After years of buying or collecting jewelry, it is inevitable that you will end up with jewelry that is old and broken, or scrap jewelry. Scrap gold jewelry can quickly build up in your jewelry box, taking up space and getting tangled with your good jewelry. If you are tired of sorting through your scrap jewelry, you should consider selling it. It may seem like selling scrap gold jewelry is not worth the effort, but the scrap items are still worth the materials they are made from, especially gold, silver or platinum scrap. Selling your scrap gold jewelry will not only free up space for your good jewelry, but also result in some extra cash that you would not get by simply throwing it away.
Before selling your scrap gold jewelry, review the following information to help you get the most for your items.
Why Sell Scrap Jewelry?
Scrap jewelry may seem worthless because it is no longer useable, but scrap gold, silver, and platinum will always have value. Besides, scrap jewelry is most likely an annoying presence in your home so why not make some cash as you rid yourself of these items? There will always be a market for you to sell your scrap gold jewelry as gold is consistently one of the highest valued precious metals. The gold market is rather fluid and tends to fluctuate, but the price of an ounce of gold has been consistently above $1300 since the beginning of 2018.
It is important to have a basic understanding of the gold market, so you can research current gold prices which will help you get a better idea of what your scrap gold jewelry is worth.
- Price of gold: The current price of gold is measured by the cost of gold per ounce. At the time of this writing, the current cost of an ounce of gold is $1332.70. The price of gold fluctuates each day so make sure you check reputable online sources for the most accurate and up to date gold prices.
- Price of gold factors: There are several factors that determine the price of gold, such as the value of national currencies, central bank reserves, economic situations, and worldwide demand. The biggest factor is supply and demand as gold is rarer than most metals but always in high demand for jewelry, electronics, and other uses.
- Spot price of gold: The spot price of gold refers to the current market price of un-fabricated gold with no markup. Spot prices vary between different areas of the world which is part of the reason why the price of an ounce of gold fluctuates. When selling gold in the U.S., the spot price is determined by the New York or Chicago market.
- Is the spot price of gold important?: Remember the spot price of gold is the base price so the higher the spot price, the more of a profit you can make selling your gold jewelry. You should keep an eye on the spot price in the Chicago and New York markets to decide when the time is right to sell your gold.
Selling your Scrap Gold Jewelry
Once you have become familiar with the gold market and how to find the price of gold, you can turn your attention to selling your scrap gold jewelry. Looking up the current price per ounce of gold and the gold spot price is the first step in determining the value of your scrap gold. The price of gold is commonly given per ounce, but you can also easily find the current price per gram or kilo of gold.
In addition to looking up current gold prices, you should also determine if your scrap gold is worth more as scrap jewelry or as melted gold. Knowing this can help you get the most money for your items as selling certain items as scrap instead of jewelry could get a lower return. The best way to determine if your scrap jewelry is more valuable as gold or as jewelry is to have it appraised at a reputable jewelry store.
Now you are familiar with gold prices and know how you are going to sell your scrap gold, follow these tips to get it ready for sale:
- Determine the karat: The karat of your gold will help you determine the purity of your items and how much they are worth. Gold that is 10-karat is 42% gold, 14-karat is 58% gold, and 18-karat is 75% gold. This means that a 14-karat piece is worth 58% of the market price of gold. If you do not know the karat of your gold, there are several types of affordable home testing kits that you can use on your items. You can also have a professional test your items.
- Weigh your scrap gold: The weight of your items is a major factor of their value. Weigh your scrap gold to get the weight in grams. Look up the current market price for a gram of gold and multiply it by the weight of your items in grams. Next, divide the total weight of your items by the purity percentage based on its karat, and this will give you an accurate estimate of the value of your items.
- Clean your jewelry: Before you bring your jewelry to a gold buyer for an appraisal, make sure you clean it thoroughly. Your scrap jewelry that hasn’t been touched in years could benefit from a good cleaning to help improve its appearance. Clean your jewelry using warm water and dish soap, and scrub it gently using a toothbrush.
Bring Your Scrap Jewelry to a Trusted Jewelry Buyer
When you have a good idea of what your scrap gold is worth and have prepared it for sale, you can take it to a trusted gold buyer to get a fair appraisal. At PGS Gold & Coin, we have built a reputation as the most trusted gold jewelry buyer in the Chicago area because we routinely offer better appraisals than other jewelry buyers. Our professionals will weigh and evaluate your scrap gold jewelry and offer you a fair price on the spot, so you can leave with cash in hand. Bringing your scrap gold to our professionals is the best way to ensure that you get the most for your items.
You can bring your scrap gold jewelry into one of our PGS Gold & Coin stores in Wheaton, Palatine, or Schaumburg, IL.