How to Sell Gold Jewelry by the Ounce

By Kent Ninomiya

• Overview

It is easier to sell gold jewelry by the ounce now than it has ever been. The downturn in the economy and the high price of gold have combined to create a seller's market for gold jewelry. There are more businesses than ever competing to buy old, broken and out-of-style gold jewelry. Before you enter into any agreement, you must first determine what a fair price is for your gold jewelry per ounce.
• Step 1

Take a look at each piece of gold jewelry you are selling. Most pieces have tiny writing on the clasp or back indicating the purity of the gold. This is designated in karats, which is often abbreviated as "K." 24K is pure gold but is rarely seen in jewelry. It is more likely that your gold jewelry is 18K, 14K or 10K.
• Step 2

Place each piece of jewelry on a jewelry scale to weigh it. If you don't have a jewelry scale, you can use a coin scale or a postal scale. Regular bathroom scales do not read in small enough increments to weigh jewelry. Determine the weight of each piece of jewelry in ounces. You will need to convert this if the scale uses only grams or pennyweight. One ounce equals 28.35 grams or 18.23 pennyweight.

• Step 3

Start a list. Record the weight of each piece of jewelry in ounces, then write the purity next to it. If the piece of jewelry is 18K gold, multiply the weight by 0.75. If it is 14K gold, multiply it by 0.583. If it is 10K gold, multiply it by 0.417. The totals are the actual amount of gold in each piece of jewelry. Add these all up. This is the total gold content in the jewelry you are selling.
• Step 4

Find the spot price of gold. This is what gold is worth on the world markets on any given day. Since this changes constantly, it is important to check it the day you are selling your gold jewelry. See the resources section below for a link to the spot price of gold. Be sure to get the price in U.S. dollars per ounce.
• Step 5

Multiply the gold content of your jewelry in ounces by the spot price of gold in dollars per ounce. The result is the spot value of your gold jewelry in dollars. You will need to know this number to determine whether you are being offered a fair price for your gold jewelry.
• Step 6

Get offers from gold refiners. All the big ones have websites begging you to send them your gold. The best ones list their prices and fees so there are no surprises. Contact them to find out their submission procedures. This usually involves sending a refiner your jewelry, then getting an offer a few days later, after it is examined. If you like the offer, the refiner will send you a check. If you don't, your jewelry will be returned. A fair price is about 95 percent of the spot price of gold after fees are taken out.
• Skill: Moderate
• Ingredients:
• Jewelry scale
• Warning:
• Take pictures of everything you send through the mail. Insure all packages and keep records of the delivery.

Trending Now

• Popular Articles