Whether or not you can sell gold without a hallmark will depend on the form of gold you wish to sell and the country where you’re doing the selling. In the United States, there are some guidelines and requirements associated with precious metals, but other countries have stricter laws pertaining to hallmarking. If you’re looking to sell gold without a hallmark, continue reading to learn what you’ll need to keep in mind, brought to you by the pros at First National Bullion and Coin, the experienced gold dealers San Diego residents rely on for expertise and outstanding service.
International Gold Selling Can Be Tricky
In India, gold that’s not hallmarked could no longer be exchanged or sold as of January 15th, 2021. The United Kingdom, on the other hand, only requires certain quantities of gold and other precious metals to be hallmarked, per the Hallmarking Act 1973. In many other countries, including China and Italy, hallmarking is voluntary, according to the World Gold Council. Most European nations use a Common Control Mark, or CCM. The point here is if you have plans to sell gold to someone in another country, you’ll need to see what regulations apply.
Certain Markings Are Required in the U.S. for Gold Jewelry
According to the Manufacturing Jewelers & Suppliers of America, there are legal marketing requirements in the United States that apply to fine jewelry and base metal jewelry plated with precious metals like gold. If a product is being sold as “gold” or described that way, the precious metal content needs to be disclosed. The exception is if the gold is pure. With gold markings in the United States, the general standards and requirements that apply include:
• Pure gold can be sold simply as “gold”
• The amount of gold must be disclosed if the item has other metals in it
• Karat designations for gold can be off slightly, but not by more than three parts per thousand of gold
Markings Are Also Required for Other Sold Forms of Gold
By law, each gold bar sold in the United States needs to be marked and serialized before it can be legally sold. These markings offer some added protection for the buyer, but they also protect you, since required markings prove the authenticity and quality of your gold. The standards used for gold bullion in the U.S. are based on rules established by the London Bullion Market. Required markings based on LBM guidelines include:
• Serial number
There’s a Downside to Selling Gold without a Hallmark
You can technically sell gold without a hallmark or other markings as long as the buyer doesn’t object or, as mentioned above, your gold is pure. Just know that some buyers, especially ones who adhere to industry standards, may either simply refuse to purchase your gold or require you to obtain proper documentation showing purity and other details.
Get Your Gold Marked or Assessed
If you’re selling gold outside the United States in a country where hallmarking is required, you can get it hallmarked at an assay office. In the United States, karatage doesn’t have to be on the piece itself. It can be in documentation related to the piece provided by an authorized source that tests and documents precious metal qualities. If gold purity and other details are imprinted on the item, a trademark stamp is required.
Whether they’re looking to sell or buy gold bars, platinum coins, or silver bullion, San Diego residents can trust the reputable dealers at First National Bullion and Coin. You can rely on our experienced professionals when you’re looking for expert advice on every aspect of owning precious metals. Call one of our experts today at 858-666-6570.
The statements made in this blog are opinions, and past performance is not indicative of future returns. Precious metals, like all investments, carry risk. Precious metals and coins may appreciate, depreciate, or stay the same in cash value depending on a variety of factors. First National Bullion does not guarantee, and its website and employees make no representation, that any metals for sale will appreciate sufficiently to earn the customers a profit. The decision to buy, sell, or borrow precious metals and which precious metals to purchase, borrow, or sell are made at the customer’s sole discretion.