Do you have some jewelry at home that you never wear? You could turn that jewelry into some fast cash faster than you might think! Many pieces of jewelry today contain at least a little gold. It comes in karats of 10K, 18K, and 24K varieties, but gold is gold.
If you turn in your gold jewelry for a sale, then you’ll get cash for the value of that gold and some dealers may also provide cash for any diamonds or other jewels that may be on the item. In return, you get money for something you don’t ever wear!
It’s Important To Recognize How Gold Jewelry Is Seen
Although you’ve got gold on that jewelry of yours, it is important to know that for a gold dealer, these items are considered to be scrap. You won’t be getting a market value price for your gold because someone will need to melt that gold down and potentially separate it from the piece of jewelry for this commodity to be used.
There is no price premium for craftsmanship or artistry of the jewelry because once you make the sale, that item is getting melted.
What does this mean for the cash for gold jewelry? It means that up to 30% of the scrap value of the gold is already gone because the smelter, or the person who separates the gold from the other metals, needs to get paid as well.
The type of gold that you have also depends on the price that you’re going to receive. A pure gold item is 24K, so if your jewelry is just 10K, you’ll be getting less than half of the value for your jewelry than if it were solid gold. This is where many sellers find themselves disappointed with the price! Although 10K gold is still gold, it is not pure gold and that means you won’t receive the full price you might expect for your gold jewelry.
How Can You Tell What Gold Your Jewelry Has?
Gold jewelry is generally marked with the amount of karats that it contains. You might see a small engraving on the back or the interior of the item saying “24K.” If the jewelry is not pure gold, then you might see a fraction listed on the jewelry instead, such as “14/24.” It might also just say “14K.”
If you don’t have jewelry that is pure gold, then you might get a better price selling it as jewelry instead of selling it for the metal. The best gold jewelry to for melting down are the older gold chains and bracelets that were worn about 40 years ago. They have substantial gold content to them and little aesthetic resale value, so the gold content could be worth more than the original resale price of the jewelry!
It is easy to find yourself getting a bad price for the gold jewelry that you have, so make sure that you know what grade of gold you have and how much it weighs before trying to get a good price. Gold transactions for jewelry are generally conducted in pennyweights. If you have 1 troy ounce of gold, then you’ll have 20 pennyweights. So if you have a 11/20 pennyweight item that is 14 karat gold, you’ll get 58.3% of the scrap value of solid gold as your starting price. Deduct 30% or so for the smelter, ask your buyer about their discount, and you’ll know how much cash to expect for your gold jewelery.