Sell Your Gold Wedding Band: A Guide to Cashing In

Posted on Sep 23,2014

If you’re looking to sell your gold wedding band, you can easily find a place to buy it.  The gold market has been growing for the last few years, and the number (and type) of gold buyers have also increased.  You can find local jewelers, reputable pawn shops, and online gold companies that will purchase your gold wedding bands at various rates.  Depending on the company, they will offer you a portion of the market value for the gold.  Some companies resell the item as is, while others melt down the items for their gold content.  Either way, your item will be evaluated according to its weight and gold content.

Most gold wedding bands range from seven-to-ten grams, and their gold content depends on their purity rating.  Gold’s purity is measured in carats (sometimes spelled karats), with pure gold measuring 24k.  Wedding bands of a lower carat value are composed of gold with other metal alloys.  Sometimes, pieces have a percentage instead of a carat value embossed in an inconspicuous place.

The following is an example of how to calculate your wedding band’s value before taking it to sell.  In this example, we assume that the weight of the wedding band is 8.5 grams and its carat value is 18k.  We will use $1200/troy ounce as the current market price for this example.

(1)    Calculate the market price per gram:

$1200/troy ounce x 1 troy ounce/31.1 grams = $38.59/gram

(2)    Calculate the carat value:

18k/24k = 0.75

(3)    Multiply the grams by the price per gram and the carat value:

$38.59/gram * 8.5 g * 0.75 = $246.01

Using these calculations, at $1200/troy ounce, an 8.5 gram, 18k wedding band would be valued at a little less than $250.   There is a more detailed guide here if you have questions or concerns about the calculations.  This value—$250—is market value of the wedding band, so most places will offer you less for it.  It is often prudent to get your piece appraised by multiple places to find out where you would get the most money for your sentimental piece.

Top7CashforGold.com did a test on ring prices that weighed a little less – 4.4DWT.  You can see what online companies paid here.

The process of selling gold can be harrowing for some, but it is fairly straightforward and using local businesses can help to assuage any concerns you have.

Different Diamond Cuts:  Comparing Popular Diamond Ring Styles

If you’re looking for an engagement ring or other jewelry, you may feel overwhelmed with the choices available for jewelry with diamonds or other precious gems.  Diamonds in particular come with a lot of choices, as there are various cuts and colors that diamonds come in.  There are classic diamonds, chocolate diamonds, black diamonds, and pink diamonds; diamond cuts include round, princess, marquise, pear, and princess.  These options don’t even take into account choices for the band or chain.  The following is a list of things that should be taken into account while deciding on a diamond cut:

  1. The cut affects the carat value.  The carat value is decided by the size of the rock, but that is directly affected by the cut.  Some cuts require certain thicknesses of the gem and certain angles in the stone.  According to this chart, a princess cut diamond is smaller than the oval or pear cut for the same carat value.
  2. Cut determines value.  Certain diamond cuts are more valuable than others for various reasons. According to Blue Nile, diamonds of varying cuts with other characteristics being identical (including carat value), range from $3,800 to almost $6,000.  The round cut comes in as the most expensive at $5,949, while the radiant cut came in as the least expensive at $3,790.
  3. The wearer of the jewelry should have the final say on cut.  In addition to giving them precedence on color and other aesthetic concerns, the recipient of the jewelry should select their favorite cut.  The purchaser, for obvious reasons, should have control  over factors such as price and quality, but they should defer to the recipient’s preferences on other concerns.

Round cut diamonds are some of the most popular diamonds, but each cut has its own advantages.  For example, one of the biggest advantages to round cut diamonds is that the cut maximizes potential brightness, while oval diamonds can create the illusion of greater size.  Heart shaped diamonds are unique, but smaller gems cut into a heart shape are difficult to perceive if the gem measures less an 0.50 carats.

As with other jewelry, be sure to look at all the options for your piece.  Ask to see various gems of various cuts and colors to get an idea of what will be most pleasing for you to wear, especially if you are having it made on special order.

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