If you’re having a bit of financial trouble, a great way to get some cash fast is to sell your broken or unwanted gold jewelry. However, before you cash in on the gold you want to sell, here are a few things you should know if you want to…
Get a Fair Price While Selling Gold Jewelry!
- Know the weight. You can measure the gold yourself, but jewelers actually use a different kind of measurement called a Troy ounce which is 31.1 grams compared to the typical 28 grams per ounce. But wait, it gets even more confusing. They also use a weight system called “pennyweight” to measure a Troy ounce which is equal to 1.555 grams. You can decide for yourself if you think the pricing of your jewelry is fair.
- Know the karat. All jewelry in the U.S. is supposed to describe a karat of fineness, according to The Federal Trade Commission. For example, 14 karats means jewelry is 14 parts gold and 10 parts other metals, which means it’s about 58% gold. Typically jewelry ranges between 10 and 18 karats, but sometimes jewelers will weigh all of the jewelry you brought in together and give you the lowest karat value. This doesn’t seem too fair, but it’s up to you if you want to sell your gold or not.
- Know the current price of gold. The price of gold is constantly changing, so before you head into your local pawn shop to sell your gold jewelry, always check the fair market value. You want to make sure you’re getting a good deal, don’t you?
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