Editor’s Note
A recent OCU study highlights significant disparities in gold jewelry pricing across Spain, with consumers paying between 41% and 108% of wholesale market value. The findings underscore the importance of comparing retailers to ensure fair value.
A study by the Organization of Consumers and Users (OCU) reveals that gold jewelry is typically valued at between 41% and 108% of its market price. On average, buyers pay 76% of the wholesale market value. However, this figure varies significantly depending on the retailer and city, ranging from 41% to 108%. The most generous valuations were found in Málaga (84% on average), while the lowest were in Oviedo and Valladolid (69% on average), and Madrid (71% on average). OCU also warns against two common bad practices: not openly displaying the price per gram of gold; and recording a weight slightly lower than the actual weight. OCU advises consumers to use an online gold calculator to estimate their approximate market value and to visit at least two different retailers. If the jewelry holds sentimental value, it is better to pawn it at a Monte de Piedad (pawnshop).
Selling small gold jewelry has always been an easy and quick way to get money. To find out how much can be obtained for it, the Organization of Consumers and Users (OCU) visited 103 establishments incognito: mainly specialized gold buying and selling shops (“Compro oro”) and jewelry stores, but also some second-hand stores that accepted this type of jewelry and a couple of online gold buying websites. During the visits, an identical batch of jewelry was always presented, consisting of two 18-karat rings and a pair of 18-karat earrings, plus a 9-karat baby bracelet; a set with a gold value of 324 euros according to the June price quote, when the study was conducted.
The remaining 24% could be considered the buyer’s commission. However, this is an average value. OCU observed very different valuations depending on the city and retailer: from barely 41% of the market value… up to 108% (something exceptional, as they were paying more than the gold cost that day). In other words, for the same batch of jewelry, one could obtain between 120 and 366 euros, three times more.
Differences in valuations are also observed by city: the cities with the most generous retailers are Málaga and Seville, where an average of 84% and 81% of its value is offered, respectively. Next would be Barcelona and Bilbao, where 78% of the market value was obtained. They are followed by Valencia (76%) and Toledo (74%). At the bottom would be Oviedo and Valladolid, with 69% each, as well as Madrid, with 71%.
OCU also detected two bad practices, common in eight out of ten businesses. The first, not openly displaying the price they offer per gram of gold (although surprisingly, legislation does not require them to do so); and what is worse, displaying it, but then not respecting it and paying less. The second, recording a weight slightly lower than the actual weight: an average of 2.7% lower.
For all these reasons, before resorting to selling gold jewelry you have at home, OCU recommends:
1. Check online the price that gold would have in the wholesale market according to its weight and karats, such as with the OCU calculator. Note, not all retailers accept low-karat pieces (9k).
2. Visit at least two different retailers, first asking the price they offer per gram and then asking them to weigh it in plain sight. Be careful, some calibration methods, such as applying acids, can damage the appearance of the jewelry; do not authorize it if you are not sure about selling it.
3. Negotiate. You can mention that another retailer offered you more money; in these cases, upward revisions are common, as they usually work with a commission of around 25%.
4. If the jewelry has significant sentimental value, consider pawning it at a Monte de Piedad to obtain a loan. The valuation is lower, 50%, but you can recover it later by paying an interest rate ranging from 6.5% to 14% per year.
To discover what a person who goes to sell gold encounters, we visited 101 establishments incognito in 9 Spanish cities during the second half of May 2025: Barcelona, Bilbao, Madrid, Málaga, Oviedo, Seville, Toledo, Valencia and Valladolid. Additionally, we used 2 online establishments.
In each store, we presented an identical batch of jewelry, composed of two 18-karat rings and a pair of 18-karat earrings, plus a 9-karat baby bracelet.
Previously, an accredited laboratory had verified the quality of the jewelry and the weight of each of the twelve batches we circulated, because even though they were identical and purchased at the same time, jewelry is not usually made with mathematical precision; the total weight of the batches ranged from 5.026 to 5.296 grams.
Let’s see how much they gave us for them in the visited stores, excluding the 5 Monte de Piedad establishments, whose activity is particular and different.
