Gold Buyer: How To Value Your Gold Jewelry
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 fit into both categories. If you want to sell gold jewelry, it is important to have a solid idea of its worth before you approach a gold buyer. The price of gold has increased substantially over the past years, and if you are considering selling some of your gold jewelry there are a few tips you should 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.
oNote: 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 was made before 1980, the actual gold content may be slightly less than the number would indicate. Jewelry marked as 18K could actually be somewhere between 17k and 17.5k in gold content. The laws requiring marking that is more accurate were enacted in 1980.
oNote: 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. A chemical test, called an acid test, may be required to determine if an unmarked item is 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, it is a quick 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.
oNote: 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 grams of gold you have. If you have a large amount of gold jewelry to sell, you may want to buy a jewelers scale, or use a 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.
oFor example:
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 a entity wanting to buy gold, you can expect to receive between 50% and 60% of the calculated worth.
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