Sell Your Gold Jewelry With These Five Tips
With gold prices in 2019 up 14.45 percent over the previous year and fluctuating near a historic all-time high, those with a surplus of gold jewelry are often anxious to sell it. Ben Garelick is one of many jewelry stores that buy used gold jewelry, or used jewelry for scrap — whether it be old wedding bands, engagement rings, antique pendants, or other fine jewelry items. Many believe that a recession is impending and that scenario usually sees gold prices increase. If you’re sitting on diamond or gemstone rings inherited from your grandmother, cufflinks or high school rings, anniversary gifts from an earlier decade, or really any gold or silver fine jewelry, consider selling it to a reputable buyer, You can recoup your investment in cash you can use for a little extra money, to take a trip, or to reinvest in a more lucrative option. With so many gold buyers, your friends at Ben Garelick wanted to offer five tips to help you navigate the process.
1. Learn How Gold Value is Measured
When determining what your gold or platinum is worth, you must know its purity and measure its weight to determine its spot price.
Precious metals are traded in troy ounces, which weigh roughly 31.1 grams. The quality of gold is indicated in karats, which measures the gold's purity on a scale of 1 to 24 and normally is recorded directly on a piece with a stamp indicating, for example, 10k, 14k, or 22k. Since 24-karat would have a purity of 100%, 18 karat has a purity of 18/24 or 75% by weight, 14 karat is 14/24 or 58.33%, and 10 karat is 10/24 or 41.67% purity. Sterling silver is 92.5% purity.
Once you've determined the purity of your gold, you need to measure it on a scale. Gold prices are usually quoted per troy ounce, which is equal to 31.1 grams, so you can easily divide the current gold price by 31.1 to get the price per gram. (Be sure to exclude the weight of any stones or any non-gold sections.) Some buyers also measure in pennyweights, depending on the jeweler. This should give the consumer a general idea of price, but many jewelers will pay you for gold at “today’s” price - then later sell it for a different price.
Research the current price for “spot gold,” then you can figure the melt value by multiplying these three numbers.
For example, if gold is selling for $1,200 per troy ounce, the value of a 10-gram piece that is 12 karats would be calculated like this:
- Weight: 10g
- Purity: 50% (12k = 12/24, or 0.5)
- Price per gram: $38.585 ($1,200/31.1)
- Calculation: 10 x 0.5 x 38.585 = 192.925
- This equals a melt value of $192.92 for this piece.*
- *This is an average value and does to include overhead additional factors which might require jewelers to reduce their buying price.
2. Find Out What Your Jewelry Is Worth
One way to really know what your gold or silver rings, watches or other jewelry might be worth is to have that jewelry appraised by a certified appraiser. Members of the American Society of Appraisers, the International Society of Appraisers or the National Association of Jewelry Appraisers are committed to adhering to standards and ethics. Your appraisal cost will likely be based on the number of diamonds and complexity of the settings but should range between $150 to $350 per hour.
3. Keep Your Jewelry In Your Sight; Get Paid On-Site
With today’s modern scales and tools, jewelers should not need to take your jewelry “to the back room” in order to appraise its value. Keep your eyes on your merchandise and watch the process. We hate stories we hear of customers who believe the jeweler removed their diamonds or other stones in order to more accurately weigh the gold or, even worse, who exchanged their diamonds for stones of less value.
4. Sell To Local, Established Buyers
You might be surprised by the number of people who are swayed to sell their jewelry by crafty online ads or shrewd salespeople staffing antique mall temporary spaces. We’re not saying that all online or flea market businesses are untrustworthy but selling to a business that you know is established with local customers and has been around for a few decades makes a lot more sense. We also hear about people that actually go to your garage sale and attempt to buy your jewelry on the spot. You should be wary of these types of tactics. Established businesses have a reputation to protect and will not risk that when they offer you a price for your gold or silver.
5. Bring Your Gold Jewelry To Ben Garelick
Ben Garelick has been buying used gold jewelry from our customers for generations. Not only can we transform your inherited or unused diamond rings into a new setting or new piece of custom-designed jewelry, we are happy to evaluate your gold or silver jewelry for and make you an offer. You can trust that we will appraise your jewelry and offer you the best price possible based on the current market value for gold as well as the value of your diamonds or other gemstones. Because of our expertise with these gems, we have knowledge of the value and desirability of estate, vintage, and vintage-style jewelry and so can offer you fair pricing for the whole jewelry package. We encourage you to take your jewelry to at least two other jewelers and get their pricing so you know when you come to Ben Garelick that you’re getting the highest and fairest price. Make an appointment today by calling (716) 631-1584, texting (716) 574-0966 or via our online chat. We’ll happily answer all your questions and exchange your old, unworn jewelry for cash in hand.