How To Get The Best Price For Your Gold Jewelry?
How To Get The Best Price For Your Gold Jewelry?
If you have a jewelry box full of broken or outdated gold chains, gold bracelets, mismatched gold earrings, or gold watch bands you’ll never wear again, and would like to turn them all into cash, here are some important tips to help you get top dollar for your jewelry. When you bring your gold into a dealer, they will conduct tests on your gold to determine its authenticity and purity. You can prepare yourself ahead of time by following the steps listed below to get a good idea of what your gold is worth.
Step #1 – Get The Current Per Gram Gold Price
Visit www.stuppler.com or call us toll-free at 1-888-454-0444 for today’s current gold price. This information is also available on all the national business news shows on television channels such as CNN or MSNBC.
NOTE: 31 grams = 1 troy ounce of gold
To get the current PER GRAM gold price, simply divide the current gold price by 31.
Current gold price ÷ 31.1 = GRAM value for 1 troy ounce of gold
EXAMPLE #1:
Say the current market price of gold is $1,200 an ounce
$1,200 ÷ 31.1 = $38.585 (the current PER GRAM gold price)
STEP #2 – Determine How Much Gold You Have
First sort your gold into categories by type of gold. If you don’t have a jeweler’s “loop” a good magnifying glass will work. Look for the jeweler’s mark indicating 10K, 14K, 18K, 22K, and 24K. Make separate piles (categories) for each marking (10K, 14K, 18K, etc.) Some marks are quite clear; however, some will be faded and partially worn off. Some gold jewelry is electro plated, or gold filled. If you see the following marks, your items are not gold and will be returned to you: 1/12 14KtGF 1/20 14Kt GF HGE GP EP JT Vermeil = gold wash.
Next, find the weight of each type. Weigh each category (10K, 14K, etc.) separately with a gram scale. Many postal scales and common kitchen food scales weigh in grams.
Write down the total weight in grams for each category.
EXAMPLE #2
14 Kt - 20 grams
18 Kt - 15 grams
Step #3 --- Get The Purity Calculation Number
Use the chart below to find the purity calculation number* for each of your gold categories. Write down the purity number next to each of your categories.
| TYPE OF GOLD | Ideal Purity | Average Purity |
|---|---|---|
| 10 Karat | 0.4166 | 0.39 |
| 12 Karat | 0.5 | 0.475 |
| 14 Karat | 0.585 | 0.55 |
| 18 Karat | 0.75 | 0.72 |
| 22 Karat | 0.9166 | 0.87 |
| 24 Karat | 1.000 | 0.95 |
* Purity levels are based on several variables including manufacturer, country of origin, etc.
In many cases the purity levels may be slightly lower based on these and other criteria.
Step #4 – Determine The Value
At this point you should have the following three numbers written down:
- Current PER GRAM gold price (see STEP 1 above)
- Number of grams (see STEP 2 above)
- Purity calculation number (see STEP 3 above)
Use these three numbers to quickly determine the value of your gold.
FORMULA:
Current per gram gold price TIMES the number of grams TIMES purity calculation number = Value of Gold
Here is an example using the numbers from our examples in the steps above:
EXAMPLE #4
- 20 grams of 14 Karat gold
- Current PER GRAM gold price = $38.585
- Number of grams: 20
- Purity calculation number .55
- $38.585 x 20 x .55 = 424.44 total value of 14 Kt gold
- 15 grams of 18kt Gold
- Current PER GRAM gold price: $38.585
- Number of grams: 15
- Purity calculation number : .70
- $38.585 x 15 x .70 = $405.14 total value of 18 Kt gold
The total value of our gold is $829.58
$424.44 + $405.14= $829.58Now that you know the approximate value of your gold…
What Is A Fair Price To Receive From A Gold Buyer?
The dealer (gold buyer) has expenses and procedures associated with buying gold. Dealers need to hold the gold for up to 30 days (2nd hand Policy holding requirements) plus pay refining, shipping and assay costs from a refiner. Following the above steps should give you a fair evaluation of what you can expect to receive for your gold PROVIDING further testing proves your items are authenticate and establishes the exact purity level. Offering you 75% to 80% of the gold value is fair.
Based on the examples above, with a total gold value of $829.58 we should expect to receive $622 to $664 for our gold.
How To Find A Reputable Gold Buyer...
Find a REPUTABLE gold buyer by first doing your research. Contact the Professional Numismatic Guild (PNG) http://www.pngdealers.com/ to find a registered dealer in your area. Each PNG dealer must comply with a strict code of ethics and mediation before becoming a member. If you live in a major city, you may find a PNG dealer near you. If you are in a rural area, or have seen those television ads instructing you to mail your gold in and receive a check, please DO YOUR RESEARCH before mailing your jewelry ANYWHERE !!! You can call or email us if you have questions and remember...
Stuppler & Co. is a registered PNG dealer and we buy gold, too!
Call toll-free 1-888-454-0444 or email [email protected]CLICK HERE for a PDF version of this article to print or save to your computer!
And remember... WE BUY & SELL GOLD, TOO! Call us toll-free 1-888-454-0444