Price Of Gold For Your Old Jewelry
By: Kelly York
The price of gold fluctuates by the hour when the markets are open, as you probably already know. How much you’ll get from your old jewelry that you no longer use depends on a lot of factors.
Triplicity Golden Pendant by Hearts on Fire
There are several types of gold weights in jewelry. Jewelry is made with 24k, 18k, 14k, or even 10k. The carat is the weight of the gold. 24k gold is considered to be pure gold, anything less than that is part gold and part alloy. The number before the k tells you how much of it is gold. Most gold jewelry is 18k gold and the lesser expensive jewelry is 14k or 10k gold, the least amount of gold for jewelry.
After the carat has been determined with a quick chemical test, the jewelry is weighed. The jeweler will then do some calculating to determine what he is willing to spend on your gold.
Copley Multiple Diamond Band by Hearts on Fire
While there is a spot price posted daily, that sell price is for pure gold. But a reseller like a jeweler isn’t going to pay that. The jeweler needs to sell it for the spot price. So, he’ll discount the spot price and that is what he’ll offer to you for your old jewelry.
Price of Gold
When you’re selling scrap gold, like the rings, bracelets and earrings you no longer want, you take them into the jeweler to have them evaluated. The jeweler will remove anything that isn’t gold like gemstones, mechanic parts, etc. Then he’ll test the gold to find out how many carats it is. Triplicity Golden Pendant by Hearts on Fire
There are several types of gold weights in jewelry. Jewelry is made with 24k, 18k, 14k, or even 10k. The carat is the weight of the gold. 24k gold is considered to be pure gold, anything less than that is part gold and part alloy. The number before the k tells you how much of it is gold. Most gold jewelry is 18k gold and the lesser expensive jewelry is 14k or 10k gold, the least amount of gold for jewelry.
After the carat has been determined with a quick chemical test, the jewelry is weighed. The jeweler will then do some calculating to determine what he is willing to spend on your gold.
Copley Multiple Diamond Band by Hearts on Fire
While there is a spot price posted daily, that sell price is for pure gold. But a reseller like a jeweler isn’t going to pay that. The jeweler needs to sell it for the spot price. So, he’ll discount the spot price and that is what he’ll offer to you for your old jewelry.