Gold
A Guide on How Gold Purchasing Works
Dating back hundreds, if not thousands, of years, gold has always been a valuable commodity. From the giant west coast gold rush in California in the 19th century to a long history of gold jewelry, gold has been a sought-after metal. While gold is largely seen as valuable, the valuable of gold is in flux, changing from day to day based on the market value per ounce.
If you are looking to sell your gold, perhaps in the form of old jewelry, a credible jeweler that offers a gold purchasing service is a great place to start. It is important to note that the gold may still be worth quite a bit, even if a gold chain is broken or the style of the ring is outdated. What matters most is the karat of the gold, or the fineness, of the gold as well as the weight.
Carat Weight Versus Karat
When talking gold purchasing, it is important to highlight the difference between carat and karat. Carat weight of gold refers to a unit of weight used in the measurement of gold. The unit is 200 milligrams (i.e. one carat is .200 grams, or 200 milligrams). The term karat refers to “unit of measure for the fineness of gold, equal to 1/24 part.” Both measures are taken into consideration when a jeweler is determining how valuable the gold that is being sold is. Karats will tell a jeweler how much gold and how much alloy is in the metal blend. For example, 24k gold is 100% gold, whereas 10k Gold is the equivalent of 41.7% gold and 58.3% alloy.
Pennyweight (DWT)
Pennyweight is another term you will come across when looking into gold purchasing. Pennyweight is another unit of measure when it comes to determining the weight of gold.
What goes into a price quote?
In order for a jeweler to tell you how much your gold is worth, they will have to take a number of factors into account, such as weight, fineness and how much refining the piece will need in order for it to be restored back into its pure state. The value of the gold will also be largely determined by what the going rate for an ounce of gold is.
At Master Jewelers, we have been in the business of purchasing gold from our customers since 1987. We take all of these factors into account when giving customers trade-in values on their gold. We have over 30 years of experience and make near-weekly trips to the refinery. For more information on our gold purchasing services, click here. We can connect you with one of our experienced jewelry experts to give you a quote on what your gold may be worth.
Our Master Jewelers team is here for you. Whether you are looking to sell your old gold jewelry and replace it with something new or design a custom ring with one of our experts, we will walk you through the process step-by-step. We bring years of education to the table and believe that every love is unique, and therefore, so should your jewelry shopping experience.
Gold
Top Tips for Selling Gold Jewelry
Before you set out to sell your gold jewelry, make sure to follow these tips to ensure that you get the best value for your cherished pieces. When you keep these items in mind, you will be able to have a better gold-selling experience.
- Know What You Have. Gold jewelry is rarely made from pure gold. Most jewelry in the U.S. is comprised of gold and other alloys. When selling your gold, you will only get paid for the parts that are pure gold. Also, keep up with the price of gold. Check out websites to give you a reference point when comparing offers.
- Carefully Determine Which Pieces to Sell. Don’t act on a whim. Most of your jewelry has some emotional value. Make sure that the sentimental value does not outweigh the price you will receive in return. Sometimes, it is best to consider broken items, outdated items, or incomplete and missing sets of jewelry.
- Find a Reputable Jeweler. Check with the Better Business Bureau or the memberships a business or jeweler may hold, such as with professional organizations. It is also important to see how long they have been buying gold.
- Protect Yourself. Before leaving your jewelry with – or shipping your jewelry to – a potential buyer, document and photograph the pieces. Check the company’s reimbursement policy in the event of a loss. If the value is significant, be sure to get an appraisal first.
- Be Realistic. For most people, selling gold jewelry will not make you rich. However, it might put some extra dollars in your wallet. Remember that you will only get paid for the amount of gold in your jewelry, minus any other processing or refining fees.
The best place to start is by visiting Master Jewelers today so you can be confident in the advice and service you receive. To learn more read Gold Buying Demystified
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