How to Sell Used Gold Jewelry

By Kent Ninomiya

  • Overview

    It is simple to sell used gold jewelry even if it is old, out of style or broken. The used gold jewelry will always have value because of the gold content inside it. When gold prices are high, you can get make a significant amount of money by selling a pile of old gold jewelry that you never wear.
    • Step 1

      Determine which gold jewelry can be sold intact and which gold jewelry should be sold as scrap gold. Only extremely high end, antique or designer gold jewelry has any resale value intact. Precious stones also add value. Simple forms of used gold jewelry only have value as scrap gold sold to a refiner.
    • Step 2

      Weigh all the used gold jewelry that you want to sell. You will need a scale that weighs small objects. This can be a jewelry scale, a coin scale or a postage scale. If you don't have one, take your used gold jewelry to the post office and use its scale. One ounce equals 28.35 grams or 18.23 pennyweight. These conversions are often used by gold refiners.


    • Step 3

      Figure out the gold content of each piece of used gold jewelry. You will only be paid for the actual gold inside them. All gold jewelry is mixed with some other metal to make it hard enough to hold. 10 karat gold is about 40 percent gold. 14 karat gold is a little more than half gold. 18 karat gold is about 75 percent gold. Use these numbers to estimate how much gold is in your used gold jewelry.
    • Step 4

      Find out the current spot price of gold. This changes daily. The spot price of gold is listed in the financial section of every newspaper and on Internet financial sites. See the link below for daily updates. You will need to know the spot price of gold to make sure that you are getting a fair price for your used gold jewelry. The spot price of gold is stated in dollars per ounce. Multiply it by the number of ounces of gold you are selling.
    • Step 5

      Sell your finer used gold jewelry intact to second hand jewelry retailers or at online auction sites like eBay. See the link in our Resources section. Realize that it is extremely difficult to sell second-hand jewelry intact. People tend to want new jewelry or family heirlooms from people they know. Only the most beautiful designer jewelry or antique jewelry with precious stones sell in the second hand jewelry market. Consider the value of gold and jewels in the item. Add a premium of up to 20 percent.
    • Step 6

      Sell less valuable used gold jewelry to a gold refiner. There are many doing business on the Internet. See an example at the link below. Reputable gold refiners list their prices and fees so there are no surprises. Contact them and inquire about a quote. They will send you a mailing envelope so you can ship them your used gold jewelry. Be sure to document and insure your shipment. The gold refiner will offer you a price based on the gold content of your jewelry. A reasonable offer is between 90 percent and 95 percent of the spot price of gold. If their price matches your estimate, go ahead and sell. If not, ask them to return your package.
    • Skill: Moderately Easy

    © High Speed Ventures 2011