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TURNING YOUR GOLD INTO CASH

With record gold prices on the trading markets, it’s become an extremely popular trend for consumers to sell their unwanted, broken, or outdated gold jewellery to gold dealers as a way to improve their finances. MONEY MART® has been offering this service to its customers since April 2009.
As a trusted financial services provider in the Canadian marketplace for over 25 years, each MONEY MART store is licensed to buy gold and can offer immediate cash for unwanted, broken or outdated jewellrey. MONEY MART will purchase just about any type of jewellery, in any condition as long as it’s real gold. This includes 10, 14, 18, 22 and 24 karat gold.

Here’s how it works:

  • You must be at least 18 years old.
  • You must be the legal owner of the gold that you wish to sell to MONEY MART.
  • The gold must be free of any and all claims, liens or anything else that might adversely affect the value.
  • MONEY MART will evaluate the gold to determine the price based on several factors below.
  • MONEY MART will pay you for the gold.
  • The gold will be reclaimed, melted, refined and recycled.

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PRICING FOR YOUR GOLD
The price MONEY MART offer is dependent on:

• The current price of gold, this does not include any retail markups that were paid when the gold was originally purchased.

The price of gold in the marketplace fluctuates according to supply and demand. The price paid is calculated on a formula based on the karat and the weight of the gold on the day the gold is processed. Fine gold i.e. 24 carat gold is about $1,405.00 CAD (as of publish date/prices subject to change) per troy ounce. A troy ounce is different than our standard 16 ounces. It takes 2.400 ounces of 10K, 1.714 ounces of 14K, 1.333 ounces of 18K or 1.091 ounces of 22K jewellrey to equal one troy ounce of pure gold.

• The weight of the item in grams

North American Karat % of Pure Gold
   10k    41.6%
   14k    58.5%
   18k    75%
   22k    91.6%
   24k    99%

• The karat rating of the gold (the purity of the gold)

Gold’s purity is measured by the karat system. The purest and finest form of gold is 24 karat gold. This means that 24 karat gold is 100% gold with no other metals mixed in. Most other gold such as 10 karat, 14 karat, 18 karat or 22 karat gold is mixed with other metals such as nickel or copper. So, 14 karat gold is 14 out of 24 parts gold or 58.5% pure gold and 41.5% other metal (nickel or copper) mixed in with the gold. The use of the other metals helps to harden the gold so that the gold becomes sufficiently durable to be used in jewellrey.

COMMON MARKINGS

In addition to the karat of gold, gold jewellery may also have other markings called hallmarks which help further to describe the gold jewellrey such as the jewellery maker or the size of any mounted stones contained in the piece of gold jewellrey.

MONEY MART does not purchase gold plated (GP), gold-filled (GF) rolled gold plated (RGP) or gold shell (GS) marked items. These markings will be found after the hallmark such as 10k GF. Gold pieces that are gold plated, gold filled, gold shelled or rolled gold plated items do not have any value because they do not have any real karat weight except on the filing or plating.

Because markings can easily be forged or misunderstood or the jewellrey may not have markings at all, it is company policy that all items being considered for purchase must be tested for their true gold content, regardless of their markings (or lack thereof).

CONSUMER BEWARE TIPS
  • Find out if your purchaser is a reputable and licensed second-hand gold dealer.
  • Be wary of gold dealers who do not weigh your items in front of you on a jewellery scale.
  • Be wary of gold dealers who want to take your jewellery for a period of time without paying you cash on the spot!

We hope you find this information to be useful and helpful in your gold-selling process. See MONEY MART’s Cash for Gold product page at www.moneymart.ca for additional information.

As always, we are committed to offering immediate cash with fair and consistent pricing!

If you have questions, feel free to contact the Customer Service Centre at 877-447-5302.


Legal Disclaimer:
Information provided on the Consumer Education section of this website is believed to be accurate and reliable when placed on this site. MONEY MART cannot guarantee it is accurate, complete or current at all times. Information on this site is for informational purposes only and is not intended to provide financial, legal, accounting or tax advice and should not be relied upon in that regard. You should seek guidance from a certified financial advisor or credit counselor for specific advice that is applicable to your individual situation.

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