Have You Considered Selling Gold Jewelry, Candlesticks, or Other Items?

You cannot watch TV (did you see the super bowl ads) or surf the net without finding ads for companies that want to buy jewelry for the bullion value. Now this is different than selling jewelry for its artistic value, because the main value of the chains, earrings, or bracelets will depend upon upon the actual bullion content, and not an other intrinsic value.

In these tough economic times, it is common for people to sell some valuable items because they need cash to pay urgent bills. This is your decision, but I am writing this article because I want people to get a fair value for their precious items!

SPOT PRICE OF BULLION

First, it is important to know what the spot price of a precious metal, like gold, is on the day you will get a price. For instance, the spot price for an ouce of gold is a little under $900 an ounce as I write this article. That price can fluctuate from day to day and month to month. It is simple enough for you to run a search on your favorite search engine so you can find a website that displays the daily spot price of precious metals like gold, silver, platinum, and palladium.

CALCULATING BULLION CONTENT

So, how can you calculate the amount of gold in your jewelry? Do you know if your bracelet is 18K gold, or if your ring is 22k gold? 24K gold is considered pure, or .999 pure. If you know this, it is easy to figure out how pure your item is.

Multipliers for gold purity:
24K = .999 = pure
22K = .917
18K = .750
14K = .585
12K = .5
10K = .417

Now, you can weigh your jewelry. Let us say you have a gold bracelet that weights 1 ounce. You know that bracelet is 18K gold. That means it contains 75% gold and 25% other common metals. So you have 3/4 an ounce of gold. If the gold price is $900 when you are selling, your jewelry’s value, based on that spot price, would be $900 times .75, or about $675.

So What Should You Sell For?

This is a tough question, but your sales price should be pegged to something close to the bullion price. You may get a bit less than spot price because the buyer needs to turn around and make a profit. With some buyers, you may even get more than spot price because of some other intrinsic value (like a famous designer) of the piece – but this is less common. But it is very important to understand how a buyer might value your piece so you do not walk in with a few hundred dollars worth of gold and accept $50 for it!

I would advise a potential seller to look around for offers. Jewelers, pawn shops, individuals, and refiners are some options. They will all have their own method of assigning a sales offer to your jewelry, and that offer will depend upon different factors.

You need to know this because you do not want to walk into a pawn shop or jewelry store and accept an offer for $150 when your heavy gold bracelet is worth much more, based upon bullion content alone!

Here is some more information about online ways to sell gold for cash.

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