People sell jewelry to gold buyers for numerous reasons. For example, they may not enjoy the style of the piece or it might no longer be in prime condition. Regardless of your situation, you may wonder how to go about finding a fair price for your gold, which the guide below helps explain.

Assess Your Emotional Ties

Parting with a treasured keepsake may not be worth it at any price. Before you decide to sell, make certain you’re emotionally prepared to give up the piece. Be especially careful about selling heirlooms; if you don’t want it, another family member might.

Furthermore, jewelry made by a prestigious designer, such as Tiffany®, may have more value than just the metal alone, depending on the piece. Many gold buyers buy for the melt value of the metal only because they don’t have any outlets for resalable jewelry. When selling your jewelry it’s best to work with a reputable dealer or jewelry store who also trades in estate jewelry; they are more likely to pay more since they have a true need for your pieces. 

Understand Purity & Weight

The purity of gold is measured in karats. Pure gold is 24 karats, but because it’s soft, it’s generally alloyed with other metals to make it durable enough for jewelry. A 10-karat wedding band is roughly 41.7% pure gold while a jewelry piece fashioned in 18-karat gold is 75% pure. To ascertain this percentage, look for stamped markings on the pieces.

Seek an Appraisal

When you sell gold for scrap, you’re selling it for a percentage of its “melt value”—the value of the gold in the piece. A gold buyer won’t offer you 100% of the melt value because it costs money to turn scrap into new jewelry, and buyers need to make a reasonable profit on purchases.

A reputable gold buyer or jeweler should first offer a free verbal appraisal to confirm the weight of your gold and, because the value of gold fluctuates, make an offer based on the current market price of gold. Never be afraid to get a second opinion!

If you have gold jewelry to sell, take it to a gold buyer you trust. The award-winning jewelry experts at Nelson Estate Jewelers in Mesa, AZ, pay market price for precious metals. They also craft one-of-a-kind designs and repair fine jewelry. Visit them online for information about appraisals and pricing considerations. Call (480) 459-9867 to discuss your valuables with a knowledgeable jeweler.