Old Gold Exchange: How It Works and How It Is Valued
Most Sri Lankan families have gold they no longer wear: a broken chain, earrings from school, a necklace that is out of style. Exchanging it is one of the smartest ways to pay for new jewellery, because you put old gold back to work instead of buying all-new metal. Here is how old gold exchange works, how it is valued, and how to make sure you get a fair price.
How we value old gold
Every exchange at our shop follows the same four steps:
- We test the gold. Old jewellery is not always the karat it appears to be, so we test each piece to identify its real purity.
- We remove the stones. Stones are taken out first so the gold is weighed on its own. If the stones have value, such as diamonds or good sapphires, we value them separately and add that too.
- We weigh the gold. The net gold weight is recorded in grams in front of you.
- We apply the day’s market price for that purity. The result is the value of your old gold, which can be set against new jewellery.
Simple example: 10 grams of old gold tested at 22K, valued at a market rate of LKR 42,378 per gram, is worth about LKR 423,780 before any stones are added. That amount comes off the price of your new piece.
Why testing matters
A piece marked 22K may test lower, especially older or repaired jewellery, where solder and repairs add other metals. Testing protects both sides: you are paid for the gold you actually have, and the value is based on fact rather than the stamp alone. Ask to see the result.
Why stones are removed first
Stones weigh something, and they are not gold. If a ring is weighed with its stones in, the gold weight is overstated. Removing them gives a true gold weight. Stones with real value are then assessed separately, while glass, cubic zirconia and damaged stones usually have little or no exchange value.
How to get the best value from an exchange
- Bring everything together. Broken pieces, single earrings and tangled chains are all still gold.
- Bring any certificates or receipts you have, especially for stones.
- Watch the weighing and ask for the net gold weight in grams.
- Ask which day’s rate is applied, and whether it is the same rate used for your new piece.
- Compare like with like. A quote is only comparable if it uses the same purity, weight and rate date.
Exchange or sell?
Exchanging old gold for new jewellery usually makes the most sense when you are planning a purchase anyway, such as wedding jewellery. The value of your old gold goes straight into the new piece, and you only pay the difference plus making charges. Our wedding jewellery planning guide shows how families use exchange to fund bridal sets.
To understand how the new piece is priced, see how gold jewellery prices are calculated.
Frequently asked questions
How is old gold valued in Sri Lanka?
At our shop, old gold is tested to identify its purity, stones are removed, the gold is weighed, and the day’s market price for that purity is applied. Valuable stones are assessed and added separately.
Do you remove the stones before weighing?
Yes. Stones are removed first so only the gold is weighed. If the stones have value, that value is added to the exchange.
Can I exchange broken or damaged gold?
Yes. Broken chains, single earrings and damaged pieces are valued on their gold content, the same as pieces in good condition.
Can I use old gold to pay for wedding jewellery?
Yes. The value of your old gold is set against your new pieces, and you pay the difference.
Bring your old gold to Greens Road
Message us before you visit and we will tell you what to bring. Your gold is tested and weighed in front of you.
