Selling Everything, Even Gold Teeth... Trading Here Without Taxes or Fees [Jumoney Talk]

③As Gold Demand Surges, Used Market Booms
Stone Rings and Gold Teeth Expand Trading Categories
Caution Advised in Secondhand Gold Transactions

Editor's NoteWe are living in an era where a single serving of samgyeopsal costs 20,000 won and a bowl of jajangmyeon is 7,500 won. In 2024, the Consumer Price Index reached 114.18 (2020=100), and in 2025, the burden on consumers' shopping baskets has grown even heavier due to persistent high inflation. Through the "Jumoney Talk" (Week+Money+Talk) series, we aim to share stories about consumption that are closely tied to our wallets, as prices continue to fluctuate.

As demand for gold as an investment vehicle rises, the used goods market is seeing increased activity in gold transactions. In addition to gold bracelets, gold earrings, and gold necklaces, items such as stone rings and gold teeth have also emerged as popular products for trade. In the past, transactions were mainly conducted through jewelry stores or exchanges, but recently, direct transactions between individuals have become more common, leading to a greater variety of items being traded.

Used transactions are taking place not only for gold bracelets, gold earrings, and gold necklaces but also for stone rings and gold teeth. Getty Images

On March 3, gold-related listings continued to appear on the used trading platform 'Danggeun.' The range of items for sale includes gold bars, gold rings, scrap gold, and gold teeth. One user living in Guro-gu, Seoul, listed a stone ring for 580,000 won, stating, "It is a pure gold don (3.75g) and comes with a gold certificate," adding, "No price negotiation." Another user in Yeongdeungpo-gu put up a gold tooth for sale, explaining, "This is gold I got back after changing my gold tooth, and it weighs about 0.7g," and set the price at 25,000 won. Gold products listed below market price are often sold quickly or already reserved.

The main reason for the increase in person-to-person gold transactions is the continuous rise in gold prices. Just a year ago, a pure gold don (3.75g) was priced in the 300,000 won range, but now it is trading in the high 500,000 won range. According to the Korea Gold Exchange, as of February 28, the purchase price for a pure gold don was 585,000 won, and the selling price was 505,000 won. Compared to a year ago, the purchase price and selling price have risen by 58.22% and 51.65%, respectively. This is due to increased global economic uncertainty, such as the U.S. tariff policy, which has enhanced the value of gold as a safe-haven asset.

The appeal of used gold transactions for many is the savings on taxes and fees. Typically, when purchasing a gold bar from a jewelry store or bank, a 10% value-added tax is applied, along with a processing fee of about 3-5%. For gold rings, gold bracelets, and other jewelry, the manufacturing process is more complex than for gold bars, resulting in additional costs and an even higher final purchase price.

However, direct gold transactions between individuals do not carry such tax or fee burdens. When a private individual sells gold, it is not considered a business activity and is therefore not subject to taxation, allowing the transaction to take place at the current market price. As a result, sellers can convert gold to cash without any tax liability, and buyers can purchase gold at a lower price than at an exchange.

Nevertheless, as person-to-person gold transactions increase, so does the risk of incidents, prompting some platforms to implement transaction restrictions. For example, Danggeun has prohibited the sale of gold products valued at 1 million won or more. Danggeun explained, "High-value gold products over 1 million won can function similarly to currency, which makes them fundamentally different from typical used goods transactions," adding, "If even a single high-value gold transaction becomes involved in a scam, it could result in significant damage." Other used trading platforms, such as Bungaejangter, have yet to implement such restrictions.

Used trading platform 'Danggeun'

Meanwhile, regardless of the platform, repeatedly or in large quantities selling gold may be considered a business activity, which could result in obligations to pay comprehensive income tax and value-added tax, so caution is advised. In addition, person-to-person gold transactions carry the risk of being exploited for various crimes. Recently, the used goods market has seen a surge in "third-party scam" cases, where a scammer simultaneously approaches both the buyer and seller during a transaction, intercepting the goods in the process. These third-party scams often target high-value items such as gold, gift certificates, and electronics.

There have also been cases of fake gold being sold as genuine. For example, gold-plated items or gold alloys are sometimes passed off as pure gold. In December 2023, a man in his 20s in Gochang-gun, North Jeolla Province, was caught by police after selling a gold-plated silver necklace as 30 don of pure gold to a jewelry store. He was accused of selling fake gold a total of nine times at jewelry stores in Sejong, Jeonju, Iksan, and other locations, making off with more than 60 million won before fleeing.

Citizens visiting Korea Gold Exchange in Jongno-gu, Seoul, are inquiring about gold-related products. Photo by Kang Jinhyung

The most reliable way to verify the authenticity of gold in a used transaction is to check the certificate of authenticity. Most genuine gold products are accompanied by such certificates, so it is important to confirm this. In addition, meeting in person to inspect the gold is safer than conducting transactions online. Buyers should be cautious of sellers with new accounts that have no transaction history or those offering gold at prices that are unusually low.