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How to Calculate the Value of Your Scrap Gold
The price of gold jewelry is usually based on two factors; the value of gold and the art of jewelry. These two factors when combined make up the total value of a piece of gold jewelry.
When a person buys gold jewelry in a supermarket or jewelry store, they usually pay two or three times more than the price of gold. For example, a bracelet may cost $50 in metal, but sell for $150. Conversely, when you sell your broken or unwanted gold, you are only paid for the precious metal, not the artistic value of the jewelry. This is because the precious metal dealer is buying the jewelry for scrap, and it will soon be melted down into gold.
Gold is a commodity that is traded in commodity markets. The price of gold is determined by the supply and demand of millions of people buying gold for sale. Looking at the London PM Fix price, you can see that the price of gold is always high. Back in 1976 a troy ounce of bullion sold for less than $150.
The commodity was worth about $400 an ounce for twenty years, until the turn of the century when gold prices began to rise; from $400 to $1400 per ounce in 2011. If you’ve been holding onto old or broken jewelry in the back of your jewelry box, there’s never been a better time to sell.
The first step in calculating the value of your old gold is to find the current value of the gold. You can do a Google search for the phrase “lots of gold”. You’ll find that Kitco has what you need.
You must choose your products according to purity. Put your 10k in one pile, your 14k gold in another pile, and so on. You can find inscriptions on the inside of rings, on necklaces and bracelets, on earrings, and more.
What do my cosmetic labels mean?
Real Gold – 8K, 9K, 10K, 14K, 14KP, 18K, 22K, 24K, 585, .417, .750
Polished Gold – Engraved 1/20 12K GF, HGE, EP, Avon, Monet, or not
24k gold is pure, while all other types have a percentage of non-precious metals mixed into the alloy. To calculate purity, divide the mark by 24. For example, a bracelet marked 14k has a purity of 14/24 or 58.5%. A ring marked 10k has a purity of 10/24 or 41.7%.
Now you know the value of gold and the purity of your jewelry. The next step is to find the weight of your jewelry. You will want to use a kitchen scale or paper scale to measure your jewelry. You must convert the weight to troy ounces to calculate the value. There are 31.1 grams per troy oz and 1.1 ounces per troy oz. (Don’t worry, there are examples at the end of this article)
The last thing that comes into play is how much value you can get. If you were a refiner with a smelter and a list of gold customer orders, you could sell your gold at 100%. If you are a precious metal dealer who works with refiners, you can sell your gold at about 95% of the original value. However, you as a buyer should expect to receive anywhere from 20% to 65% of the property’s value.
Your pawn shop and few online buyers try to pay 20% of the value. Your average online buyer usually pays 50% of the property price. Some of the best online buyers will pay up to 65% of the property price. You really want to get your profile to get the best price!
The last step is to do the math. Let’s make some examples.
You have a 10k ring weighing 17 grams and today’s price is $1425 per troy oz.
$1425 * 10k/24k * 17/31.1 * 65% is $295
You have 22k rings weighing 0.1 oz on your kitchen scale and the spot price is $1465 per troy oz.
$1465 * 22k/24k * 0.1/1.1 * 50% is $61
This 14k Herringbone necklace weighs 0.6 oz and is priced at $1385
$1385 * 14k/24k * 0.6/1.1 * 55% is $242
You have a 24k gold charm weighing 8 grams and the gold price is $1412 per oz.
$1412 * 24k/24k * 8/31.1 * 60% is $218
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