Experts warn people are throwing away jewellery worth thousands as gold prices soar

As gold prices continue to surge and more people consider selling old jewellery, experts at Dawsons Auctioneers urge the public not to rush into parting with their pieces, because that “little bit of gold” could actually be worth many times its “official” or “melt” value.

Gold topped £4,000 per ounce for the first time ever this year, extending the jump of more than 60% in 2025. While most people assume value is determined by weight and carat alone, overlooked features such as tiny maker’s marks to original surface finishes can transform a small amount of gold into a highly valuable collectible.

Gold prices hit record highs, but don’t rush to scrap

“The value of a piece often goes far beyond its weight in gold,” says Jonathan Pratt, TV antiques expert and Managing Director at Dawsons Auctioneers. “Buyers are looking at the artistry, the history, and the story behind each item.”

“The gold price continues to climb reaching record levels, which means a much higher scrap-value for anything gold-backed. Today’s UK gold spot price (03/03/26) is quoted circa £3,900 per troy ounce for fine gold (24ct), up just over 11% in 2026 so far.”

“When the gold price rises, scrap buyers move first, because their pricing is formula-driven. Auctions react differently for example, signed or rare pieces and gem-set jewellery can sell well above scrap-price because bidders are paying for design, brand, rarity and stones, not just weight.”

Think before you scrap, your old jewellery might be worth thousands

Design and period significance matter. Unique styles from movements such as the Arts & Crafts, Aesthetic Movement, or Neo-Renaissance can add great value to an existing piece. The same goes for regional designs, early survivals like Tudor pendants, and pieces incorporating un-treated natural gems all carry a premium. Provenance, including historic inscriptions, archive entries, original packaging, or connections to identifiable individuals and events, can turn a small item into a collector’s treasure.

“Collectors are increasingly discerning,” Jonathan adds. “They are prepared to pay a significant premium for pieces with period design, quality craftsmanship, and compelling provenance. Even small or seemingly modest items can become highly sought-after if they carry the right combination of history and artistry.”

Pieces featuring natural pearls, untreated gemstones, historic gemstone cuts (like old mine, old European or rose cuts), and high-quality enamelling can also be far more desirable than their metal content suggests.

Check for signatures

One of the clearest indicators of value is the attribution. Makers’ marks, signatures, or workshop stamps can instantly raise an item’s price.

“Several factors influence the value of your old jewellery. Material and surface quality, such as rich 18ct or 22ct tones, rose gold, original patina, fine engraving, and period gemstone cuts can elevate a piece’s desirability. Pieces linked to historic jewellers and jewellery firms including Carlo Giuliano, Castellani, Cartier, Van Cleef & Arpels, John Brogden, Garrard, Boucheron, Chaumet, Mellerio dits Meller, Fabergé, Marcus & Co., and Tiffany & Co. can realise impressive prices, even when the gold content is quite modest.”

Even without a signature, strong stylistic attribution to a known designer or workshop can still add a higher value.

Could your jewellery be a rare collectible?

Certain jewellery styles such as Archaeological Revival, Aesthetic Movement, Arts & Crafts, Romantic Revival, and Neo-Renaissance are highly collectible. Items with scarce regional characteristics (for example, specific London or Paris workshops), early survivals like Tudor-era pendants, or pieces incorporating ancient gems like Roman intaglios can command serious interest from collectors.