Gold is a soft metal, and is usually mixed with other metals to make it harder for jewelry making purpose.Also gold jewelry may be set with gemstones. We need to determine the actual gold weight to find the resale value of gold jewelry.
Lets say you have a 10K Yellow Gold Scrap 3 Gram Engagement Ring set with 4 carats of diamonds for resale.
1.Determine the Weight of Gem Stones in the Jewelry
1 carat diamonds, precious, semi-precious gemstones = .20 grams
1 carat cubic zirconia = .34 grams
In our example, weight of 4 carat diamond=4*.20=.80 grams
2.Determine the Amount of Gold in your Jewelry
Determine the weight of jewelry using a jeweler's digital scale.If you have more than one piece of jewelry, separate your jewelry by karat weight such as 14K,18K etc. before weighing.
In our example,ring is 3 grams in weight.
3. Subtract the weight of Gemstones from the Gold Weight
Actual gold weight of the ring=3-.80=2.20 grams
4. Find the latest price of gold per gram.
Use internet or newspaper for this.Today's price is $54 per gram.
5. Multiply price of gold per gram with the following number as per purity of gold.
10K Purity, multiply by .4167
14k Purity, multiply by .5833
18K Purity, multiply by .75
22k Purity, multiply by .9167
Our example jewelry is 10k purity.
So we get the price of scrap gold as 54*.4167= $22.5018 per gram.
4. Multiply the gold price per gram by the weight in grams
For our example, we have a 2.20 gram gold ring with a price of $22.50 per gram.
Hence the worth of this ring is 2.20*22.50= $49.5
5.Calculate Final Resale Value
When reselling gold jewelry, you should receive at least 40 to 60% of this “spot” or “bid” price for your gold.
In our example, you may receive maximum 60% of $49.5 i.e. $29.7 as the final resale price.
If the jewelry has less amount of gold and more of precious and semi precious gemstones with an elegant design and craftsmanship, try appraising it as "estate" jewellery because it will fetch less money from anyone who intends to melt it down.
