HOW IS YOUR GOLD JEWELLERY VALUE ASSESSED

Customers ask most gold buyers how their gold jewellery is assessed when making an offer. For this reason, to address the process, you can find all the information you need here on how much you can get paid selling gold jewellery. 

Different Types of Gold Jewellery You can Sell 

But before we jump into the factors on the value of your jewellery, you first need to understand the types of gold you can find. So first, you get gold-filled jewellery or gold-plated jewellery. As this jewellery is worthless, it’s best to just throw it in the bin.

Second, you get what’s called alloyed gold measured in karats. Gold is always mixed with another metal to provide durability most common are 9k and 18k. Some countries like China make jewellery pieces made of entirely gold, which you can get a high price for it being 24k.

Understanding the Different Purity of Gold Jewellery

Knowing the gold purity before visiting a gold dealer helps. Gold is measured in karats, indicating how pure the gold is in the jewellery. As a result, the higher the purity, the more value it has. Pure gold is 24k and is 99.99% pure, primarily found in gold bars and Chinese jewellery. 

22k is gold with a purity of 91.66%, 18k is 75% pure gold, and 9k is 37.5% gold. In addition, you can find the purity of the piece stamped with a hallmark. In some cases, you may need to use an eye loupe.

When you sell gold jewellery to scrap gold dealers, they will weigh the metal and test for its purity using different tests. These include an XRF spectrometer or an electronic tester. 

The Value of Gold 

As gold prices fluctuate, gold buyers will look at the current value of gold at a given time. On a local gold dealer’s website, you can look at the gold spot price and buyback per gram. Still, the cost can rise or fall during the day. 

When you have economic uncertainty, the demand for gold increases and pushes up the value. But if there are no financial concerns, the price goes down. The spot price is measured in troy ounces, equivalent to 31.1 grams.

So, if you have scrap gold, gold jewellery, bars or coins, you can visit a local gold dealer today to get fast cash. The gold dealer will then assess your gold by looking at the karats, weighing it and providing you with an offer based on the gold market value. 

Still, do not expect to get the spot price as dealers offer a buyback price that is less than the gold market price of the day. Still, you will get a fair price for your gold and other precious metals. It also helps to get more than one quote to decide if the offer is worth your while.

You can then decide if you want to accept the offer to walk out of the shop with money in your hand. On the other hand, you can always have the money transferred to bank account to receive the following business day. Another important note is to take your ID and proof of residence that is not over three months old with proof of your bank account.

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