Selling gold jewelry needs to be given careful consideration. If you sell it for scrap, you may lose as much as 75 percent of its retail value.
Step 1: Have an appraisal Have the jewelry appraised if you are not sure about its value as a work of art. Its value as an art object or antique may greatly exceed what you can get for it as scrap metal.
Step 2: Weigh the gold Weigh the gold, minus any gemstones. If you don't have a jeweler's scale, you can use an ordinary kitchen scale. Convert the weight in kitchen grams or ounces to pennyweights using the formula 1.5 kitchen grams equals 1 pennyweight and 1 kitchen ounce equals 18.23 pennyweights.
Step 3: Understand gold purity Recognize that the price of gold is based on 1 troy ounce -- or 20 pennyweights -- of pure 24 karat gold. Gold less pure than 24 karats is discounted proportionately. For example, 18 karats is 75 percent pure gold, 14 karats is 58.3 percent pure gold, and 10 karats is 41.7 percent pure gold.
TIP: If the gold is 10 karats or higher, it will be stamped with a karat stamp.
Step 4: Estimate the value of the gold Estimate the scrap value of the gold, adjusting for its purity, and then decide whether you still want to sell it. The current spot price of gold can be found at gold.org
Step 5: Take the gold to a buyer Take the jewelry to a reputable buyer of scrap gold, and ask for a quote based on the spot price of gold. Remember, the prices buyers offer reflect their fees for assaying and refining the gold, plus any profit the buyers hope to make.
TIP: If you decide to sell the jewelry to an online dealer, make sure the dealer is willing to send you a registered packing envelope that requires a signature when you send it back with your gold. Be sure to get an estimate and a guaranteed price range before sending the jewelry.
Step 6: Shop around Shop around. You may find large differences in the offers you receive.
FACT: The oldest known example of gold jewelry dates to the third millennium BCE.