If you’re looking for a way to bring in some quick cash for bills or whatever you need, your jewelry box may hold the answer. Online auction sites, jewelry stores make it easier to sell your gold, but you should first know how much its worth is.To weigh it and calculate how much cash you can get for your scrap, you need a calculator and a programmable digital kitchen scale.
Remember that one Troy ounce of gold = 31.1 grams.
Step # 1 – You separate in 2 piles: one for 14 karats and another for the18 karats. Each piece of gold jewelry must be stamped in a hidden area. Make 3rd pile for gold with mounted stones.
Step # 2 – Use a pair of pliers to pry out each stone and set. These stones can also be sold to a jeweler or mounted in new jewelry.
Step # 3 – After setting your digital kitchen scale to grams; weigh the 14 karat jewelry first. Standard measurement to weigh and value gold is the pennyweight. Every ounce is equal 20 pennyweights and every pennyweight has 1.552 grams.
Formula: Weight of your gold in grams divided by 1.552 = pennyweight. 14 karat gold in only 58.3 % gold, total pennyweight X .583 = amount of pure gold in your jewelry.
Step # 4 – Weigh for the total grams of 18 karat gold; Gold gram weight X 1.552 = weight in pennyweight. 18 karat jewelry has 75 % gold, pennyweight X .75 = pennyweight gold content.
Step # 5 – Look up the current market value or spot price of pure gold online: then divide by 20 = gold worth per pennyweight. To solve for the worth of gold based on its pennyweight, apply formula as calculated in steps 3 and 4.
Tips:
1. The gold buyer’s profit ranges from 10% to 20% of the market value.
2. To test for damaged or unmarked gold, purchase a gold tester kit.
3. Take your own measurement estimate before handing over your gold to be weighed and valued by a buyer to avoid fraud and underpayment.