolutely achievable with a bit of savvy preparation. The key takeaways are to understand what you have, keep an eye on the market price of gold, and shop around among reputable buyers. Remember that the highest offer might come from a place you least expect, so it pays to compare pawnshops, bullion dealers, and jewellery resellers as needed. Also, manage your expectations by recognizing that you’re selling for the gold content value – any sentimental or retail value attached to design will usually not translate into the sale price.
Ultimately, an informed seller is a successful seller. By using the information above, you can approach the sale with confidence and avoid common pitfalls. If you’re ever unsure about the process or want a professional assessment, consider reaching out to established precious metal dealers. Indigo Precious Metals, for example, offers free evaluations and transparent buyback quotes based on live prices, helping clients understand the true value of their gold before they sell. Such services allow you to compare offers across the market and ensure you’re getting a fair deal.
In a high-priced gold environment, your old jewellery could be worth more than you think. With due diligence and the right approach, you’ll be able to convert those pieces into cash at the highest price possible. Happy selling!
Spencer Campbell
Director SE Asia Consulting - Precious Metals Consultant
