The unit of measure used to value precious metals is a "troy ounce". Every troy ounce of pure gold, platinum or silver can be "diluted" or "alloyed" with other metals to make jewelry. In the United States, gold jewelry is usually alloyed in 10 karat (kt), 14 kt, or 18kt. The higher the karat the higher the level of pure gold your jewelry will yield. The percentage of pure gold in 10kt is 41%, 14kt is 58.3% and 18kt is 75%. So, when the price of pure gold is $800 per ounce, 10kt is valued at $333/oz, 14kt is valued at $466/0z and 18kt is valued at $600/oz. The actual price you can expect to receive will depend on the quantity you are selling. However, if someone offers you less than 50% of the above prices you should find another buyer!
The weight of precious metal jewelry is measured in one of two ways: either in pennyweight (DWT) or in grams (GR). Don't let this confuse you. An ounce of gold weighs either 20 pennyweights or 31.1grams.
When selling your gold jewelry, you should expect to be told the pennyweight or the gram weight of the piece(s) you are selling and a price in dollars per pennyweight or gram the buyer is paying. Example: 10.0 DWT bracelet multiplied by $15.00/DWT is priced at $150 and the same bracelet weighed on a gram scale will weigh 15.0gr multiplied by $10.00/GR and still priced at $150.
Every company buying gold should be willing to quote you their daily price offering for the various karats and the price difference for larger quantities. You should be wary of those who will not give you a straight answer.
In today's marketplace it is easy to find buyers of precious metal on the Internet or in your local area. If selecting your buyer involves mailing your jewelry, be certain you are comfortable with the company's policy for shipping and insurance before sending your valuables.
IMPORTANT: Be careful when doing business with a company that suggests you send your valuables in a "kit' or an envelope and drop in a mailbox!!! You are taking an unnecessary risk of loss or theft. Regardless of how little you may be selling, I urge you to select the company which offers FREE insured FedEx, UPS or DHL service. This type of service offers you the best protection as well as providing you a third-party tracking number which enables you to know when the buyer has received your package.
I want you to receive the most money from the sale of your unwanted gold jewelry. You should expect your transaction to be handled in a safe and above board manner. how to sell gold jewelryUnfortunately, anytime there appears to be an easy way to make a fast buck, dishonest people get in the game. Sadly, that holds true for buyers of precious metals too.
The information I've provided should help you select the best company to do business with, the company paying the highest prices, with the most secure shipping methods and the fastest payment for your Gold, Platinum and Silver. Choose GoldFellow.com to exceed your expectations.
Michael Gusky provides helpful industry insights into selling jewelry and information about the benefit of jewelry industry. To know more about pennyweight, How to sell gold jewelry, Sell scrap gold visit www.goldfellow.com