Sometimes, if people are low on cash, they may not realize that they have assets that can be liquidated. For instance, gold class rings or necklaces that may no longer be in style could be sold for a significant amount of money if they are made of gold.
Some jewelers pay for gold by the ounce. Here are a few details about selling your gold jewelry to help you understand the process:
Pure gold is so soft that it is not often used to construct a complete piece of jewelry. 24 karat gold is pure gold, but other karat designations are given to gold that is mixed with other metals. For instance, 14 karat gold is gold that includes 14 parts of pure gold and 10 parts of other metals. Likewise, 10 karat gold contains 10 parts of pure gold and 14 parts other metal.
By knowing the number of karats contained in your gold jewelry, you can have a better idea of the value. The higher the karat, the higher the value. The jeweler will pay less for a lower karat of gold since other metals comprise a portion of the metallic content.
The karats of your gold are usually inscribed on an inconspicuous area of your jewelry. For instance, the information may be stamped on the inside of a ring or on the clasp of a necklace.
The Weight of Your Gold
The price offered for your gold is based on the weight of the precious metal. However, people who sell and buy jewelry may not use the same measurement system that you may be accustomed to. Instead of a standard ounce, a Troy ounce is often used.
A Troy ounce contains 31.104 grams per unit. However, there are 28.349 grams in a standard ounce. In addition, some jewelers may use a standard called a pennyweight to determine the number of Troy ounces represented by your gold. One pennyweight is equal to 1.552 grams or 0.05 Troy ounces. Still, the gold dealer will likely pay you based on the grams of gold in your jewelry even if another weight standard used to measure it, so understanding the conversions can be helpful.
Know a Bit About Your Jewelry
If your gold jewelry is made by a famous designer, it may be worth more before it is melted. Be sure to ask the jeweler about the worth of your piece intact versus how much you can be paid for its gold content alone.
If you are considering selling some of your gold jewelry, contact a jeweler in your area like Rocky Mountain Coin Inc.