Value Guide: How to Sell Gold Jewelry

If you're going to sell your gold jewelry, you should go into the process having some kind of idea what you're going to get paid for your valuables.  If you don't, you can get paid a lot less than you deserve.  Of course, if you use our service you should be connected up with a reputable dealer that will treat you right, but we still recommend that you take a look at our guide and figure out about how much your gold is going to be worth.

Definitely do some research on the company you are bringing your gold to.  How long have they been in business?  Are the employees experts?  Are they trustworthy?  If you're using someone online, read their business practices, do some research on BBB and review sites, and make sure you're aware of all of their policies.  Obviously in both cases we can help you out, but a little extra information never hurt.

Step #1: Calculate the Actual Value of Your Gold

1) Put together everything you want to sell.  Keep in mind these gold buyers are mostly just going to melt your gold down, or are just paying you on the intrinsic value of it.  If you've got old, collectible coins or rare heirlooms you might try to sell them elsewhere.  They don't pay more because it's pretty either.  For the most part, however, even gold coins and jewelry that "look old or rare" are worth more in the actual gold value than they are as individual pieces.  Also, don't attempt to clean or repair anything.  It weights the same, and the purity stays the same, so don't do anything that might damage what you have.

2)   Once you've got everything together, you need to separate them into groups based on purity.  Using a magnifying glass, examine each piece.  The karat value of your gold and jewelry should be visible upon close inspection.  For example, there is a number on most pieces that will say "750" or "500," meaning 75% and 50% respectively.  With 24k gold being 100%, those would be 18k gold and 12k gold.

3)   Some pieces won't say the purity, such as gold bars, electronics, and dental gold.  You may have old pieces where the marking isn't visible.  In these cases, jewelers have a special acid test which doesn't harm the pieces, but does determine the exact purity.  If this is the direction you need to go, we recommend taking it to a couple different dealers.  Even the best guys can make mistakes, so you'll want to get a couple different prices to make sure you're getting accurate readings.

4) Weight each karat group individually, using grams if you have a grams scale.  If you only have a scale that measures in ounces, you'll need to multiply that number by 28.35 to find its weight in grams.  Make sure you weight the karat groups separately, as each is worth different amounts.

5)   Enter the weight appropriately into our gold pricing calculator and hit “calculate total” once you are done to find the total amount you can expect to get from your gold.

If you want to figure out exactly what the pure value of your gold is worth, you can use this formula:

1)   Find the number of troy ounces (different than regular ounces): (# of grams) divided by (31.1) = troy ounces.  Do this for each karat denomination.

2)   Compute the price of gold per gram.  Take today's price of gold per ounce using goldprice.org and divide by 31.1.

3)   24k is pure gold, so you need to find how much gold is in your valuables.  Divide the purity of your gold by 24 (if it's 18k gold, 18/24 = .75).

4)   Multiple the results of steps (2) x (3).

5)   Multiple the price per gram by the number of total grams you have.  Do this for each pile, then add up the total value of your gold

It's important to keep in mind that jewelers aren't going to pay you the amount that you just calculated.  That's if you own your own refinery.  Not only do the cash for gold guys have to make some money (or the jewelers in some cases), but the refineries need to make money as well.  If you've got a lot of gold you can expect a high percentage, but otherwise you're looking at 70-85% in the majority of cases.

If you've got silver or diamonds you'd like prices on, the gold value calulator website has pretty easy pages to get a diamond valuation or calculate the price of your silver.

Step #2: Decide Where to Sell Your Gold

Everyone says they pay the most for your gold.  We actually try to report on it.  Be careful and always get a second price!  Use our website to locate a gold buyer in your area, and do some research to make sure you're working with a good company.

Don't want to worry about spending a bunch of time and energy bouncing from company to company in your area?  Selling online is pretty easy, and there is a lot of research out there to help you find a good company.  You can take a look at our online gold selling page or use these resources to compare online buyers and find a good company to work with:

Review Gold Buyers

Top Online Gold Buyers

Top 7 Cash for Gold

Step #3: Sell Gold Offline

Scared of the internet or the postal service?  You probably want to find a local buyer.  Use our local gold buyer finder to find a list of companies near you, then go ahead and do some research to find a couple companies to bring your gold to.  Get some competing prices to make sure you get top dollar.

It takes a little extra time and pay you a little less, but it will get you your money faster and you don't have to worry about the mail (although most online companies insure things for a thousand or two).

Step #3b: Sell Gold Online

Have you heard about those cash for gold scams?  Well, the good news is you don't really have to worry about them too much anymore.  There's so much research out there now (a few websites we mentioned earlier), that you can find a reputable company to work with.  There are even more companies online too, so there is competitive pricing and better customer service.

You'll want to visit your favorite website after doing some research, then go through the process on their website to get a free Gold Pack and send your valuables their way.