Selling your gold
If you are interested in selling us your gold, you can find information on this page about the process. Whether you are sending your gold to online buyers, or stopping into jewelry stores that advertise “we buy gold,” there are a slew of options available to those eager to sell. Just keep in mind that the prices your jewelry can fetch vary widely.
As a rule, the weight and karat of the gold determines its value. Ten-karat gold means that it has 42% gold content and 58% other metals. Fourteen-karat gold is actually 58% pure gold and about 75% of the content of 18-karat jewelry is gold.
Sellers should opt for a reputable neighborhood jewelry store over a company that advertises late at night on cable. Consumers can check the Better Business Bureau’s site for consumer complaints against a company.
Know your weights
The weight of gold helps determine its value, but keep in mind that jewelers use a different measurement standard called a Troy ounce. U.S. scales will measure 28 grams per ounce, while gold is measured at 31.1 grams per Troy ounce.
Some dealers may also use a system of weights called pennyweight (dwt) to measure a Troy ounce, while others will use grams. A pennyweight is the equivalent of 1.555 grams.
Be alert that a dealer does not weigh your gold by pennyweight but then pay you by the gram, a sneaky way for the dealer to pay you less for more weight of gold.
Know Your Karats
One karat equals 1/24 of pure gold by weight. So 14 karats would mean the jewelry was 14 parts gold and 10 parts other metals.
It is illegal for jewelry to be labeled “gold jewelry” if it is less than 10 karats. It is important to know the karats of your gold to make an informed decision on the scrap value of your jewelry.
Keep Your Karats Separate
Don’t let jewelry of different karat value be weighed together. Some dealers will weigh all jewelry together and pay you for the lowest karat value.
Know the current market price
You can call More Than Just Rings, or check online at www.goldprice.org, to verify the current market price for gold before you sell.
Some dealers know people are just looking for quick cash to put in their pockets and will offer you money for your gold that is lower than the actual value.
Bring Your I.D.
Gold buyers are required by law to ask for government-issued identification. This is a requirement designed to protect consumers by helping police investigate the sale of stolen property and prevent money laundering.
All reputable gold buyers comply with these rules.