How to Choose Between Refiners, Dealers, and Jewellers

If you’re looking to sell gold, silver, platinum, or jewellery in the UK, one of the first decisions you’ll face is who to sell to. Refiners, dealers, and jewellers all buy precious metals, but they operate very differently. Choosing the wrong option can cost you time, money, or both.

This guide explains the key differences between refiners, dealers, and jewellers, when each makes sense, and how to choose the best route for your situation.

Understanding the Three Options

At a glance, refiners, dealers, and jewellers may seem similar. In practice, they serve different purposes in the precious metals supply chain.

Refiners

Refiners process precious metals by melting them down and separating gold, silver, platinum, or palladium from other materials. They deal primarily in metal value, not aesthetics or resale potential.

Most UK refiners work at scale. They buy scrap jewellery, dental gold, industrial metals, bullion, and sometimes coins. The metal is assayed, refined, and sold back into the wholesale market.

Key characteristics of refiners:

• Pay based on precise metal content and purity.
• Usually offer the highest percentage of spot price
• Best suited for scrap, broken jewellery, or mixed lots
• Often require larger quantities
• Payments may take longer due to assay processes.

Dealers

Dealers buy and sell precious metals as tradable assets. This includes bullion bars, investment coins, and sometimes scrap jewellery.

They sit between refiners and retail buyers. Some dealers resell items directly, while others pass metal on to refiners.

Key characteristics of dealers:

• Focus on resale value and market demand.
• Competitive pricing for bullion and coins
• Faster transactions than refiners
• Often accept smaller quantities
• Prices vary based on condition and liquidity.

Jewellers

Jewellers are retail-focused businesses. They buy items they can repair, remodel, or resell as jewellery.

They’re less interested in melt value and more interested in craftsmanship, gemstones, and brand appeal.

Key characteristics of jewellers:

• Best for wearable, high-quality pieces
• May pay more for branded or antique jewellery.
• Less competitive on scrap metal prices
• Quick, face-to-face transactions
• Pricing is subjective and varies widely.

What Are You Selling?

The most important factor in choosing where to sell is what you’re selling.

Scrap or Broken Jewellery

If your jewellery is broken, mismatched, or damaged, a refiner or dealer is usually the better choice. Jewellers typically deduct heavily for repairs or won’t buy at all.

Refiners are ideal if you have:

• Broken chains
• Single earrings
• Mixed carat jewellery
• Dental gold or industrial scrap

Dealers can also be suitable for smaller quantities, especially if you want quicker payment.

Investment Bullion and Coins

For gold bars, silver bars, or recognised investment coins, dealers are usually the best option. They understand the market, track spot prices closely, and offer fast, transparent pricing.

Refiners may still buy bullion, but the process is often slower and less convenient for standard investment products.

Jewellers are rarely competitive for bullion.

High-End or Designer Jewellery

If you’re selling branded, antique, or gemstone-heavy jewellery, a jeweller may pay more than melt value.

Examples include:

• Cartier, Tiffany, or Bvlgari pieces
• Antique rings or Victorian jewellery
• Items with high-quality diamonds or coloured stones

That said, it’s still worth getting a refiner or dealer quote as a baseline, so you know the minimum metal value.

Price Transparency and Valuation

Refiners: Most Transparent, Least Flexible

Refiners base their prices on:

• Weight
• Purity
• Current spot price
• Refining and assay fees

The valuation is objective, but not always immediate. You may need to wait several days for results, and prices can fluctuate during that time.

Dealers: Market-Driven Pricing

Dealers price based on live markets and resale demand. For bullion, this is usually very clear. For jewellery, margins can vary.

A reputable dealer will:

• Explain their pricing clearly.
• Reference spot prices
• Avoid vague or verbal-only quotes.

Jewellers: Subjective Valuations

Jewellers often assess items visually and may not weigh or test metal in front of you. Their offer reflects what they believe they can resell the piece for, minus their margin.

This can work in your favour for desirable items, but it also means prices vary widely between shops.

Speed and Convenience

If speed matters, jewellers and dealers usually win.

• Jewellers often pay same day, in person.
• Dealers typically pay within 24 to 48 hours.
• Refiners may take several days or longer due to testing and processing.

For postal transactions, dealers and refiners usually have more structured, insured systems than jewellers.

Minimum Quantities and Fees

Refiners often have minimum weight requirements or processing fees, which can reduce returns on small lots. They make sense when volume offsets costs.

Dealers are more flexible and often buy single items without fees.

Jewellers rarely charge explicit fees, but their offers may include a wide margin.

Regulation and Trust in the UK

Whichever route you choose, make sure the buyer is reputable.

In the UK:

• Dealers should comply with anti-money laundering regulations.
• Refiners should use accredited assay methods.
• Jewellers should be registered businesses with clear premises.

Look for:

• Clear terms and conditions
• Transparent pricing
• Proper identification checks
• Reviews and industry memberships

When to Get Multiple Quotes

In many cases, the best approach is not choosing just one option but comparing.

You should get multiple quotes if:

• You’re selling a valuable item.
• Jewellery has both metal and design value.
• You’re unsure whether it’s better as scrap or resale.

A refiner’s quote gives you a metal floor price. A dealer or jeweller may beat it if resale value exists.

Final Thoughts

There’s no single best place to sell precious metals or jewellery. The right choice depends on the item, its condition, and your priorities.

• Choose refiners for maximum metal value on scrap and bulk lots.
• Choose dealers for bullion, coins, and fast, market-based pricing.
• Choose jewellers for high-quality, wearable, or branded pieces.

Understanding these differences puts you in control. Instead of accepting the first offer, you can choose the route that matches your item and get the value it deserves.