Do you know how gold buyers weigh your gold? Do you understand how the purity of your gold jewelry affects value? What about the spot price? These are just a few of the things you’ll need to understand to sell jewelry for the highest price. Here’s our most important tips to help you be informed before you walk in a gold buyer’s door.
How Gold is Weighed
Most buyers will weigh your gold jewelry in pennyweights, not ounces or grams. Always know your gold’s weight in pennyweights before you try to sell so you can make an informed decision about the offer you receive. Also note the difference between a troy ounce and a normal ounce; many unscrupulous gold buyers such as those at gold parties may weigh your gold by troy ounce but pay you by normal ounce.
1 pennyweight = 1.56 grams
1 pennyweight = 0.05 troy ounce
20 pennyweight = 1 troy ounce or 31.1035 grams
1 normal ounce = only 28 grams
Gold Purity and Jewelry Stamps
Before you sell gold, it’s a good idea to check the purity or karat value. You’ll probably see a jewelry stamp on the piece, which may be on the clasp or inside of a ring. The stamp on your jewelry may be in karats or purity: .417 is 10kt, .585 is 14kt, .750 is 18kt and .999 is 24kt. This number signifies the amount of gold in the item. 24 karat means it is 99.9% gold, while 10 karat means it is 10 parts gold to 14 parts alloy metal. When a gold buyer looks at your jewelry to make an offer, they will begin by separating it by karat fineness to be weighed separately. For 10 karat gold, a simple calculation is done to determine the value of the gold in the jewelry by weight, accounting for the high percentage of metal alloy.
Other Tips for Selling Gold Jewelry
- Remember, gold doesn’t have to be yellow or white. By using different metal alloys, real gold jewelry may be rose colored, pink or green. Black Hills gold jewelry is a good example of the different colors possible by using alloys.
- Gold prices fluctuate every day and the day’s price is one very important factor that determines how much you’ll receive when you sell your gold. Try watching the market prices for awhile to ensure you’re selling your jewelry at a good time.
- Don’t be afraid to shop around to get offers for your gold.
- Know what you’re selling before you walk in the door. A reputable gold buyer will tell you the weight of your gold and the karats but you’ll need to be informed to understand if their offer is fair.
- If your jewelry has diamonds or precious stones, it may be a good idea to have them removed to sell separately to a diamond buyer. Someone experienced in dealing with diamonds should be able to give you a separate quote for these gems, however.
- Never leave your jewelry with a potential buyer, as they can always evaluate it completely in your presence.