Find out the requirements for selling gold, silver, and watches

Legal Requirements for Selling Used Gold

Currently, selling used gold involves complying with a set of mandatory legal requirements. This process is regulated by law to ensure full transparency and security for both the seller and the buyer.

All gold items traded – whether bought or sold – must be reported to the Criminal Police through an official record. This document includes a detailed description of each item, ensuring control and traceability of all pieces.

Requirements for Selling Gold: What Does Portuguese Law Require?

• To comply with current legislation, anyone wishing to sell used gold, silver, or watches must meet the following mandatory requirements:
• Be over 18 years old (legal age);
• Be the legitimate owner of the items and sign a declaration confirming this responsibility;
• Present a valid identification document (Citizen Card, ID card, passport, or residence permit), tax number (NIF), and proof of address;
• For payments up to €999, cash payment is allowed. From €1,000 onwards, payment must be made by bank transfer, and it is mandatory to provide an IBAN.

Declaration of Ownership: A Mandatory Requirement

To sell used gold, silver, or watches, it is mandatory to declare that you are the rightful owner of the items. This is one of the essential legal requirements to complete the sale safely and transparently.

There is no need to present proof of purchase. We understand that items are often inherited, gifted, or simply no longer have original documentation. This does not prevent the sale.

Since these items are not registered assets (unlike a car, for example), ownership is assumed at the time of sale.

For this purpose, you will sign a declaration of responsibility confirming that the items belong to you. This document is provided by us at the time of the transaction, with no complications.

Personal Identification: An Essential Requirement

Presenting personal identification is one of the mandatory requirements for selling used gold. This procedure complies with Portuguese legislation, namely:

• The Legal Framework for Jewellery Businesses, which regulates the buying and selling of precious metals;
• Anti-Money Laundering and Counter-Terrorism Financing regulations.

In addition to ensuring legal compliance, this requirement also helps prevent the sale of stolen items, promoting greater security and trust in the process.

Required Documents to Sell Used Gold

To sell any item, regardless of the amount, valid identification is mandatory:

• Bring your tax number (NIF);
• Bring your ID card or Citizen Card;
• For any citizen within the Schengen Area: national ID card (Citizen Card in Portugal) or passport;
• For non-Schengen citizens: residence permit or passport;
• Proof of address is mandatory.

Some identification documents in Portugal, such as the Citizen Card or residence permit, already include this information.

If you do not have any of these documents or are unsure whether your address is included, bring a household utility bill (e.g., water or electricity bill).

Payment Methods After Selling Used Gold

Payment is made after all legal requirements have been fulfilled, including seller identification and signing the declaration of ownership.

We offer three payment methods:

• Cash
• Bank transfer
• Cheque

For amounts of €1,000 or more, payment must be made exclusively by bank transfer, as required by law.

Reporting to Authorities: A Mandatory Step

After completing the sale and fulfilling all legal requirements, we notify the competent police authorities of the acquisition of the items.

This notification includes:

• Photographs of the items sold
• Detailed description of the pieces
• Identification of the person responsible for the declaration of sale

This procedure ensures full transparency and traceability, in accordance with the legal framework applicable to the purchase of used precious metals.

Want to Sell Gold at the Best Price?

Visit our branches in Amadora, Almada, Benfica, Moscavide, Mem Martins, and Cascais – valuation for sale is free.

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