If you are considering buying or selling gold, it behooves you to know how gold prices are set. Jewelry Lab in Rochester, NY, has the expert insights on costs and prices so you can know just how valuable your gold jewelry really is. In addition to jewelry repair and restoration services, these professional jewelry brokers also offer cash for gold. With more than 25 years of experience in the jewelry business, these precious gems and metals specialists know the ins and outs of buying and selling gold.
When learning how gold prices are set, you first have to understand gold measurements. Gold is measured in a weight known as “troy ounces,” with one troy ounce equaling about 31.1 grams. Additionally, gold is measured by its purity, which is referred to as its “fineness.” This can be defined by “parts fine,” “percent gold,” or “karats.” Be aware that gold karats are different from the measurement of carats, which are for diamonds.
Whichever term your jeweler uses—parts fine, percent gold, or karats—this measurement tells you the ratio of gold found in a sample, out of 24. Pure gold would be 24 karats, for instance. Note that in the United States, a gold piece must have at least 10 karats in order to legally be considered gold. If you are trying to sell gold, a reputable jewelry and precious metals broker can determine these measurements—and the corresponding price. If you’re looking to get cash for gold, it’s essential to find a trustworthy broker to determine the correct gold prices.
When selling gold in Rochester, NY, turn to the experts at Jewelry Lab. With their wealth of experience, friendly service, and attentive customer care, these professionals can give you top dollar for your gold jewelry. Visit their website or call (585) 227-8940 to find out more about their cash for gold services.