If you want to sell your jewelry for cash you have to do several things. First, of course, you’ll have to go to your jewelry box and find all the old jewelry that you don’t wear anymore, or jewelry that is out of style, orphan earrings (that don’t have a mate), broken necklaces and other item that simply won’t ever be worn again. Gather these together to sell because these items are all extremely valuable. Because of today’s high gold prices, you can trade them in for cash which you can use to pay other bills or at this time of year, buy Christmas presents.
In the United States, most gold is 10K, 14K, or 18K, and these are simply designations that indicate the total weight of gold in any particular item. Each piece will usually have one of these numbers indicating the karat weight stamped on it. The mark may be on the clasp or on what’s called the jump ring. The jewelry may also have what is called the maker’s mark – an indication of who made the item. All these markings help identify the type and value of the gold. You can easily see these markings with a magnifying glass and sometimes they are visible to the naked eye.
You can discover the karat weight of any gold item by simply examining it and looking for one of these numbers.
Once you have determined the karat weight of your gold, you should separate the gold into piles according to that particular weight. If you can weigh the gold, you have half of the information you’ll need to sell your gold.
First, Google the “spot price” of gold. Once you determine the spot price, you can divide the spot price by 31.1 (this is the number of grams in an ounce). this will give you the cost of pure gold in grams. This is the pure gram price.
Since most gold is not pure, you have to do an additional calculation. To determine the value of 10 carat gold, multiply the pure gram price by .417. To determine the value of 14 K gold, multiply the price times .585. To determine the value of 18 carat gold multiply the gram price by .750. This is because 18 K gold is about three quarters pure so .75% is three quarters (if you remember your high school math). Now you know approximately what your gold is worth so you can approach any gold dealer and be reasonably sure you’re getting the best price.
If you live in a major metropolitan area, you are more likely to be able to secure a competitive offer. If you live in a rural area you may not be able to get as competitive a price. But in order to find out, just do the math!
Brian Jowaisas is the owner and operator of Houston Gold Merchants, a full-service precious metals dealer offering liquidation and investment services in Houston, Texas.