| Are you considering selling that old gold jewelry for | | | | - Separate the 24K from the 18k and 10k pieces. |
| much needed cash? With the current market price | | | | |
| of gold per ounce averaging over S1, 000, selling old | | | | - Weight each group individually and multiply the |
| jewelry can be a boon in these hard economic | | | | number of grams by the current price of gold. You |
| times. Maybe you've seen the many ads on TV | | | | can find the current market price of gold per gram or |
| and in newspapers and magazines about companies | | | | per ounce in the newspaper, online, or at Kitco, or |
| that offer money to mail in your old unwanted | | | | GoldPrice.org. |
| jewelry. Even though this may seem like a good thing | | | | |
| to do, wait! Not all of these companies are | | | | - Deduct the percentage value of the appropriate |
| reputable. There may be better options for you. | | | | amount of non gold from each group. |
| Put a little effort into it and learn how to get the | | | | |
| best price for your gold jewelry. | | | | |
| | | | | Step 3. Only sell your gold for its scrap value if it |
| Steps to take in selling your gold jewelry | | | | has no resell value. |
| Step 1. Know the value of your jewelry | | | | When you sell gold for scrap value, you will lose a |
| Have your jewelry appraised. Since you're not an | | | | percentage of the value. Most likely you will lose |
| expert, you probably don't know how much your | | | | 75% of the retail value of the piece. The value of |
| jewelry is worth. It could be worth only its scrap | | | | the metal alone won't reflect the craftsmanship, |
| value (value of the metal only) or it could be highly | | | | aesthetics, antique value or emotional value. |
| valuable. Credentialed appraisers can be found at | | | | However, if a piece is damaged, mismatched, or |
| websites of the National Association of Jewelry | | | | missing a part, then it probably should be scraped. |
| Appraisers and the American Society of Appraisers. | | | | Where to Sell your Gold Jewelry |
| Fees range from $50-$200. | | | | 1. By far the best place to sell your old jewelry is at |
| | | | | a jewelry store. You will get a better price than at |
| Step 2. Know how much gold you actually have and | | | | most mail-in companies because the esthetic value |
| what price to expect for it. | | | | and craftsmanship as well as the gold is considered. |
| Since gold jewelry can be made with varying | | | | |
| percentages of gold, find out how much gold you | | | | 2. Mail-in companies for scrap gold -usually pay lower |
| have to sell and what price to expect for it. You | | | | prices and it is very difficult to find a reputable one. |
| can make that determination by using the following | | | | As stated by Dave Rogoway president of Rogoway |
| assessment: | | | | Jewelers in Portland, Oregon, "For consumers, I think |
| | | | | it's probably the biggest rip off going on right now." |
| - The price of pure gold is based on a troy ounce of | | | | If you decide that you'd like to use a mail-in business, |
| 24-karat (k), which contains 31.1 grams. Gold less than | | | | try to find a reputable one that gives free trackable |
| 24 k is discounted proportionately. For example, 18k | | | | shopping online, with a money back guarantee. Send |
| is 75% pure gold; 14k is 58.3 % pure gold and 10k is | | | | a detailed description with photographs, remove the |
| 41.7% pure gold. At all of the above k values, a | | | | jewels and keep copies. Some sites to check into |
| gold item will have a small k stamped on it. | | | | are and Be sure to check all companies with the |
| | | | | better business bureau. |