How to benefit from selling your gold jewelry

How to benefit from selling your gold jewelry

Gold has always been precious, in great times and in not so great times; it has always been a form of currency, understood globally and appreciated everywhere. If you have decided to sell your gold jewelry and are looking to benefit from your investment, please be sure that you know what Karat Gold you are attempting to sell and the price of gold on the NYSE that day. 24 karat gold is the purest and is not typically used to make jewelry because it is too soft to hold a specific shape. Pure gold is alloyed with other valuable metals to help the precious metal retain the desired form that the designer and manufacturer have intended. Keeping in mind that pure gold is 24 karat there are three basic, main categories of Karat Gold in the United States of America that we typically see in jewelry. Knowing these facts will help you to benefit from selling your gold jewelry.

18 karat gold: Pure gold content 75%, i.e., 18 parts pure gold + 6 parts alloy = 24 total parts or 18/24. One might see a stamp: 18K or 750, for example.

14 karat gold: Pure gold content 58.5%, i.e., 14 parts pure gold + 10 parts alloy = 24 total parts or 14/24. One might see a stamp: 14K or 585, for example.

10 karat gold: Pure gold content 41.7%, i.e., 10 parts pure gold + 14 parts alloy = 24 total parts or 10/24. One might see a stamp: 10K or 417, for example.

Take the price of gold per troy ounce that day, multiply it by the percentage of pure gold in the piece of jewelry and divide that number by 31.1 to get the per gram value. Weigh the piece of jewelry and multiply the weight in grams x the per gram price. There may be intrinsic, collector or antique value in the jewelry piece; however, gold prices are so high in today’s market that often the intrinsic value has shifted into the weight of the gold. Go back to your family jeweler or a gemologist that you trust. Keeping  in mind that the buyer needs to process, hold,  transport, insure and bankroll the purchase, the two of you should be able to arrive at what you both agree is a fair buying/selling price. If you don’t like the offer, try at least two more places before making your final decision.

Jewelry is often stamped for gold purity, however, not always. Stamps are at times polished away during ring sizing or other repairs. Unless the jewelry item bears a hallmark, there is no USA law that states that jewelry must be stamped with its gold purity; however, it is unlawful to misrepresent the gold purity of any piece of jewelry with a misleading stamp. Now you are better informed on how to benefit from selling your gold jewelry.