When you buy jewellery and you take it home, it loses its value immediately. It will not matter that you have never a particular piece of gold jewellery, the fact that it will be counted as “used” or “secondary gold” means it will lose its value the minute it is sold and it. When you sell gold jewellery, do not expect anything close to the retail value of gold. The gold buyer you sell gold jewellery to has to recoup his money and still make a good profit. Having your gold appraised just to sell it to a gold buyer might be unnecessary. To calculate how much your gold jewellery is, there are three components that you should consider: the Purity, weight and the market price of gold.
The quality of gold is measured in karats. The first thing you need to do is check the karat value. Gold jewellery has hallmarks or karats stamped on the gold piece. You might want to get a magnifying glass to get a closer look at the inscriptions that aren’t visible. The highest karat value of gold jewellery you can get is 18K. Some hallmarks do not have a number followed by K but they may have three numbers: 417, 585 and 760. These are essentially percentages. To convert these to a decimal, add decimal one digit from the last number – so 417 becomes 41.7 percent (%). The higher the number means the purer the jewellery. If you can’t find the karat value because it has rubbed off is illegible, has been altered. If you are not sure of the karatage of your gold have a jeweller look at it or ask a gold dealer to test it.
Gold jewellery as a rule is weighed in grams but the unit of weight for pure gold is a troy ounce. 1 troy ounce is equals 31.1 grams. You can weigh your own gold and convert the grams to troy ounces in order to work out what you have is worth relative to the market price or spot price of gold which is always given in troy ounces. So, what is the market price of gold?
Current Market Price For Pure Gold
Knowing what you’ve got is the first step. Next, you’ll need to know the value of your item against the current market price for pure gold. Before you sell gold jewellery make sure that you check what the day’s market value is. You can find this on any news outlet or website with a financial section. Find out as much as you can about the process of pricing gold jewellery before you head out to find a buyer for your jewellery.
If you hope to get a high price for jewellery, especially if it is high-end designer jewellery or vintage jewellery, it helps to have the original receipts and other documents that you might have got when you first bought it the jewellery. You cannot accept to get the same amount of money you spent buying the jewellery. Vintage jewellery tends to increase in value over time, so grandmas brooch can be worth a pretty penny. Having a certificate of authentication and an appraisal will give you a good idea of what makes your particular piece of jewellery valuable.