Don’t Get Ripped Off! Know the Value of Your Gold Before Selling

A tight global economy means that people are looking for ways to bring in some extra cash whenever they can. One of the methods for getting some extra money is selling off gold jewelry that has been sitting around for years. Just because you need the money does not mean that you should become a victim. The more that you know about the value of gold, the less your chances of getting ripped off when you go to sell it.

What is a Karat?

Gold Karat

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A karat is a value of measurement assigned to the amount of actual gold in a piece. For example, a 10-karat piece has less real gold in it than a 14-karat piece. It is based on percentages and the actual percentages are:

  • 10-karat is 42 percent pure gold
  • 14-karat is 58 percent pure gold
  • 18-karat is 75 pecent pure gold

The rest of the metals are fillers that have no value. You can purchase testing kits online which will accurately let you know exactly how many karats your jewelry is so that you can get a fair price for it. It will also help you understand how much of it you will actually get if you send it to a refinery.

Know Your Options

Gold Options

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When you are looking to get a fair price on your jewelry, it is always a good idea to gather prices from various sources. This does not mean that you should go to different jewelry stores, it means that you should try different kinds of jewelry buyers to get your pricing. Pawn shops, jewelry stores, online gold buyers, gold buying home parties and refineries are just some of the places where you can get fair prices for all of your gold jewelry.

Separate Your Gold

Gold Treasure

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A gold coin could potentially have more value than a gold necklace, because the coin could have been minted to be worth a value above the value of just the metal. A gold coin that was part of sunken pirate treasure is also going to have more value than a standard gold coin. With more people scouring the oceans for sunken gold, it is not unusual to see gold coins from the 15th and 16th centuries show up in people’s collections. Separate your jewelry and see if the intrinsic value of the piece may exceed the value of the metal.

Get a General Understanding

Understanding Gold

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Before you go shopping for a car, you will spend hours on the Internet trying to determine a fair price for the vehicle you want. You need to use the same process before you head out to sell your jewelry. If you purchase a scale that can help you to weigh your gold in grams and combine that with your karat test, then you can use an online gold calculator to get an idea of what the gold is worth.

That pile of old gold jewelry you have been holding onto could pay your mortgage for a month or even be used as tuition for your child’s education. Before you actually sell your gold, you need to educate yourself on how to get a fair price so that you can avoid being ripped off.

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