Have some old gold jewelry and need some cash? Here's how to find out what it's worth before you sell it …
Many stores and websites will pay you for your jewelry based (mainly) on its precious metal content. For those that advertise online, they offer you a postage-paid envelope, you mail in your valuables, and a few days later you get a check and ride off into the sunset.
That's how it's supposed to work, anyway. Some people will be, shall we say, a bit disappointed with the size of that check.
Gold jewelry is usually valued as scrap
This stands to reason. Cash for gold places will value your jewelry at scrap content. Regardless of the sentimental value to you, they don't place any value on that. (Nothing against your great aunt Gertrude; I'm sure she was a fine lady and that necklace is indeed beautiful!)
Additionally, they're not going to — well, can't — give people top dollar for their stuff because they have to (a) pay for shipping, (b) pay people to value your stuff, (c) pay to cut the check and mail it, and (d) put food on the table. You pay for the convenience of selling your jewelry by throwing it in an envelope.
How much is my gold jewelry worth?
So, how do you figure out what your gold jewelry is worth?
1. Look for the stamp to see what the purity is
Below is what you could find.
If you find three numbers, put a decimal point between the middle and last digit, and you have the purity of the precious metal in percent. So a gold chain stamped with “375” would be 37.5% precious metal or 9-karat gold. One stamped with “585” is 58.5% or 14-karat gold. “916” is 22k gold, the standard for many gold coins. “Pure” gold may be designated “990” or “999” if it's gone through some more refining.
If you find 10k, 14k … or 18ct, 24ct … or 14KT, 16KT, this is the purity in karats. Pure gold (99% or higher) is “24 karat.” So 10-karat gold is 10/24, or 41.7% gold. 14-karat gold is 14/24, or 58.5% gold. This marking is also called “solid gold” but it does not necessarily mean pure gold — just that it has the same alloy throughout.
If you find 1/20 14k, or 14kgf, then this is “gold filled” which, unfortunately, does not mean “filled with gold.” It means “gold, filled with something else.” The 1/20 means that the weight of the gold is at least 1/20th, or 5%, of the total weight. The letters “gf” in the second example indicate that the piece is gold-filled, but there is no gold weight requirement.
If you see GE or HGE, then the gold is electroplated. GE Stands for “gold electroplate” (at least 7 millionths of an inch) and HGE “heavy gold electroplate” (at least 100 millionths of an inch).
Can't read the stamp? A jeweler's loupe may help.
2. Weigh the gold jewelry
Second, you weigh the gold jewelry.
If it's nothing but metal, then the rest is easy. If there are gems, then it's a little more complicated but you can estimate down a bit with the gold content.
Let's take an example. Say you have a 14k gold chain that weighs 30 grams. The amount of gold you have in that chain is 14/24 (14 karat) times 30 grams, or 17.5 grams. A 30-gram chain marked “1/20 14K” will have at least 5% of 30 grams, or 1.5 grams, of gold.
If you have a number of pieces, then weigh each kind separately. That is, weigh your 14-karat pieces together, your gold-filled pieces together, etc., and determine the amount of gold in each kind separately.
To get an accurate weight you'll want a jeweler's scale.
3. Look up the price of gold to calculate the melt value
Let's say that it closed at $60/gram. (The current value is updated daily in the box below, courtesy of DailyMetalPrice.com.)
Let's say you added up all of the gold in Step 2, and you got 10 grams of gold. Assuming that gold is going for $60/gram, then you'd have 60 x 10 = $600 in melt value for your gold.
4. Or just use this calculator!
These are calculations you can do to see how much someone is lowballing you when they give you a price for your jewelry. It's also handy to see what kind of markup people are asking for their jewelry.
Knowledge is power. Now you can figure out a little better what that jewelry is really worth to someone buying it off of you.
Good analysis. I don’t personally have a lot of gold jewelry, but I know people who do. One wonders how much the markup really is on the gold it contains itself. I know I probably wouldn’t even buy gold coins less than 99% – so that 916 number is good for jewelry, less so for bullion.
22k is fairly common for coins. Krugerrands are 22k as are most older American gold coins. The newer American gold coins are 24k. It’s rare to find 22k gold jewelry because it’s too soft. 14k is about as high as you would want to go.
There was a burglary ring in a town I used to live. They targeted Indian families because of the gold jewelry (gold is a very big thing in India).
The thieves didn’t bother with pawn shops. They just shipped the stuff to the cash for gold places, essentially turning them cash for gold place into a fence. They probably got more than they would have on the street …
I have to admit that I have been around long enough to be very suspicious when I come across these sites. There have been (and probably still is) so many scammers in that niche that I would personally only want to deal with the top sites in the industry.
Great post, very helpful to anyone looking to sell scrap gold. Isn’t it funny how all these sites just popped up when gold prices started to shoot up? I think one could do just fine by visiting several local jewelers in their area to compare what they are willing to pay for scrap. That way you have no suprises and you’ll have a better idea if you are getting a fair payment.
i know the other company goldkit is bs, i sent in some of my jewelry(gold) hoping i would get a fair amount , but tell me how, when i got the check it was at the amount of 58.**
HI, The following statement is from the above article. ” A 30-gram chain marked “1/20 14K†will have at least 5% of 30 grams, or 1.5 grams, of gold.”
It later states, “The gold filled chain has at least $45.25 worth of gold in it.” This was based on a spot price of $938.30.
I may be wrong, but I believe that the correct ending to the first quote should state,” 1.5 grams of 14K GOLD.”
Therefore, if a 30 gr. chain of 14K contains 17.5 grams of “pure” gold, then a 30 gr. chain of 1/20 14K should have 1/20th or 5% of 17.5 grams. This amounts to .875 grams of “pure” gold with a value of $26.40, and not the $45.25 quoted in the article. Thanks
Michael: I had two examples going in parallel. Two 30-gram chains: one 14k (solid) gold, and the other gold-filled.
what is a coin that says .875 gold worth
Is 14k Italian gold different in price than gold in the USA?
Marlene: Here’s your answer.
What have you heard about gold from Dubia? I had recently bought a ring 22krt with a weight of 9.1 grams from the gold Souk there, and was just wondering what you think it might be worth say back in Canada?
I think one could do just fine by visiting several local jewelers in their area to compare what they are willing to pay for scrap.
Good posting… Keep it to give the best info for us.. thank very much
There’s a handy calculator at the website above that does all the math for you. It is based on the same formulas as shown here.
I sold my gold to a pawn shop and sadly have realized they have ripped me off to the tune of about $300. I was not a saavy consumer and did not do my research until after the sale, after a friend alerted me to my mistake. Do I have any recourse with these people?
I found an antique-looking ring among my 84 year old aunt’s belongings when I was given a box of her items after she passed. It contains 3 good sized diamond-like stones surrounded by several other small ones. The inside of the band is marked <23<1/20 (then there's a solder scar I think from resizing, then Sterling
Is it typical for rings such as this to contain only rhinestones or is it likely they’re real
I have a gold chain with a love heart pendent (with an angel on it)
On the back of the heart its stamped with 14k GF PPC
No idea what that means??
An on the chain its stamped with 1/20 14k GF R and another letter but can’t quite tell what it says
Can anyone help me on how much it coast an what it means please.
The GF stands for gold filled, so the gold content is minimal (though not completely absent!)
I have a necklace that days 12k gf N and another letter i cant read, does this mean anything
Great question. I don’t know the answer!
The 12k gf is enough to tell you the content of the gold. The N plus the other stuff may be part of a maker’s mark.
It could mean Nickel.