If you want to sell scrap gold, experts recommend researching the pieces you have and what they're worth before selling them. Determine whether it is fake gold or real gold, as well as what purity, or karat, it is. From there, you can estimate the value of your items before presenting them to a gold dealer. It is best to compare offers from several buyers before selling your gold.
The best and most accurate way to determine if gold is real, gold plated, or fake is by taking it to a jeweler. For a small fee, they can perform a test to determine this, as well as how pure the gold is. There are also a few methods that you can use to determine this on your own.
One of the easiest ways to tell if gold is real is to put it near a magnet. If the piece is attracted to the magnet, it is fake. Also, if the gold either discolors a person's skin, or the gold color is easily worn or scratched off, it is probably fake.
After determining if your scrap gold is real, determining its approximate value can be very helpful when trying to sell it. The karat (kt) number of gold is often stamped into the piece, usually in an inconspicuous spot. This number determines the percentage of gold in the piece.
For example, 24kt gold is considered to be the purest, and it is nearly 100% gold. The lower the karat number, the smaller the percentage of gold in the piece of jewelry. For instance, 22 kt gold is about 91.7% gold, and 10 kt gold is about 41.7 percent gold.
To determine the estimated value of your scrap gold, you must know its weight in grams, and the current price of gold, which can be found in the newspaper or online. Gold prices can fluctuate daily and are typically given in troy ounces. One troy ounce is equal to 31.1 grams (1.1 ounces.)
To find out the price of gold per gram, you must divide the price per troy ounce by 31.1. You must then multiply that by the percentage of gold content. Finally, multiply the resulting number by the weight of the scrap gold you have. This will be the estimated value of your gold.
Once you have an idea of how much your scrap gold is worth, you can look for a place to sell it. Keep in mind, however, you will most likely only get between 40% and 75% of the estimated value. Use caution when dealing with buyers who advertise that they give cash for gold, as well as online scrap gold buyers.
Many times, online gold dealers want you to send them your gold to them by mail. They usually don't offer you as much as a local jeweler or gold buyer would. Before using these companies, research the company by checking with the Better Business Bureau. Also, be sure that you are able to get your scrap gold back if you do not like their offer.
Local companies may be a better place to sell your unwanted gold. There is less chance that your items will become lost in the mail, and there is less chance that you will be scammed. Local jewelers or gold dealers can usually make you an offer quickly. If you don't like their offer, you can always take your items and move on to the next one. It is always a good idea to go to a few different businesses when trying to sell your gold, since one company may not need your gold as much as another and offer you less money for it.