Selling gold how much will i get

For example, if you sell your old jewelry to a gold dealer, who will send it to a refinery, the items you sell will be bought as scrap gold. Looking to sell your engagement ring or other diamond jewelry? Check out Worthy , which is an online jewelry auction platform — you can mail in your jewelry and let Worthy organize the sale for you, sending you the money after the piece is sold.

When bought and sold, scrap gold is often weighed in troy ounces : 1 troy ounce is equal to Alternatively, 1 gram equals 0. An important characteristic of scrap gold is its purity , which tells you what percentage of an item is made up of actual gold and how much of the piece is made of other metals.

Purity is measured in karats , and the maximum gold content an item can have is 24 karats, which is the karat number of pure gold. To convert karats to a percentage, simply divide the karat number by For example, a karat or 14K ring contains Click here to browse a collection of gold jewelry.

The value of scrap gold depends on two main factors: weight and purity. All three of these outfits maintain databases on their websites where you can find an appraiser near you. That should be enough, Smith said, to give consumers what they need to know to sell their items for a fair price.

A seller shouldn't need an expensive, written appraisal, such as might be required for insurance coverage. Amanda Gizzi, spokesperson for jeweler trade organization Jewelers of America , says that getting more than one offer and selling to a reputable purchaser are important steps to selling gold and jewelry safely for a fair price.

The jewelry had been appraised for the estate and none of it was particularly valuable, Mars said. She took that to a jewelry store that was recommended to her -- and that had been in business for a long time. Even if I could have made a few more bucks going somewhere else , I am happy with the experience. And note that for everyone selling gold or jewelry, getting a good receipt should be part of the process.

It should include all the details of the transaction, including the name and address of the buyer, the date of the sale and the weight, fineness, prices and names of all precious metals involved. A variety of sources online, such as kitco. For one thing, those are wholesale values, and you are selling to a middleman, who is going to need to make a profit when he resells your property. So what's a fair value?

There are several reasons. For one, businesses that buy gold are usually required by state law to hold onto items for a set number of days before selling them, Smith said. This can be a gamble because of the volatility of gold prices. The purchaser of your gold also will likely sell to a refiner or to a middleman who sells to refiners. The gold will pass through two or three sets of hands before it is ultimately sold for its value.

Another important variable that will affect price is the gold's purity, measured in karats. Pure gold -- think bullion bars -- is 24 karat. The karat measurement tells you how much pure gold is in the piece. The proportions of pure gold and other metals will add up to So, if your jewelry is 18K, or 18 karats, that means it has 18 parts of gold plus six parts of other kinds of metal. A 10K piece of gold is 10 parts gold with 14 parts of other metals. Like with almost every other business transaction, the internet is an option for selling your gold.

Ebay, for example, has a marketplace where sellers can send a photograph of their item and receive a quote -- without sending in their item. Please select an option below and 'Save' your preferences.

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