How to Value Gold Jewelry Accurately

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.

1.Determine your gold's purity. Look for its karat weight stamped on the side of the piece or the inside of the band for rings. The number will be no larger than a 24. To determine gold purity divide the karat weight by 24 and note this number as a percentage. If the stamp on the piece is a three digit number instead of a karat weight (1 to 24), divide the three digit number by 1,000 and note this number as a percentage of gold purity.

2.The value of gold jewelry is based not only on the gold but can also be influenced by the gems that may be included in the piece. If you want an accurate reading for the gold only you will have to make sure to remove all non-gold parts such as the setting and gemstones if applicable. If you are not able or willing to remove non-gold parts then you will have to have your piece appraised by a professional or jeweler.

3.Weigh your gold with a fine scale that can measure down to the gram. Make sure your scale is calibrated properly to ensure accuracy.

4.Calculate the troy ounces of gold you are looking to find the value of. To do this multiply the grams that your gold jewelry weighs by the percentage of purity determined in step one and then divide the total by 31.103. This number is the conversion of grams per troy ounce, which gold spot prices are based on. Note your result; this is the calculation of your gold jewelry in troy ounces.

5.Determine the current spot prices of gold per ounce in your currency. You can usually find this price quite easily by visiting almost any financial news website or gold price organization.

6.Multiply the spot price by the troy ounces of gold you own as calculated in step 4. The result is the true value of your solid gold jewelry at scrap value.

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