If you are thinking of selling some gold jewelry, you will need to do your best to determine the value yourself before you entertain offers. All jewelers and gold buyers are in business to make money, so you can't expect a full market offer on your pieces. But you shouldn't stand for being ripped off, either.
Determine the karat of the item. Usually there is a number followed by a letter "K" stamped into the jewelry. Most jewelry is 10K, 14K, or 18K.
Weigh the item in grams on a scale. If you do not own such a precise scale, then go to a few local stores that buy scrap gold and ask them how much the item weighs. If each store tells you the same weight in grams, then that should be the correct weight for your items.
Remember that most jewelry items cost multiple times their scrap value new, so make sure the item is something you want to sell and that it is not made by a famous maker, as those pieces are worth more than just the scrap value.
Remember that 1 troy ounce of gold is 31.1034768 grams, and the karat designation indicates the percentage of your item, by weight, that is gold. Use these numbers to gauge your jewelry's gold content: 10K equals 41.66 percent pure gold content 12K equals 50 percent pure gold content
14K equals 58.33 percent pure gold content 18K equals 75 percent pure gold content 24K equals 100 percent pure gold content.
Take the gram weight and multiply it by the karat content. For example, a 15 gram 14K gold jewelry item would be: 15 grams x .5833 = 8.7495 grams of pure gold. So your item contains 8.7495 grams of pure gold.
Take the current spot price of gold, which can be found by typing in a search engine "gold spot price" and then clicking on the link to determine the current spot price. For several years, gold has been valued at considerably more than $1,000 an ounce.
Remember that 1 troy ounce of gold is 31.1034768 grams, so take your pure gold grams amount and put that in the numerator, which is the top number, and divide that by 31.1034768.
Recognize for the example listed it would be 8.7495/31.1034768 Which equals 0.281302 percent of one troy ounce of gold. Thus your gold jewelry contains 0.281302 troy ounce of gold.
Take the current spot price of one troy ounce of gold, which in this example is $1,150 per ounce, and multiply it by .281302
1150 x .281302 = $323.49 $323.49 is the current value of your gold item based upon the spot price of gold in our example.
Recognize that you know the current value of your item, take the item to various shops and find the one that pays you the highest amount, then sell it if you wish. Every shop pays a different percentage of total scrap value; most will not give you a quote over the phone.
To determine the percentage of the current offer amount to your jewelry's scrap value, take the offer amount -- let's say it was $250 for our example -- and divide that by the current value amount, which was $323.49 250/323.49 equals 77.28 percent of items value. That shop is offering you 77.28 percent of the item's value based upon the gold content.
Things You Will Need
- Jeweler's scale
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