Selling Your Gold Jewelry
As the price of gold gets higher and higher, many people are considering selling gold jewelry for cash. You need to be careful when selling your gold jewelry. Know what you have and know what it is worth before trying to selling if at all possible.
Determining What Type of Gold You Have
First you need to know how much gold is in your jewelry. If you are selling the jewelry for metal value only (which is how most dealers base their pricing), look at the gold marking to determine carat weight. Assuming you bought from an honest dealer, the gold marking will be accurate.
Hopefully your jewelry is marked with something like 10K, 14K or 18K. If the gold marking is followed by GF, the jewelry is gold filled.
If you have gold filled jewelry, generally, it is not worth selling for gold value.
How Much Is Your Gold Worth?
Gold karats are expressed in units of 24ths. Thus, pure gold is 24-karat or 100 percent gold, 18-karat is 75 percent gold, 14-karat is 58.5 percent gold, and so on.
The price of gold is based on a troy ounce which is approximately 31.1 grams. Many kitchen scales will give weight in grams as well as regular ounces.
A formula would then be something like this:
(Grams of gold x % gold) / 31.1 = Troy ounces of Gold
So a 60 gram necklace of 14 Kt gold would be 1.128 troy ounces of gold. (60 x .585)/31.1
You would then look up on the chart how much 1.128 troy ounces of gold is worth.
Alternatively: if you have 1 troy ounce (31.1 grams) of 14K gold and gold is selling for 1000 per troy ounce, the value of the actual gold would be 580. Of course the buyer will want some profit. However, knowing the base value is useful. If you end up needing to sell for the gold content value, we recommend selling at a place that specializes in buying metals.
Helpful Gold Selling Tips
Cash value for gold jewelry is much less than the appraised value unless your appraisal was during a time of much lower gold values. Assume the price offered for your gold jewelry will be much less than you paid for it.
The value of gold fluctuates. Always check the current price before selling. Note the current gold price when given an offer if you don’t plan on selling your gold jewelry the same day.
Know what you are selling first if at all possible.
Comparison shop if you don’t know your dealer. Go to two or more dealers to get quotes. They should be willing to tell you how much they will pay for your piece for free.
If you decide to try selling your jewelry elsewhere (ie: EBay, newspaper, etc), know what estate dealers will pay first so you have a minimum selling price for your jewelry.
If your item is an antique, has precious stones or is designer (such as Tiffany’s), it often worth more than simple gold value.