Now is the time when you're thinking of getting rid of your old Gold and turning it into something useful.
The ABC's on selling Gold:
What to know in the beginning:
Interested in selling your gold? Learn what's involved on this page.Keep in mind that the prices your jewelry can fetch vary widely. So an informed shopper is a profitable one.
Gold in it's purest form is 24 karat (24kt) and is a soft metal. The weight and karat (kt as it will be stamped) of the gold determines its value. Ten-karat gold (10kt) means that it has 42% gold content and a mix of 58% other metals that add strength for durability. Fourteen-karat gold (14kt) is actually 58% pure gold. And 18 karat gold (18kt) is 75% pure gold.
How does one weight differ from another?
The weight and karat of gold determine its value. Be aware that jewelers use a weight measurement called the Troy ounce. In the U.S. scales are calibrated to measure out 28 grams per ounce. Gold is measured at 31.1 grams per Troy ounce. DO NOT CONFUSE THESE TWO TYPES OF WEIGHT OR IT WILL COST YOU.
Some dealers use the pennyweight (dwt) system to measure a Troy ounce. A pennyweight is the equivalent of 1.555 grams. 1 troy ounce = 20 pennyweights.
Be aware that when selling gold, the dealer does not weigh your gold in pennyweights and then pay you it's gram weight.
Know Your Karats (kt)
One karat (kt) = 1/24 of pure Gold by weight. 14 karats (14kt) would mean the jewelry is 14 parts gold and 10 parts other metals.
All Gold jewelry is not the same. Any piece of gold that is under 10 karats (10kt) cannot be legally stamped even though it contains gold.
Know what your jewelry's karats are and have them sorted to get the best value for the jewelry you want to sell. Don’t let jewelry of different karat value be weighed together. Some dealers will weigh all jewelry together and pay you for the lowest karat value.
What's it worth today?
Know the current market value. for your convenience, to the right you will find a listing of the current market values on certain precious metals. You can also check online at www.goldprice.org, to verify this before you decide to sell.
Don't be in a rush to sell. Be informed, check with more than one source to make sure you are getting the best value for your items.
Gold buyers are required by law to ask for government-issued identification. This is a requirement designed to protect consumers by helping police investigate the sale of potentially stolen property and aid in the recovery process.
All reputable gold buyers comply with these rules.