Many people have gold jewelry that holds great sentimental value. Many people have gold jewelry that holds no special meaning. And many people have gold items that go into both categories. If you want to sell gold jewelry, it’s important to have a strong idea of its value before you approach the golden buyer. Gold prices have increased substantially over the past few years, and if you are considering selling some of your gold jewelry, there are some tips you have to do know in understanding the value of your items. By knowing how gold dealers calculate the value of your gold, you can ensure you are getting a fair price.
Know Your Karat
- The first step is to determine the various karats of your gold jewelry. Small numbers representing the karat value often will be inscribed on the jewelry, such as 10k, 14k, 18k or 24k. You will probably need a magnifying glass in order to properly read the karat numbers inscribed on each piece.
o Note: A Karat is a unit of measure used in defining the amount of gold in an item. However, a Carat is a unit of measured used for the weight of a gemstone.
- If the jewelry item is made before 1980, the actual gold content may be less than the amount to show. Jewelry is marked as 18k can actually be between 17K and 17.5k in gold content. The laws requiring marking that is more accurate were enacted in 1980.
o Note: Separate your gold items by karats. Also, separate any jewelry that includes gemstones. You will want to have the stones removed before you approach a buyer for your gold. If the stones are not easily removed, a jeweler will be able to assist.
- If there is no number on the item, it may be gold-plated. Gold-plated items have a thin layer of gold applied over a base metal. This is usually accomplished through a process known as electroplating. Chemical tests, called an acid test, may be needed to determine whether the items that are not marked are pure gold, or gold plated. This test can be conducted by a jeweler, or do-it-yourself kits can be purchased from a jewelry supply store.
Know the Price
- Through the internet, this is a fast and simple process to determine the current price of gold. Gold prices will be listed per troy ounce. A troy ounce is equal to 31.1 grams, and the gram is the common measurement used in weighing gold. Divide the current gold price by 31.1 to determine the price per gram.
Note: It is important to remember the price of gold may change between the morning and afternoon of the same day.
Determine the Value
- You will need to weigh your gold jewelry on a scale to determine out how many gold buyers price per gram. If you have a large number of gold jewelry for sale, you might want to buy a jewelry scale, or use the food scale if it displays weight in grams.
- For each group, divide that karat by 24, and then multiply that number by the current market price of gold.
– 14k = 14/24 =.583
– Current price of gold at $1,700 per ounce
– $1,700 / 31.1 = $54.66 per gram
-.583 x $54.66 = $31.87 per gram
- Using this amount, you can determine 10 grams of 14k gold at this price would be worth $318.70.
These tips will give you an accurate idea of the value of your gold jewelry. When dealing with an entity wanting to buy gold, you can expect to receive between 50% and 60% of the calculated worth.