Gold jewelry is often valuable for sentimental reasons, but it also has a market value. If you ever decide to sell your gold jewelry, you will need to know certain relevant facts to obtain the best price for your pieces. This article offers some crucial relevant information, as well as some vital tips, pertaining to selling your gold jewelry for cash.
Facts
Karats
Karats refers to the purity of your gold jewelry. For instance, pure gold is 24 karats. Gold jewelry is rarely created out of pure gold, however, because pure gold is soft and fragile. For this reason, gold jewelry is made from gold that has had an alloy added to the mix. Jewelry made from a gold and alloy mixture will have fewer karats than pure gold. For example, 18-karat gold consists of 75 percent gold and 25 percent alloy. 14-karat gold has 58.3 percent gold and 41.7 percent other metals. 10-karat gold reverses the percentages of 14-karat gold and has 41.7 percent gold and 58.3 percent alloy. Naturally, jewelry that has a higher amount of karats is more valuable than jewelry with fewer karats.
Color
The color of the gold may also influence the price you receive when you sell. The most common color of gold, of course, is yellow. Gold that has a pinkish tint is called rose gold. Yellow gold jewelry and rose gold jewelry will generally be worth close to the same amount when they are sold. Green gold, typically a combination of yellow gold and silver, as well as white gold, which contains rhodium, are generally more valuable than yellow and rose gold.
Weight
The weight of your gold jewelry is also a factor in how much cash you receive when you sell. The weight of gold jewelry is measured in grams not ounces. So if you have a gold ring that weighs 10 grams, you will need to convert that number to troy ounces. The value of gold per troy ounce, known as the spot price, is an important variable in the final price a gold buyer will pay.
Tips
One great tip is to get several appraisals or quotes before you sell gold for cash. Make sure that you find a reputable buyer. Always check the daily spot price of gold, which you can find on a number of websites, on the day that you offer the piece for sale. Have realistic expectations, since you are not likely to get rich from selling your gold for cash. But it will at least provide you with some extra income and who can complain about that?
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