A gold watch can be an excellent investment. Luxury gold watches hold their value and can increase over time.
Whether it’s a new gold watch or an antique, a gold watch can fetch a good price on the second-hand and antique markets. This is not just because of the gold content.
Below, we offer a guide for selling a gold watch in South Africa to help you get the best price.
With LoanAgainst, you can keep your gold watch and still use it to get immediate cash. Contact us to find out more or apply online now.
How much is my gold watch worth?
The value of your gold watch depends on a number of factors. The gold content and the purity of the gold are key.
Be aware that some gold watches are gold-plated and won’t have as much value as a real gold watch.
Explanation of gold purity
The fineness, or purity of gold, is measured as the percentage of gold in a metal (with no other metals or impurities present). The closest to 100% pure gold is 24 karat, which is 999.99 fine.
Pure gold is considered too soft for watches because it scratches and loses its shape easily. Instead, alloys are used. Karat (K) is used to measure the proportion of gold in an alloy out of 24 parts. As such, 18-karat gold is 18/24 parts gold, or 75% gold and 25% alloys.
Most commonly, gold used for watches is 9, 14, or 18 karats. Hallmarks are usually stamped into the gold to indicate the karat or the purity percentage. This is denoted by a number: 375 represents a 37.5% gold weight (9K), 585 for 14K, 750 for 18K.
Current market prices for gold
At the time of writing, the gold price was R2,032 per gram and R63,186 per ounce. It’s important to understand that this is not what you will receive if you sell gold. Gold dealers offer amounts lower than the market price to cover their costs.
For the most recent gold market price, visit this website.
Other factors that affect watch value
Gold on its own is considerably easier to sell. When gold is part of a watch, factors like resale value and craftsmanship will be considered.
The condition, make, model and age of the watch are factors. Gold by itself doesn’t lose value when damaged. When it’s used to make watches and jewellery, damage to the piece will decrease its value.
Other precious metals or gems that are part of the watch will affect its value. Many luxury gold watches feature diamonds, for example.
Options for selling a gold watch in South Africa
There are a few options to consider if you must sell a gold watch in South Africa. Some will get you a better price but are risky; others involve fees or commission but are safe.
We look at the pros and cons of each option.
Working with a dealer
An watch dealer can probably give you the best valuation of your watch. Some dealers have physical branches, but most are online.
Sites like Luxity, Royal Watch, Watch24 and Chronos24 are dealers and online resellers. They will buy your gold watch and resell it on their online marketplace.
This involves a markup, so you won’t get the full value of the watch.
On the plus side, these sites are trusted and will make timeous payments directly into your bank account.
Some offer the option to use their platform to sell the watch yourself, which can result in a better price.
Advertising online
Advertising your watch online with a marketplace like Facebook, eBay or Gumtree is easy and will give you most control. However, this involves the most risk.
These sites are notorious for scammers. If you choose this route, be extremely cautious with your personal information and safety.
Online sites can take the longest to sell because buyers are cautious and items are often overpriced.
Online auction or collectors’ forum
Online auctions can get you a good price. A professional auction house will have the knowledge to value your watch and set the starting price accordingly.
Many auction houses have online departments and there are online auction websites that specialise in watches. Well-known auction houses are often the best option if you have a vintage gold watch.
Collectors’ forums are a good way to find buyers who are interested in rare pieces or specific brands. Some forums vet members, making them marginally safer than other marketplaces.
Preparing for a sale
Before selling, establish the value of your watch. Online research will give you a good idea of your watch’s value, but you should get a professional valuation.
The watch should be cleaned and photographed. However you sell it, you will need photos that show details and hallmarks.
Collect all supporting documents, including original invoices, certificates of authenticity and anything related to the watch’s provenance. The original box is a good selling point, so include that if you have it.
An alternative to selling: get fast cash for your watch
Instead of selling your gold watch, you can access its value by using it to get a collateral loan. The watch secures the loan, and you get to keep your watch once the loan is repaid.
These loans and easy and fast, usually paying out in less than 24 hours. Contact us on 010 745 7061 to learn more or start your application online now.
