How to Sell 22k Gold/ 22k Scrap Gold
What is 22k Gold
Gold used for jewelry is usually pure gold mixed with other metals such as silver, copper or nickel. The percentage of pure gold in any jewelry item is indicated by its karat value (10k,14k, 18k,22k). Pure gold is 24k. So you can work out the gold content in any item by dividing the karat value by 24.
So for example 22k gold is 22/24=91.66% pure gold.
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Selling 22k Gold/22k Scrap Gold
When selling your gold item you have 2 choices - either selling it as an item of jewelry or at its scrap gold price. The scrap gold price is the current market value of the pure gold in your jewelry item. This article gives tips on how to sell your item as both scrap gold and as jewelry.
Selling 22k Gold as Scrap Gold
Step 1 Confirm that your item is 22 karat. Solid gold jewelry will always have a hallmark on it indicating the the karat value. Rings for example usually have a stamp on the inside. You will need a magnifying glass to really see the stamp - if you cant find it then your item may only be gold plated.
Step 2 Find out the weight - in either grams or ounces. Remember you want the weight of the the metal - you cannot include any stones or other adornments on the item.
Step 3 Work out the current scrap gold value of your item. Get the current price of gold.To work out the value in ounces do the following calculation.
Current gold price x 0.9166 x Weight
To work out the scrap gold value of your item in grams do the following calculation.
Current gold price/31.1034768 x 0.9166 x Weight
Step 4 Choose the best way to sell your 22k scrap gold item
Once you know the current scrap gold price of your 22k gold then you know the maximum price you are likely to get for it. Below are listed a number of different options you have for selling your 22k gold item, depending on what your objectives are (getting the best price or selling quickly) you may choose one option over the other.
Advertising in local classifieds or Craigslist - definitely the best option to get the highest price as you cut out the middleman and you do not have to pay any fees. You would be surprised at the interest in your local area for scrap gold items. You can expect to get 95%-100% of the scrap gold value of your item and it can move relatively quickly. You may need to post it a couple of times. Include pictures if posting on Craigslist and information about karat rating and weight. Do not part with your item without having the cash in your hand. Craigslist can be notorious for scammers.
Ebay - This is a great way to sell your item. Scrap gold will tend to sell for its scrap gold value - maybe a little bit above. You have to pay commission and listing fees to Ebay so you may come away with 88-90% of the scrap gold value.Once again include good pictures and karat rating and weight in the description. Offer a money back guarantee if you are new to Ebay to build trust. Items will tend to move very quickly and I have never had to relist.
Coin Shops - will generally buy solid gold jewelry but usually not stuff with stones in it. They will give you 80-85% of the scrap gold price live and this can be worth taking the haircut for the convenience of a quick sale. Generally honest and straight forward.
Mail in Gold Companies - these are not known for giving you a good price for your items. They have overheads and advertising to cover and all this comes out of the price they can offer you for your gold. you mail in your item, they then send you a check or offer to send you the item back, they rely on the fact that due to laziness you will just settle for what they have offered you. Once again the key is knowing how much your item is worth so can compare different offers.
Gold Parties - these have a bad reputation for offering poor gold prices and rely on the fact that you are getting the convenience of a quick sale and cash in your hand. If you know the value of you item and what you will get other places then you can accept or turn down any offer you get.
Selling Your 22k Gold as Jewelry - the other option you have is selling your 22k item as second hand jewelry. Theoretically this should get you a higher price than selling it at the scrap gold price however the reality may prove to be a little bit different. Your best bet is to sell it either on Craigslist or on Ebay. Find out first what a similar item would cost new and then search on Ebay for similar items to come up with a reasonable expectation of what you can get. It is highly unlikely that if you sell your item to a second hand jeweler that they will offer you more than the scrap gold price of the item. You can try to sell it first as jewelry and then if that does not work just sell it as scrap gold