Selling gold items that are no longer used can represent some extra money, especially at a time when this precious metal remains valued. However, the international quotation does not necessarily correspond to the amount a store will pay for the jewelry, as the final value will depend on the actual quantity of gold in the piece and the buyer's commercial offer. In Portugal, this activity is covered by the Legal Regime for Goldsmithing and Assay Offices and is supervised by ASAE and the Contrastaria.
One of the fundamental precautions is knowing the gold price on the very day, as the law requires establishments to make this information available. Another common mistake is simply multiplying the weight of the jewelry by the price of a gram of pure gold. The so-called fineness indicates the proportion of precious metal in the alloy, with legal finenesses such as 999, 916, 800, 750, 585, and 375 thousandths. Thus, a 10-gram piece with 750 fineness does not contain 10 grams of pure gold, but approximately 75%.
Portuguese legislation also allows the consumer to request a valuation before selling, and establishments must have available the list of appraisers registered with INCM. This step is especially important when dealing with jewelry with precious stones, antique pieces, or objects whose value may go beyond the simple weight of the gold. Qualified appraisers must issue a certificate with the quality, quantity, weight, and value attributed to the objects.
Purchasing used gold directly from private individuals is a regulated activity and the operator must be authorized to carry out the activity of retailer of articles with used precious metal, operating through an establishment open to the public. Operators also have registration obligations for transactions, with this information being communicated to the Judicial Police. Before selling, it is prudent to confirm the fineness of the piece, know the day's price, witness the weighing, request a valuation when there are doubts, and compare more than one offer, as a seemingly small difference in the price offered per gram can translate into a significant difference.
