How to Sell Gold Jewelry


How to Sell Gold Jewelry. Selling gold jewelry needs to be given careful
consideration. If you sell it for scrap, you may lose as
much as 75 percent of its retail value. You will need Appraiser Scale Gold purity
percentage Internet access and reputable buyer. Step 1. Have the jewelry appraised if you are not
sure about its value as a work of art. Its value as an art object or antique may
greatly exceed what you can get for it as scrap metal. Step 2. Weigh the gold, minus any gemstones. If you don’t have a jeweler’s scale, you can
use an ordinary kitchen scale. Convert the weight in kitchen grams or ounces
to pennyweights using the formula 1.5 kitchen grams equals 1 pennyweight and 1 kitchen ounce
equals 18.23 pennyweights. Step 3. Recognize that the price of gold is based
on 1 troy ounce — or 20 pennyweights — of pure 24 karat gold. Gold less pure than 24 karats is discounted
proportionately. For example, 18 karats is 75 percent pure
gold, 14 karats is 58.3 percent pure gold, and 10 karats is 41.7 percent pure gold. If the gold is 10 karats or higher, it will
be stamped with a karat stamp. Step 4. Estimate the scrap value of the gold, adjusting
for its purity, and then decide whether you still want to sell it. The current spot price of gold can be found
at gold.org Step 5. Take the jewelry to a reputable buyer of scrap
gold, and ask for a quote based on the spot price of gold. Remember, the prices buyers offer reflect
their fees for assaying and refining the gold, plus any profit the buyers hope to make. If you decide to sell the jewelry to an online
dealer, make sure the dealer is willing to send you a registered packing envelope that
requires a signature when you send it back with your gold. Be sure to get an estimate and a guaranteed
price range before sending the jewelry. Step 6. Shop around. You may find large differences in the offers
you receive. Did you know The oldest known example of gold
jewelry dates to the third millennium BCE.

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