If you have some gold rings and chains that you no longer need, and you are wondering how you can sell them, read on. This article will give you some useful tips on how to calculate the resale value of your gold items and where you can sell them.
Determine the Value of the Gold in Your Rings and Chains
Before you start looking for buyers, you should determine the value of the gold in your jewelry.
Here’s what you need to do:
1. Determine the gold content of your jewelry.
To figure out how much pure gold there is in your gold rings and chains, look at the karat hallmark of each piece (the karats should be stamped on it).
If you divide its karats by 24, the result will tell you the percentage of pure gold the jewelry contains.
For example, if a ring is 18K gold, its purity is equal to 18 divided by 24, which is 0.75, or 75% gold content. Do this for each of your jewelry pieces.
2. Determine the weight of your gold jewelry.
Put each of your rings and chains on a scale, and record how much each piece weighs.
It is important that you consider only the weight of the gold alloy that makes up your jewelry. The weight of any stones set in it should be excluded.
3. Determine the amount of pure gold you have.
For this step, you need to multiply the weight of each piece by its gold purity percentage calculated in Step 1.
For example, if one of your rings weighs 6 g, and its purity is 75%, then the amount of pure gold in the piece is 4.5 g (6 x 75%).
Do this for each of your pieces and sum the results to get the total amount of pure gold you have in your rings and chains.
Note: To ensure the correctness of your calculations, make sure that all your jewelry pieces are indeed solid gold, i.e. not gold plated or gold filled.
4. Determine the market value of the gold you have.
Look up the current price of gold per gram or ounce, and multiply it by the total amount of gold you calculated in Step 3. This price will fluctuate on a day-to-day basis depending on the global supply and demand for gold.
Keep in mind that the price a gold dealer will pay you for your gold will be lower than the market price of the metal on the global exchanges. This is why it’s best to also check the prices different gold dealers quote in order to get a more realistic idea of how much money you can get.
Places Where You Can Sell Gold Rings and Chains
Here are the most common types of potential buyers of gold jewelry:
Gold dealers: Selling to them is the quickest and easiest way to turn your jewelry into cash.
Gold dealers will give you a price that reflects only the value of the gold in your items. They will not pay you additional money because your rings and chains are unique or well designed.
Pawnshops: Many pawnshops buy gold jewelry, but the price they will offer you is likely to be relatively low.
This option is a good choice if you need money quickly. If you are not in a big hurry, make sure to compare the prices pawnshops are offering you with what gold dealers will pay.
Jewelry stores: Some jewelry retailers could buy your gold rings and chains, but you are unlikely to get a much higher price than what gold dealers would offer you. Like them, most jewelers are also interested in such pieces mainly because of their precious metal content, not because of their value as jewelry items.
Jewelry stores, however, might offer you a better deal if you agree to exchange your rings and chains for store credit that you will use to buy new jewelry from the store. Some jewelers offer such trade-in deals only for diamonds and other gemstones, though.
Auctions: If you auction your gold rings and chains, you could potentially get a higher price than a gold dealer would pay you. However, this is most likely to happen with unique pieces, and especially those that have some antique value.
This is an option you can try before going to dealers and jewelry stores, and listing your jewelry on online auction websites is quick and straightforward.
Tips to Maximize the Resale Value of Your Gold Rings and Chains
So, how do you extract as much value as possible from your gold items? Here are some tips to help you get more money for your jewelry:
Sell the gold and stones separately. If you have any diamonds or other stones in your jewelry, selling them to dealers that specialize in gemstone trading is likely to get you a better price than what a gold dealer will offer you.
Many jewelry stores will also buy your stones or offer you an exchange deal for store credit.
When selling jewelry at an auction, advertise uniqueness and good condition. As already pointed out, auction buyers are likely to pay for your jewelry more than the price of its metal if the piece has some unique value. So, if feasible, this should be one of your selling points.
Another important factor affecting the price of second-hand jewelry is its condition. Make sure your pieces are clean.
If possible, any worn-out or broken parts should be replaced or rebuilt, as long as the repairs are not so expensive as to reduce the profit on the sale.
Shop around. The first offer you will get will not necessarily be the best, regardless of whether you’re negotiating with a gold dealer or a jewelry retailer. Collect as many offers as possible and compare them before deciding.