After breaking record after record for several monthsthe price of gold has now fallen back below the threshold of 5,000 dollars per ounce (around 30 g) and fears are emerging after the bursting of the “silver bubble”. On January 30, the metal lost 34% of its value in one day, its largest daily fall ever recorded. Faced with these movements, the idea of reselling a damaged gold chain, a few inherited Napoleons or 50 franc silver coins sleeping at the bottom of a drawer becomes tempting.
But before open the door of a jewelry store or a specialized boutiqueit is better to take a close look at taxation. The sale of precious metals obeys specific rules, which vary depending on the nature of the good, the amount of the sale or the existence of supporting documents.
The flat-rate tax, the default regime
For coins and bars considered to be gold or silver “investment“, and if you are unable to prove when and at what price you acquired them, the default regime is the flat rate tax on precious metals (TFMP) at the rate of 11.5% of the sale price, CRDS included. Important point: this tax relates to the total amount collected, not to the capital gain.
Let’s take a concrete example: you sell 10 50 franc silver coins at 70 euros each, or 700 euros in total. Without an original document, the flat rate tax amounts to 80.50 euros (11.5% of 700 euros). You leave with 619.5 euros net.
For jewelry, the framework is more flexible. First, as long as the amount of the sale does not exceed 5,000 euros, no tax is due. Are you giving away a wedding ring, a gold chain and a mismatched earring for 1,000 euros? The transaction is completely tax free.
However, above 5,000 euros, a flat rate tax of 6.5% applies to the entire price. A transaction of 6,000 euros thus generates a charge of 390 euros. Please note: it is the professional who buys your goods (jeweler, specialized merchant) who directly collects this tax. You do not have to take any special action.
The option of real capital gain: 37.6% since 2026
Everything changes if you have an invoice or document proving the origin of your pieces or jewelry. Here you can choose the real capital gains regime. The tax authorities are then no longer interested in the total sale price, but only in the gain. Since January 1, 2026, this capital gain has been taxed at 37.6% (instead of 36.2%), due to the increase in the CSG voted in the 2026 Social Security budget.
However, reliefs exist. If you can prove ownership for more than 22 years (insurance contract, restoration invoice, expertise, etc.), you are completely exempt from tax. Between 3 and 22 years of ownership, a reduction of 5% per year applies from the third year.
Illustrations. You sell a gold chain today for 1,000 euros. The sale of this jewel being less than 5,000 euros, you pay nothing.
If you resell a piece like a Napoleon inherited ten years ago, then worth 200 euros, for 800 euros today, but without any proof, the flat rate tax is imposed: 92 euros (11.5% of 800 euros).
However, if you bought this same Napoleon for 200 euros ten years ago and kept the invoice, you can choose the capital gains regime. The gain is 600 euros, reduced to 360 euros with the 40% reduction linked to the holding period. The tax then amounts to 135 euros (37.6% of 360 euros). In this specific case, the flat-rate tax paradoxically turns out to be more advantageous.
