Posted on: 2 July 2015
Whether you're cleaning out your jewelry box or you're in a bind and need some money quick, selling old gold jewelry is a great way to get cash fast. To ensure you don' get jipped, you need to know how to properly weigh gold jewelry so you can estimate it's value. Once you have an approximate price value for your gold, you will know if you're getting a good deal or not when you sell it. Keep reading to learn how to properly weigh gold jewelry to obtain its value before you sell it:
- Gold jewelry
- Magnifying glass
- Scale, preferably a gram scale
- Newspaper or Internet access
Step 1: Locate The Karat Stamp
Every piece of gold jewelry is stamped with a karat number that indicates its purity. The greater the karat number, the purer the gold is, and the higher the value is for that piece of jewelry. The most common numbers you'll see stamped on gold jewelry are 10k, 14k, 18k, and 24k. Pure, solid gold is 24k.
In order to find the stamp, look on the inside of rings, the backside of pendants, and near the clasp on bracelets and necklaces. The stamp will be small, so you'll probably need a magnifying glass to read it. As you find the karat stamp on each item, sort the jewelry into piles by karat number.
Step 2: Weigh The Jewelry
With your gold jewelry sorted by karat number, it's time to weigh each group and write the figure down on paper. A gram scale is best, but if you don't have one, you can multiply the number of ounces by 28.3495231 to get the weight in grams.
Step 3: Get The Current Price Of Gold
Next, you need to find the current price of gold. You can find this information in your local newspaper or online. Write the price down. Note that gold is typically weighed in troy ounces, which is slightly different than a regular ounce. A troy ounce equals 31.1034768 grams.
Step 4: Find The Price Per Gram
In order to properly weigh your gold jewelry, you have to convert the price of gold per troy ounce to grams. This is done by dividing the current price of gold by 31.1034768. Write the results of this calculation down.
Step 5: Calculate The Price Per Gram For Each Karat Number
Now, look at your piles of gold jewelry, which are sorted into piles by karat. Start with the lowest karat number and divide it by 24. Then, take this number and multiply it by the price of gold per gram, which you calculated in the previous step. Now you have the price per gram for that specific karat number. Write this number down. You will need to do this calculation for each karat of gold you want to sell.
Step 6: Find The Value Of Each Karat Group
Now take the price per gram for one of your karat piles and multiply it by the weight of that pile in grams. Write the number down, because this is the value of that pile of gold. Do this for all of your piles.
Step 7: Determine The Total Worth Of Your Gold Jewelry
The easiest calculation of them all is this final step. To determine the total worth of all your gold jewelry, simply add together the numbers you calculated in the previous step. This is the figure you want to have with you when you visit a gold dealer to sell your old gold jewelry. You can compare this figure to the one the gold dealer gives you to see if you're getting a good deal or not.
If you're in a financial bind or you just want some extra spending money, selling old and broken gold jewelry is a fast way to get cash. But make sure you put in the time to weigh and calculate the value of your gold before you sell it. This way, you will know if you're being paid a fair price for your items.
Click on this link to learn more about selling gold in your area.Share