How to Price & Sell Scrap Gold Jewelry

By Kent Ninomiya

  • Overview

    You can price and sell scrap gold jewelry effectively with a little bit of research. It is important to know how much gold is contained inside each piece of gold jewelry. It is also vital to know what gold is selling for at the time you want to sell it. Finally, you must find a reputable buyer for your scrap gold jewelry. If you fail to complete any of these steps, you could get ripped off.
    • Step 1

      Separate all your scrap gold jewelry by type. You can usually find the karat type stamped on the clasp or inside rim of the jewelry. Place all your 10 karat gold in one pile, your 14 karat gold in another pile, your 18 karat gold in another and so on. If any of your scrap gold jewelry has precious stones on them, separate them as well. Most scrap gold buyers will not pay you for the stones. If they have any value, take them to a jeweler to see if you can sell them there. Jewelers can recycle the stones for other jewelry.
    • Step 2

      Make note of the purity of each type of scrap gold jewelry. This is indicated by the number of karats. Ten karat gold contains 41.7 percent gold, 14 karat gold contains 58.3 percent gold, 18 karat gold contains 75 percent gold and 22 karat gold contains 91.7 percent gold. Twenty-four karat gold contains 99.99 percent gold but it is rarely seen in jewelry since it is too soft to handle without damaging it.

    • Step 3

      Weigh each pile of scrap gold jewelry. Be sure not to mix karat types. This is best done on a coin or jewelry scale. If you don't have one you can go to the post office and use the free postal scale. You want to find out the weight in ounces. If the scale weighs in grams or pennyweight, you will need to convert the figure. One oz. equals 28.35 grams or 18.23 pennyweight.
    • Step 4

      Multiply the weight of each pile of scrap gold jewelry by its purity. For example, a 2 oz. pile of 18 karat scrap gold jewelry (at 75 percent purity) equals 1.5 oz. of pure gold. Add each pile to figure out your actual gold content.
    • Step 5

      Research the spot price of gold. This is what pure gold is selling for. The price changes every day, so it is essential to check the spot price of gold on the day you wish to sell your scrap gold jewelry. The spot price of gold can be found on numerous gold themed websites (see Resources). Look up the spot price of gold in dollars per ounce.
    • Step 6

      Calculate the spot value of your scrap gold jewelry by multiplying the gold content by the spot price of gold. This is a base figure that you need to know when selling your scrap gold jewelry.
    • Step 7

      Find a gold refiner. Buying scrap gold jewelry is a big business online. There is plenty of competition, so shop around for the best deal. Look for gold refiners who list their prices and fees. Expect to get approximately 95 percent of the spot price of gold after all fees have been deducted. Any less and you are probably being low balled. Most gold refiners will send you a mailing envelope. Insure all shipments. They will examine your scrap gold jewelry and make you an offer. If you don't like the offer they will return everything.
    • Skill: Moderate

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