In June 2010, prices for gold reached an all-time high. Many places want to buy scrap gold or gold jewelry. Some of them pay well. Others are middlemen who will pay you only a fraction of the value of your jewelry. They profit by reselling. Know the approximate value of your gold before you attempt to sell it. This article will help you obtain the best price when you sell gold jewelry.
Find out the current spot price of gold per ounce and per gram. Many sites provide real-time data on the market price of gold. The price given is almost always in dollars per Troy ounce. There are 12 Troy ounces in a pound. Jewelry is usually weighed in grams. There are 31.103 grams in a troy ounce. To find out how many grams your piece weighs use a scale that weighs small amounts accurately.
Find out the purity of your gold jewelry. Most gold jewelry is marked 24K, 18K, 14K or 10K. 24K is 24 karat pure gold. 18K would be 75 percent gold. 14K is 14/24ths gold. The remainder is some other metal added for strength to form a stronger alloy. Pure gold is soft and wears easily. The alloy gives a piece durability. It also dilutes the amount of gold per gram of jewelry. A one ounce piece of 18K gold is only worth 75 percent of the amount of pure gold, minus refining cost. The refiner who buys scrap jewelry usually melts it down to form .999 percent pure gold coins and bars. These are sold to investors. They pay for the only gold weight in your jewelry. They have a cost to refine gold alloy to remove other metals and end up with pure gold for casting.
Find out how many grams your item weighs. Divide the ounce price of gold by 31.103 to find out the gram price. Now you must take the weight and divide it by the purity. 18K gold is worth 75 percent of the price 24K gold. Take the gram weight divided by the purity percentage. Times that number of grams of gold by the price of gold per gram. If this sounds complicated, most good jewelers will do it for you if they buy gold. The weight of pure gold in an object, minus refining cost and dealers profit, will be the amount you can sell your gold jewelry for as scrap gold.
Determine if your jewelry has more value as a piece of finished jewelry than it does as scrap gold. Most gold jewelry is worth more as scrap. However a designer piece, or a antique jewelry item, may have more value as jewelry than just the gold weight value. A good antique dealer who deals in gold should look at your jewelry and let you know if there is more value to it as a finished piece than just scrap gold value. A one ounce early U.S. coin can be worth many times its gold weight value to a rare coin collector. There is a good market for quality designer jewelry above and beyond the gold value.
Shop local gold buyers for the one who will pay you the most. Don't hesitate to get a second opinion of value if you are not comfortable with an offer. A good buyer will not be offended by you taking a day to think about his offer. Typical buyers are pawn shops, jewelry stores, antique dealers and rare coin shops. All businesses that buy gold should be able to give you a reliable quote to buy your jewelry on site. Local buyers will often pay more for gold than big buyers who spend thousands of dollars advertising on TV and radio. Gold refineries are the end buyer who melt the scrap gold into gold coins and bars for investors. The refineries pay the highest price, but often only deal with middlemen who can sell gold in quantities.
The world market price for gold fluctuates daily. A quote to buy your item will change in a week or month as gold prices go up or down on the open market. What will not change is the weight and purity of your jewelry item.
- Northwest Territorial Mint
- Gold Ira Guide.org. "Credit Suisse Gold Bars." Accessed June 10, 2020.
- United States Gold Bureau. "How Much Does a Gold Bar Weigh? Find Answers About Gold Bar Size and Weight." Accessed June 10, 2020.
- Market Watch. "Opinion: 'There is no gold': Bullion dealers sell out amid panic buying." Accessed June 10, 2020.
- ETF. "Gold ETF Overview." Accessed June 10, 2020.
- World Gold Council.org. "Gold facts." Accessed June 10, 2020.
- The world market price for gold fluctuates daily. A quote to buy your item will change in a week or month as gold prices go up or down on the open market. What will not change is the weight and purity of your jewelry item.