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Gosh. That chain. Your ex bought you it as a surprise. You wore it once – mostly to placate her – and then quietly tucked it back into its box. It wasn’t you, but you didn’t have the heart to say. She never really knew you that well, did she?
Then there’s the pair of gold earrings you adored. Until that trip to Paris. You still remember the sinking feeling when one slipped loose in the plaza. Your friends scoured the cobbles on their knees, but it was gone forever. Now you’ve only got one piece of the puzzle.
Your nana’s necklace is beautiful and still in great condition, but really not your style. It’s been sitting in your jewellery box for years.
If any of these situations sound familiar, or you’re someone who owns gold jewellery which you’re not sure what to do with, what are your options? Is there a way to give them a new lease of life – a fresh design, pass them on or even cash in on them while gold prices are high?
Here’s some ideas which might inspire you to take the next step.
1. Get it valued
No matter what condition it’s in, your first port of call should be to find out what it’s worth, how much it weighs and its purity. At the moment gold prices are high. In the first few months of this year, spot gold hit around $2,860/oz, a 38% year-on-year increase. It’s a good time to be a gold owner.
It means that even a broken wedding band could be worth several hundred pounds now. A 15g, 18ct chain could fetch between £700 and £900 if melted down as scrap.
So even if you’ve got a tiny or broken piece, its value might surprise you
2. Sell it for cash
Everyone likes a little bit of extra cash in their back pocket. So if it’s a piece you’re not attached to or have emotionally invested in, liquidating it and using it towards something else could be a good move. In the UK the surging gold price has triggered a wave of sell-offs – anything from scrap gold to coins to jewellery. Major pawnbrokers have been posting record profits, with most loans now secured by gold.
A top tip if you decide to sell is to always check hallmarks to verify purity. Look for 375, 750 or 916 stamps and compare offers against live gold prices (dealers typically pay 10–15% below spot).
3. Repurpose it
Sentimentally attached but not into what it looks like? Repurposing could be the perfect middle ground for you. Most good jewellers will work with customers to reshape their gold into something which they love and can wear again. For example, they can help turn outdated pieces into statement cufflinks, charm necklaces or rings.
And actually, the process of repurposing is very much in vogue. 2025’s jewellery trends are all about storytelling, personalisation and sustainability. If you want to be seriously on trend, charms, vintage-inspired pieces and sculptural earrings could bring your old jewellery a new lease of life.
The Royal Mint even launched its own jewellery line – 886 – with one of its collections making jewellery from gold extracted from old electronics and circuit boards.
4. Gift or pass it on
If you don’t want to sell it or repurpose it, could you regift it? A bit of a polish, mend the chain and it could be good to go.
5. Keep it as an investment
We’ve written pretty comprehensively about investing in gold. Gold is very much a store of value which investors use to diversify their portfolios and securely store their wealth, so holding onto gold could pay off for you.
The main things to be mindful of if you do decide to keep your gold is secure storage and insurance. Also be aware that unlike coins and bars, gold jewellery comes with making, and goods and service charges so if you decide to resell it further down the line, you are unlikely to recoup the full ‘retail’ price.
Whatever you choose to do with old gold jewellery you no longer use, it probably deserves better than being forgotten especially with prices at historic highs and eco-friendly options in fashion.
If you’re curious what your gold could be worth or how it could be transformed, Gold Bank offers a free, no-pressure valuation and we can give you some ideas on how to repurpose or sell it smartly. Drop us a message or visit our website for more information.
