How to Sell Your Old Gold Jewelry
Today’s high price of gold may be tempting you to consider selling your unwanted jewelry pieces. But be prepared. You could be pleasantly surprised – even shocked – at their value even when selling them as scrap. Here’s what you need to know.
If you plan on selling gold while the price of gold is high, you will almost always get a better price by trying to sell them as a “jewelry piece”, rather than as scrap headed for the smelter.
When selling gold jewelry for its scrap value, or weight value, almost all of the retail value is lost. This is because the scrap value is based on the weight of the gold alone and will not take into consideration the craftsmanship or piece value the item may have in the marketplace. Many pieces indeed have no resale value, or piece value as used in the trade and will thus make good items for the melting pot. These items include that old class ring, broken chain, dental gold, single earring, and any other garden variety piece of jewelry.
Jewelry items that are marked Cartier or Tiffany typically make good candidates for “jewelry pieces” that have better resale opportunities. “Some people are shocked to learn that their old, ugly class ring is worth more than their Tiffany necklace,” said our expert, a 30 Year GIA graduate and owner of Cash for Gold Orange County in Huntington Beach, CA.
What’s it worth?
If you are now wondering what your gold jewelry is really worth, do NOT have it appraised. Many people will make this mistake thinking that an appraiser will value their items for what they can be sold for. An Appraisal is good for those people wanting to insure the item in case it is lost or stolen but not for determining its actual cash value.
The vast majority of jewelry items do not have resale value and will be valued strictly by their weight in gold. How can you find out how much your unwanted bracelet or single earring is worth as scrap? Here’s a brief help guide:
- The price of gold is valued in World’s Commodities Markets and is based on one troy ounce of 24-karat ( pure gold ). A single troy ounce is 31.1 grams, or 20 pennyweights. ( go to Kitco to check the current market price )
- Most jewelry items are not made of pure gold and thus have the following purity percentages: 10k = 41.7%, 14k = 58.3%, and 18k = 75%.
How do I get the best price? Like anything else, it pays to shop around and do your homework. But often times, your best resource is your local merchant. He depends on his reputation in the community and will work harder to gain your trust. When shopping around, ask the gold buyer what the price of gold is first and then ask him/her to weigh each group. He should give you a quote based on that spot price for gold he quoted you. Most jewelers offer 50% of the melt value while pawn shops offer even less. These value offers are discounted by the fees associated to melt, assay, and refine the metals, plus a small profit the gold buyer wants to earn.
With gold prices at or above $1,000 per ounce, even an old class ring can be worth $300! Call Cash for Gold Orange County when selling gold at (714) 901-8000. They pay up to 80% of the gold value and will meet or beat any legitimate offer.
Where to Sell
If you are ready to part with your gold, shop around for the best price. Jewelry stores generally offer better prices than pawnshops.
Our local expert doesn’t recommend selling gold to “mail in” businesses that send you a packet to drop in the mail box. Beside the risk of mailing valuable items that could be lost or stolen, you will often not be getting the best actual cash value for your jewelry. Trust a local merchant to sell your gold jewelry.