• What Is My Gold Jewelry Worth :: How To Price Gold Jewelry At Home

      1 comment

    This article will show you how to price your gold jewelry at home in three easy steps. This will ensure that when you go to sell or insure your gold jewelry, you will have a very good idea of what it is actually worth.

     

    Step 1: Find Out What Karat Your Gold Is

    Each piece of jewelry should have a stamp on it somewhere. You may need to use a magnifying glass to find it and see what is says. To find the karat (or carat) purity of the piece, look for a one or two digit number followed by “kt” or “K”. If neither of those are present, there is occasionally a three digit number. This number is percentage. Put a decimal point in the front of the number and it will tell you what percentage of the jewelry is gold. See the following article on how to convert the percentage into karats.

     

    Guide to Stamps and Inscriptions on Gold Jewelry

     

    If you can’t find any karat stamp on your gold jewelry or just can’t read the stamp, you may have to do an acid test or take your piece to a trusted local jeweler to have the karat determined. For more info on performing an acid test at home, see How To Know If Your Gold Jewelry Is Real.

     

    Amazon.com sells very good gold test kits for under $10 like this one:
    Gold Testing Solutions Kit 10k 14k 18k 22k

     

    Step 2: Weigh Your Gold

    Now you need to know how much gold you’ve got! If you want an accurate weight, you can get a quality, accurate scale for about $10 on Amazon.

     

    This one is inexpensive, and accurate to 0.01 grams. I highly recommend it: American Weigh Signature Series Black AWS-100 Digital Pocket Scale, 100 by 0.01 G

     

    Weigh each piece separately. Write down all your results in grams. If your scale only weighs in ounces, divide by 28.349523 to convert to grams.

     

    Step 3: Calculate The Value of Your Gold Jewelry

    You’re almost there! Now you just have to plug your numbers into the equation.

     

    You can use this easy Gold Value Calculator

     

    Or you can do it manually by following these steps. First, convert your gold by karat into the amount of pure gold you have. Pure gold is 24 karat. So if you have 10 grams of 12 karat gold, you actually have 5 grams of 24 karat gold. Here is the equation for this conversion:

     

    (Gram Weight of Your Gold * Karat Purity of Your Gold) / 24 = Grams of Pure Gold

     

    Now find the current price of pure gold. Here are two reliable websites that show the current trading price of gold:

     

    Ask.com – Current Price of Gold

    GoldPrice.org – Current Price of Gold (look at very top of page)

     

    Once you have a reliable price of gold per ounce, convert that price into grams. NOTE: The gold price quoted is the price per Troy ounce, which is probably NOT the same as the ounces from your scale. Here is the conversion rate for Troy ounces:

     

    1 troy ounce = 31.1034768 grams

     

    To get the current price of gold per gram, take the price per Troy ounce that you got from the links above, and divide it by 31.1034768

     

    The final step is to multiply the grams of pure 24 karat gold you have with the current price of gold per gram.

     

    Grams of 24 Karat Gold * Current Price of Gold Per Gram = Current Value of Your Gold

     

     

    Tips Before Selling Your Gold Jewelry

    • Keep in mind that this is the scrap value of your gold. For most gold jewelry this is best value you can get for your piece, especially when the price of gold is trading at a high level. However, if your gold jewelry is rare or has a very special and well-documented history, it could be worth more than its scrap price.
    • The gold price can change quite a bit from day to day, so keep this in mind and re-check the current trading price right before you go to sell your gold to make sure your price is up-to-date
    • When selling your gold, don’t expect the buyer to give you 100% of the current value of your gold. They still need to process the gold and make a profit too. A fair offer price is generally between 70%-90% of your gold’s current value.
    • The value calculated in from this process is only the value of the gold itself. If your jewelry contains any gemstones, you should consider removing them before bringing your gold in to sell. Ask for a separate price for the gemstones to get the best value. Just make sure your best option is selling your gold for scrap before removing the gemstones.

     

    To find out more, read How to Get the Most Money Selling My Gold Jewelry

     


    • If you are thinking about selling your old gold jewelry for cash you might be tempted by the many offers to mail your jewelry in and receive cash back. If you do this, however, you may not be getting the true value for the gold that you are selling. To get the spot price of gold when selling your gold jewelry, you need to first know what it is worth so that you know if you are getting a good deal. Does this Spark an idea?

    Write a comment