You might have found unused gold jewellery in your drawers and are now thinking about selling it. But how much would the gold be worth and how can you determine the price for your jewellery beforehand to know if it is worth having it valued or not?
When you understand a couple of the basics surrounding gold prices and its value, the valuation process will become clearer and it will become easier for you to decide whether you would like to sell or not.
What Is the Gold Price Today?
The value of your gold items depends on the international spot price, or market price, for gold. The price fluctuates constantly, and when news outlets report on changes in gold prices, they refer to the value of pure gold on the international market.
Gold price is given per troy ounce, which is a term specifically for selling and purchasing gold. The price for jewellery and other pieces, however, is normally calculated in grams. Because the price for gold constantly changes, the value for your gold today can be totally different than a month or two ago.
When a single piece of jewellery is valued, the spot price is not the only thing factored in. The value for an item is based on three things:
- the item’s weight
- the purity of the material (14K or 18K, for example)
- the spot price for gold at the time of the sale.
How Much Does Gold Weigh?
It is also good to know that the weight of the item and purity do not correlate. For example, a piece of jewellery that weighs 20 grams does not automatically contain 20 grams of pure gold. Gold jewellery is always an alloy that contains other metals for better durability. The weight of an 18K necklace, for example, is 75% gold, while the weight of a 14K necklace is 58.5% gold. The rest of the weight is made up of other metals such as silver or copper.
In practice this means that a 14K gold chain weighing 20 grams contains 11.7 grams pure gold. The price is determined based on that 11.7 grams of gold the item contains. That is why not only weight matters when selling gold, but also how much pure gold the item actually contains.
Can I Sell Broken and Damaged Gold?
Many of our customers think that the colour of their jewellery or what condition it is in impacts the price. Yellow gold, white gold and rose gold can contain the same amount of pure gold despite the different colours. What colour the item has depends on which other metals pure gold is mixed with.
Even the material of a broken item is worth just as much as the material of a new one. The price for gold is determined by the metal content, not by how the item looks or what condition it is in.
Can I Only Sell One Item?
Gold prices are high and even small amounts of gold can have a high value. A single ring, chain or a pair of earrings can contain more gold than you might think at first glance. Even though it might not feel like it, it is good to bring even small items to the valuation. You might be surprised by how much it is worth.
How Do I Sell Gold?
The first step of selling your gold is having the items valued. Have your gold items valued at Gold Arthur for free. Our gold experts value and calculate the price for your items on site.
During the valuation all jewellery and other items are closely checked and valued in front of you. Their weight and purity is checked and we explain each step of the process for you. This way you have a clear picture of what the price consists of so that you can decide whether you want to sell or not. Having your jewellery valued does not bind you to sell it to us.
