Options for Selling old Gold Jewelry/How to Sell Gold per Ounce
The kind of gold you can sell ranges from
inexpensive gold trinkets to dental gold to solid gold coins and fine
jewelry. You’ve collected some pieces but can’t decide how to
get the biggest buck for your bling.
Here’s what you need to know. In summary there is one company that stands out from the rest and that is Cash for Gold USA, but make sure you read the rest to see why!
Gold and Diamonds are hot right now.
What’s it worth Is your jewelry only good as scrap or does it have intrinsic/emotional value?
Measurement and Weight:
The unit of measure used to value precious metals is a "troy ounce". Every troy ounce of 24karat (kt) pure gold, platinum or silver can be "diluted" or "alloyed" with other metals to make jewelry. In North America, gold jewelry is usually alloyed in 10 kt, 14 kt, or 18kt. The higher the karat the higher the level of pure gold your jewelry will yield. The percentage of pure gold in 18kt is 18/24 = 75%, 14kt is 14/24 = 58.3% and 10kt is 10/24 = 41.67%.
When the price of pure gold is $1000 per ounce, 18kt is valued at $1000/.75 = $750/oz, 14kt is valued at $1000/.583 = $583/oz and 10kt is valued at $1000/.417 = $417/oz.
Generally, the gold content of any piece of jewelry will be marked on it somewhere - on the inside of a ring or bracelet and on the clip of a necklace or the back of an earring. For instance, a 14-karat piece of jewelry may actually have "14 karat" inscribed on it in tiny lettering or the lettering may say "14K." The actual price you can expect to receive will depend on the quantity you are selling. Gold buyers will only pay for gold. With few exceptions, other metals have no resale value.
The weight of precious metal jewelry is measured in one of two ways: either in pennyweight (DWT) or in grams (GR). An ounce of gold weighs either 20 pennyweights or 31.1grams.
The following may be used as an example to give you a rough estimate of how valuable your pieces can be.
- First, determine today’s price of gold per troy ounce. A troy ounce equals 31.1 grams.
- Next, divide gold price by 31.1 to get the gold price per gram. If price of gold per ounce is $1000, then $1000 / 31.1 = $31.11, the 24k gold price per gram.
- Then, compute for purity of gold by dividing the karat amount by 24. If you have a 10k gold bracelet, divide 10 by 24. So, 10 / 24 = 0.4167.
- Compute for the gold price per gram for this piece by multiplying $31.11 x 0.4167 and yield the result of $12.96, the actual 10k gold price per gram.
Finally, multiply the gold price per gram by the weight in grams. If you have 5 grams of 10k gold and you calculated the price at $12.96 per gram, your gold is worth 5 x $12.96 = $64.80.
Fox Video Comparision of Online Gold Buyers
Less gold content in a piece of jewelry.
The less gold content in a piece of jewelry, the less money it will be worth to anyone who intends to melt it down. When you buy jewelry in the store, you are paying for the design and craftsmanship, as well as any precious and semi-precious stones that may be a part of the piece. A beautifully designed piece of jewelry may have more resale value as used or "estate" jewelry than it will have as recycled gold. For pieces which fall into this category, getting them appraised may net you the biggest return. You can find accredited appraisers at http://www.najaappraisers.com/html/find_an_appraiser.html.
Be cautious about the appraiser you hire. You’ll need to know upfront what the cost of the appraisal is. If the appraisal fee ranges between $ 50 and $200, how much of that ‘investment’ will you actually return? You’d have to have A LOT of jewelry for an appraisal with that fee to make a profit at all. You also then need to find someone who will pay the appraised value that can be inflated to insurance claim value prices.
.If you sell gold jewelry for its scrap value, you can lose much of its retail value. The price of your scrap gold is determined by a number of factors such as: Purity / Karat (10k, 14k, 18k, 22k, or 24k), current price of gold, dealer’s offer. A jeweler, pawn broker, gold refiner or scrap gold dealer will buy your pieces based on the weight of its gold content less a handling fee. He melts down the jewelry, extracts the gold and resells it or uses it himself. Since gold prices have blown away the $1000 milestone, the gold content of your pieces is as important as the price of gold itself. That old out of style man bracelet you bought yourself 30 years ago has no real resale value, who wants that out of date anchor? Recycling pieces such as this can be the way to retrieve the most buck for your bling.
Where to go?
If you are ready to part with your gold, shop around for the best price. If selling offline, jewelry stores generally offer better prices than pawnshops.Some creative buyers are coming up with alternative methods, such as ‘gold parties’ to purchase and sell gold. People gather in a social setting, bring unwanted jewelry and leave with an upbeat feeling.
Gold Party Time
If you dislike parties or lack the time to research parties in your area, in today's marketplace it is easy to find buyers of precious metal online that can save time and money. You can use auction sites like EBay or online gold buyers. Use a reputable company that offers free insured shipping that you can track online. This type of service offers you the best protection as well as providing you a third-party tracking number which enables you to know when the buyer has received your package. Fill out a detailed description of what you're sending and make a copy. Photograph the items.
Pry out, Diamond in ring!
Is it Different Selling Diamonds Online?
Should you sell your unwanted diamond jewelry the same way you sell your unwanted gold? It may be a bit more difficult selling a diamond ring or bracelet because jewelry MUST be worth more when a diamond is involved. “Diamonds are forever” must mean something!
There are several factors that determine the fair market value for a diamond. Some of these differences cannot be easily seen or seen with the naked eye, yet they affect the price all the same. Diamonds are priced according to where they fall in the four Cs: carat, color, clarity and cut. Selling high quality diamond rings requires you to be familiar with these factors and to find and communicate their value. The way you chose to appraise your diamond’s value can differ from appraising gold – it requires a certified gemologist to make that determination.Visit an appraiser, who will determine the color, cut, clarity and carat weight of the item. Only a professional appraiser can determine the correct grading for the diamonds in your piece and provide you with an approximate estimate for the value of the piece as a whole. Once you know how much the item is worth, you are armed with the best information to make the biggest return for your bling. Fine, high end pieces should be sold differently than less expensive items to ensure that you receive its true value in cash.
Where to now?
Where to go/Where not to go?
High end auction House: If the appraised value is over $1000, you can post the auction for your fine pieces on a high-end, fine arts auction website, such as Christie's or Sotheby's. You can sell anything from priceless paintings to fine jewelry on these websites. Because these sites host expensive auctions, they target a wealthy market of buyers. You'll receive higher bids and more profit opportunities on these websites. Include a quality photo of your diamond ring to attract more buyers. Most people will not purchase an expensive item like a diamond ring based on description alone.
EBay or Craigslist sites: For appraised values under $1000, people are choosing to sell their gold and diamonds on auction or listing sites. However, how can you be sure that you are getting the best price for your jewelry on these sites? In actuality, you can't. Many people who are purchasing here are looking for cheap diamond prices and are not looking to make a long-term investment. They want to get the jewelry cheap and quick.
Online gold brokers: For values under $500 this method of selling online is easy and private. None the less you will need to ensure again, that the company you choose is in a great diamond jewelry market and one that will ensure you the best price on your jewelry. Warning, not all online gold brokers will accept diamond jewelry.
Stay away from pawnshops in any instance: You know that taking your diamond jewelry to a pawnbroker is a quick and easy way to get extra cash: however, while a pawnbroker may know something about the value of diamonds, they are in the re-sale business and therefore cannot offer you nearly as much money for your diamonds as what they are worth. In fact, a pawnbroker is more than likely to turn around and sell your material to an online company. Why? It’s quick, easy, and private.
These options for selling gold will apply towards all types of gold. It doesn’t matter if you need to sell used gold, sell gold necklaces, sell gold rings, sell class rings, sell gold chains, sell gold earrings, sell gold charms, sell gold bracelets, sell broken unwanted gold, sell gold coins or sell scrap gold. Nothing is worth a cent if it’s sitting unwanted in the back of your jewelry box, never to be used or worn again. Your bling CAN be worth a lot of bucks. How you choose to make it worthwhile depends on the jewelry itself.
Remember Who pays the most!!!
Quote for 2011!
"Gold has been recycled since ancient times. Once gold comes out of the ground, it never goes back in. It's used over and over again." - Cecilia Gardner, president and CEO of the Jewelers Vigilance Committee
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