If you’re looking for some extra cash, a good place to start is to sell unwanted valuables like jewelry or coins.
But you may be wondering — how much is my jewelry actually worth?
If you have a piece of gold jewelry, it’s likely valuable. But two identical looking gold chains could have completely different values. It all depends on how pure the gold is, and if there are any gemstones or other fine features to consider.
This article will help you determine how much gold jewelry is worth, and will include some examples as well!
The easiest (and most accurate) way to determine the value of gold jewelry is to come into Bellevue Rare Coins for a free assessment.
We have locations in:
Our friendly staff will examine your jewelry, determine its purity, weigh it, and assess the value of any gemstones or alloy metals.
We will then provide a free, no obligation quote, which will tell you exactly how much your gold jewelry is worth.
If you decide not to sell it, no problem! You are never obligated to sell, and our assessments take just a few minutes.
The price of a given piece of gold jewelry will depend on several factors, including:
Without asking an expert, it’s impossible to exactly predict how much a gold necklace or bracelet is worth. However, here’s what you can do to “guesstimate” its value.
Gold is measured in karats.
24 karat gold is 100% pure gold (or perhaps 99.95%). Anything lower than 24 karat gold has another metal mixed into it, which is known as an alloy metal.
Karats are measured in parts of the whole. So something that is 18 karat gold means that the item is made with 18 parts gold, and 6 parts “other” metal (usually nickel, copper, silver, or zinc). In this case, an 18 karat gold chain could also be considered 75% gold, 25% other metal.
14 karat gold is 14 parts gold, 10 parts other metal — or 58.3% gold, 41.7% other metal. And so on!
So, how do you determine the purity of gold jewelry? Many items will be marked with a very small stamp that indicates the karat value of the item.
For items that are not marked, jewelry experts have ways of testing purity — but there’s not much an individual can do at home without specialized equipment.
If you know the karat value of the item, you’ll then want to weigh it. Of course, you’ll need a very accurate scale, like a baking scale or a mailing scale (your bathroom scale won’t work!)
Using the weight and the karat, we can estimate the actual pure gold content of the gold item.
For example, let’s say you have a 14-karat gold chain. You weigh it and it weighs 20 grams.
Remember that the 14-karat gold is actually only 58.3% pure gold. So, you can multiply 20 grams by 0.583, resulting in 11.66 grams of pure gold.
Okay, so your necklace contains roughly 11.66 grams of gold. Next, you’ll want to check the current price of gold in grams.
If gold is trading at $58 per gram (approximately $1,800 per troy ounce), then the value of the gold in your necklace is approximately $676.
If gold is trading at $45 per gram (approximately $1,400 per troy ounce), then the value of the gold is closer to $525.
Related reading: Is now a good time to sell gold?
Okay, so you’ve now determined the value of the pure gold in your item. However, this isn’t necessarily exactly what a gold buyer will pay you.
There are other factors at play, including:
In most cases, gold buyers will pay you slightly less than the “melt” value of the gold item.
So if the pure gold in an item is worth $400, a dealer may offer you $300-$350, depending on several factors. This is to cover the cost of melting down the item into refined gold, as well as to cover the overhead costs of the business (rent, employee salaries, etc.)
“We Buy Gold” shops in Seattle and pawn shops will pay even less, so it’s important to sell to a trusted dealer.
If you want to sell your gold jewelry, or you just want to know how much it’s worth, come to BRC first! With five convenient Seattle-area locations, chances are we have a store near you.
To learn more about selling to BRC, click here.