Frequently Asked Questions

General FAQs

You describe yourself as a ||Licensed Buyer of Gold Jewelry,|| why is licensing important?


Licensing is so important for the following reasons. UGX is required to have an extensive background check to be a local county licensed jewelry buyer. When you sell to a licensed dealer you get the security of a safe environment in which to do business.

What about those ads that you see on TV, Newspapers, and Online where they ask you to send them your gold and receive a check in the mail?

It is always better to sell your gold to a locally licensed jewelry buyer. UGX will make you a cash offer and you have the option to take the offer or not. Once you mail your gold away, you lose all control and you are left to take whatever they send you.

How is gold jewelry evaluated?

While many boast the “latest technology”, we like to use the good, old fashioned ways to determine the gold, silver or platinum content of an item.  We also have other methods.  Once the precious metal content is determined, the items are weighed and a cash value is calculated.

What does ||karat|| mean, what is the difference between 10kt and 14kt?

The interesting thing about gold it is that it’s all about percentages and numbers. 10kt is 41.7% gold, 14kt is 58.3% gold, 18kt is 75% gold, and 24kt is pure gold. The more gold content of an item, the higher the karat. UGX pays in cash & will sort your jewelry by karat.

How does broken gold jewelry compare in value?

This is one of the biggest misconceptions about jewelry. Broken gold jewelry is worth the same as non-broken gold jewelry. Do not throw away your jewelry because it is broken.

We purchase any items made of gold or silver, be it broken or not!

I think it’s fake.

WAIT!  Have someone else verify that for you.  Sleep well at night knowing that you didn’t make a costly mistake.  You might think a simple magnet test will give the whole story about your items, but that may not be true.  Even if you believe your items to be fake, let us give you a professional opinion.  There is no fee to you for us to look at your items.

Is an appointment required?


No. We are open for business Monday through Saturday and we operate on a first-come, first-served basis. However, feel free to call before you come!


Old=Rare=Valuable. Right?


No. This is one of the most common misconceptions regarding older items. While “old” might possibly indicate that less of the item exists, it may not result in the fortune you might be hoping for. This can be illustrated by the fact that one can obtain a 2000 year old roman coin for less than five dollars! Old does not equal valuable.


Should I clean it before I come?


No! Either you will be wasting your time or damaging the item, especially coins. If it is coins you have and you are tempted to shine them up, then know that you will damage them and they will be worth far less than had you left them alone! Also, many people think they need to clean their flatware or hollowware prior to selling, but this is unnecessary.


Coin/Bullion FAQs

Why do prices change frequently for gold and silver coins?


Gold and silver coin prices are affected by two factors: Spot pricing and supply/demand. Spot prices are the price of gold as traded on the stock market at a particular time. These prices fluctuate throughout the day and are constantly changing. Supply and demand are very real factors when we buy and sell product. At any given time we may be in strong need of one product and overloaded with another, with buy/sell prices changing accordingly.


Why buy physical gold and silver when I can simply purchase metals on the paper market cheaper?


Simply put: if you do not hold it, you do not own it. There certainly is some value to being able to put your hands on your own possessions any time you need it


Do you buy Foreign Coins?


Yes we do. Foreign or non-US coins are always interesting to us because they may contain gold or silver or other metals which collectors find valuable. Further, there are many rare foreign coins that have great value. Do you have one hiding within your collection?


What about my old paper notes?


Some of those notes can be valuable! Likewise, some are so common that we might decline to buy them. As always, estimates are free and it is always a good idea to get your notes evaluated.


Silverware FAQs

Do I need to polish my silverware before I bring it to you?


No. It will be a waste of your time and will not positively affect the value.


How do I know if it is Sterling Silver?


Most of the time your item will be marked “STERLING”. If your item does not have this marking on it then it is possible that your item is silverplated (which we also purchase). Your item can be marked “SILVER” clearly multiple times, but it must state “sterling” or “925”. The best thing to do is have us check it for you! Silverware items can be tricky. We are here to help!