How Much Can I Sell My Gold Rings & Jewelry For?

Posted on Nov 13,2014

While the process of selling your gold is fairly straightforward, many people are wary of it because, especially with online sellers, you don’t have face-to-face contact and are forced to relinquish the items without an estimate on their value. Receiving a good estimate on your pieces can be tricky, so here are three tips to approximate the worth of your items!

(1) Consider the pieces you are selling.

The style, purpose, carat value, and rarity of the pieces you want to sell are very important in the estimation of their worth. Some items are more valuable for their gold content than for their resale value; for example, an individual may sentimentally believe that their old jewelry is worth more than it actually is. Some antique and rare pieces will be valued highly, but most old jewelry is only valuable for its gold content. Gold coins are similar to jewelry, in that many of them are not inherently valuable but can be melted down for scrap.

(2) Ask for appraisals at local or franchised brick-and-mortar businesses.

Many jewelers, pawnshops, or cash-4-gold businesses will perform a free appraisal of your pieces for you. Be sure to go to a reputable business and ask a lot of questions. Reputable businesses will perform the appraisal in front of you and be open and honest about their decision and offer. Jewelers will be more selective about the rings and jewelry because they are looking for items to resell; pawnshops or cash-4-gold businesses will be more interested in selling the items for their gold content. Keep this in mind when you are receiving the values from these businesses.

(3) Do the math yourself!

The items you’ll need to calculate the value of your items are a calculator, a gold chart, a guide to calculating the value, and a gram scale. The gram scale is to figure out how much gold is actually in your pieces; the gold chart will be available online to help you find the current market price of gold; the calculator is for doing and double-checking your math; and the guide to calculating gold’s value will illuminate the easy steps to determining your gold’s value.

The short version of the calculation guide has 3 easy steps! First, you must determine the carat value of your various pieces and separate them according to their carat value. Secondly, you need to use the gram scale to find how much of each group you have. Lastly, you will use the calculator to perform the appropriate conversions and find the value. Please refer to this guide for particular conversions that you will need.

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Posted in  Gold Prices, Sell Scrap Gold, Selling Gold |   Tagged 

 

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