Gold has been among the most valued metals for centuries. Throughout history, gold has been the standard against which most other metals are compared. It’s no surprise that anything made of gold—rings, bracelets, earrings, and the list goes on—would offer excellent value to its owner.
If you’re thinking of selling a gold item, you are no doubt wondering, “How much is my gold worth?” Really, this translates into “How much can I get for my gold jewelry?” The more you can earn from the sale, the better, right?
Wondering how we at Twery’s calculate the value of gold? Our rules for determining the value of your gold and jewelry are listed below so you can understand just how much your valuables are worth.
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How Much is My Gold Worth:
Gold Market Price
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The price of gold is constantly shifting. From one day to the next, the cost of gold can rise or fall surprisingly steeply.
To determine the market price of gold, you need to visit websites or services that list the current price. For example:
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APMEX
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These sites will not only show you the current price of your gold (per ounce or gram), but they will also give you an indication of the market trends. You can see if the price of gold is on the rise or declining thanks to these websites.
They will help you to make the decision of whether or not NOW is the time to sell, or if you’re better off waiting a few days/weeks until the price is higher.
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What is My Gold Worth:
Determining Gold Quality
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Before you decide to sell your jewelry, you need to answer the question “how know is my gold worth?”
First, you should look on the jewelry itself to see if you can find the hallmark, the mark that indicates whether your gold is 18K, 14K, 9K, and so on. The mark will usually be VERY small, so you may have to use a magnifying glass. We appraisers will use a loupe (a specialty magnifying glass) to read the hallmark, which will tell you exactly what quality of gold you have.
The hallmark will tell you exactly how much gold is in your jewelry. How is that? Here’s an example:
[su_note note_color=”#e2ae00″ radius=”0″]Let’s say you have a gold wedding band that weighs 6 grams. The hallmark tells you that the band is 18K. Take that number (18) and divide it by 24.
You end up with 0.75—meaning the ring is 75% gold and 25% other metals. Calculate 75% of the weight of the ring, and you end up with 4.5 grams of gold (6 grams x 0.75 = 4.5 grams). The ring will be valued according to those 4.5 grams.[/su_note]
But what if you can’t find the hallmark on your jewelry? In those cases, we always recommend a professional appraisal (from services like Twery’s). A professional appraisal will test your jewelry for you to determine exactly what karat it is—thereby determining the quality of the gold. We believe it’s the best way to get a clear understanding of the quality of your gold.
However, you can do a special test at home—the assay test. This test uses a type of acid to determine the value of the metal. It’s the same test we professional appraisers carry out, only designed for your home use.
Here are a few other tips to help you determine the value of your gold:
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Color
The deeper the yellow-orange of the jewelry, the higher the gold content—ergo, the higher the karat.
Weight
Gold has a heaviness to it that other metals don’t. It should feel solid in your hand.
Malleability
Gold is soft and malleable, and tends to dent easily. The jewelry may have a tendency to bend or flext.
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Your best option is always to look for the hallmark, as that will tell you the official value of the gold. If you can’t find the hallmark, take it to a professional appraiser to get it valued.
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How Much Can I Get for My Gold:
Calculating the Value of Gold
So, you have a rough idea how much the jewelry is worth (because you’ve figured out the price and the karats of your pieces). Now what? How can you figure out what a jeweler will offer you for the piece? There are a few different types of ways your gold can be valued:
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Intrinsic Value
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Also known as “cash value”, this is the most basic way we determine the value of your jewelry. Essentially, we add the value of the metal (weight x gold price) to the value of the gems set into the jewelry, and that is the intrinsic value of the piece.
This is the most rudimentary valuation, as it doesn’t take into account any sentimental value or history the piece may have.
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Resale Value
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Also known as “retail value”, this is a way for jewelers to calculate how much they believe the piece can be re-sold for. They take into account not just the intrinsic value, but also the style and workmanship of the piece.
This is a way for owners of unique pieces of jewelry to receive more than the basic cash value for their quality jewelry.
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Appraised Value
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Also known as “replacement cost”, this valuation is actually conducted by an insurance company’s jewelry appraiser. This is done in order to determine how much it would cost for the piece of jewelry to be replaced in case of loss, theft, or damage.
However, it’s difficult to know how much a piece could be appraised for. In fact, many appraisers will price a piece of jewelry too low for its real value.
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Used Value
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A brand new diamond ring will often be priced higher than one that has been sitting on someone’s finger for decades.
New jewelry won’t just be priced according to their intrinsic or even their retail value, but there will be amounts added to reflect taxes, jewelry store mark-ups, wholesale or retail costs, import costs, and the list goes on.
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It’s a lot to take in, isn’t it? Hard to believe so much goes into the valuation of a simple piece of jewelry!
If you want to make sure you get the best, most accurate valuation of your gold jewelry, you should ALWAYS go with a professional appraisal. Specialists—like Twery’s—know how to find the hallmark, test for gold quality, and determine the value of your piece by factoring in all elements (metal value, gem value, workmanship and style, etc.). Best of all, using professional appraisers like Twery’s is 100% accurate and safe.
Once you’ve had your gold appraised, you can find the right jeweler to buy it from you for its real value. You want to ensure that you get the best possible price for your jewelry, which is why it’s so important that you get it valued. Knowing how much it’s worth is the first step toward receiving fair money in case you decide to sell the jewelry.
[su_note note_color=”#e2ae00″ radius=”0″]Remember: weight, color, karat, style, and workmanship are the most important aspects of valuing your jewelry![/su_note]
What did you think of this article? Let us know if there’s anything we missed out on, or if you have anything you believe should be added. We always love to hear about your experiences and how they could benefit others…