After years of buying or collecting jewelry, it is inevitable that you will come across old and broken jewelry, or throw away jewelry. Old gold jewelry can quickly build up in your jewelry box, taking up space and getting tangled up in your beautiful jewelry. If you're tired of sorting through your old jewelry, consider selling it. It may seem that waysale of old gold jewelryisn't worth the effort, but the scrap items are still worth the materials they are made of, especially gold, silver, or platinum scrap. Selling your old gold jewelry not only frees up space for your good jewelry, but also brings in some extra money that you wouldn't get by simply throwing it away.
Before selling your old gold jewelry, please review the following information so that you can get the most out of your jewelry.
Why sell scrap jewelry?
Waste jewelry may seem worthless because it can no longer be used, but old gold, silver and platinum will always have value.
Waste jewelry may seem worthless because it can no longer be used, butold gold, silver and platinumwill always have value. Plus, junk jewelry is most likely an annoying presence in your home, so why not make some money by getting rid of these items? There will always be a market where you can sell your old gold jewelry, as gold has always been one of the most prized precious metals. The gold market is quite fluid and tends to fluctuate, but the price of an ounce of gold has been consistently above $1300 since early 2018.
It is important to have a basic understanding of the gold market so that you can research current gold prices, which will give you a better idea of what your gold jewelry is worth.
- Price of gold:The current gold price is measured by the gold price per ounce. At the time of writing, the current price for an ounce of gold is $1332.70. The price of gold fluctuates every day, so be sure to consult reputable online sources for the most accurate and up-to-date gold prices.
- Price of Gold Factors:There are several factors that determine the price of gold, such as the value of the national currency, the reserves of the central bank, the economic situation and global demand. The biggest factor is supply and demand, as gold is rarer than most metals, but is always in high demand for jewelry, electronics and other applications.
- Spot price of gold:The spot price of gold refers to the current market price of gold bullion without markup. Spot prices vary between different parts of the world, which is part of the reason the price of an ounce of gold fluctuates. When selling gold in the US, the spot price is determined by the market in New York or Chicago.
- Is the spot price of gold important?:Remember that the spot price of gold is the base price, so the higher the spot price, the more profit you can make by selling your gold jewelry. You'll need to keep an eye on the spot price in the Chicago and New York markets to decide when the time is right to sell your gold.
Sell your old gold jewelry
Once you are familiar with the gold market and how to find the price of gold, you can turn your attention to selling your old gold jewelry. Finding the current price per ounce of gold and increasing the spot price for gold is the first step in determining the value of your scrap gold. The price of gold is usually quoted per ounce, but you can also easily find the current price per gram or kilo of gold.
In addition to looking up current gold prices, you also need to determine whether your scrap gold is worth more as scrap jewelry or as melted gold. Knowing this can help you get the most money for your items, as selling certain items for scrap instead of jewelry can yield a lower return. The best way to determine whether your old jewelry is more valuable as gold or jewelry is to have it appraised at a reputable jewelry store.
Now that you're familiar with gold prices and how you're going to sell your scrap gold, follow these tips to get it ready for sale:
- Best carat:The karat of your gold helps you determine the purity of your items and how much they are worth. 10 carat gold is 42% gold, 14 carat is 58% gold and 18 carat is 75% gold. This means that a 14 carat piece is worth 58% of the market price of gold. If you don't know the karat of your gold, there are several types of affordable home testing kits you can use for your items. You can also have your items professionally tested.
- Weigh your scrap gold:The weight of your goods is an important value factor. Weigh your scrap gold to get the weight in grams. Look up the current market price for a gram of gold and multiply it by the weight of your items in grams. Then divide the total weight of your items by the purity percentage based on the carat and this will give you an accurate estimate of the value of your items.
- Clean your jewelry:Before taking your jewelry to a gold buyer for appraisal, clean it thoroughly. Your scrap jewelry that hasn't been touched in years could benefit from a good cleaning to improve its appearance. Clean your jewelry with warm water and dish soap and scrub it gently with a toothbrush.
Take your unwanted jewelry to a trusted jewelry buyer
Once you have a good idea of what your scrap gold is worth and have it ready for sale, you can take it to a trusted gold buyer for an honest appraisal. On, we have built a reputation as the most trustedbuyer of gold jewelryin the Chicago area because we routinely provide better appraisals than other jewelry buyers. Our professionals weigh and value your old gold jewelry and offer you a fair price on the spot, so you can leave with cash in your pocket. Taking your scrap gold to our professionals is the best way to ensure you get the most out of your items.
You can bring your old gold jewelry to usi Wheaton, Palatine of Schaumburg, IL.
