Gold has always held a certain allure throughout the ages. It has driven people to cross the country in gold rushes, dig in mine shafts and pan river waters. People have struck it rich and died in pursuit of this precious metal. While a tad less dramatic, there is a new gold rush nowadays as people discover old jewelry in drawers and jewelry boxes. If you open a drawer with long-forgotten treasures, you might wonder about selling old jewelry for cash in Somerville, NJ.
Here are some guidelines to make you a more informed seller.
Determine Percentage or Karat Purity
Typical gold jewelry isn’t completely pure gold, but rather just partially gold and mixed with another alloy. How much actual gold is present in the jewelry will affect its value. The amount of gold in the mix is often referred to as
percentage purity or karat purity.
Percentage purity is quite simple and straightforward. If a piece of gold jewelry is 75 percent gold, it has a percentage purity of 75 percent.
Karat purity requires a bit more explanation. The karat scale is measured by 24 units. As an example, gold jewelry may be referred to as 12 karats or 18 karats, which are 50 percent and 75 percent gold respectively. Jewelry that is 24 karats is pure gold, or virtually so. Gold that is 99.95 percent pure is considered to be 24 karats. Obviously, more gold equals more value.
You can’t tell the purity of gold by simply looking at it. To determine percentage purity, you need to take the jewelry to a testing laboratory. Testing methodologies include acid tests, electronic tests or x-ray tests.
Gold Market Value
The value of gold is always fluctuating on the world market and will affect the final value of your jewelry. It’s not uncommon for gold to change value at least a bit on a daily basis.
Once you have three pieces of information, you can estimate a value for your gold jewelry on the basis of its gold content. Those pieces of information are weight of jewelry, purity of gold and market value of gold.
The multiply those values like this:
Weight x purity x market value.
Take the value from that calculation and divide by 100 for percentage purity or by 24 for karat purity.
The value of jewelry may also be affected by the presence of diamonds or other gemstones. When selling jewelry, you’ll also want to get those valuables appraised, too.
Collectible and Designer Jewelry
Gold jewelry that’s sold will fall into one of two categories: old jewelry that’s value is primarily the gold itself and jewelry that has value beyond the gold. Many ordinary jewelry pieces may be melted for the gold. But, if jewelry has value as a collectible or designer piece, it may have extra value beyond its gold composition. Talking to collectors or online research may help you uncover the value of your jewelry.
Get Cash for Your Gold Jewelry
You can sell gold jewelry for cash fast in Somerville, NJ, by bringing it to a reputable buyer. It’s a quick way to earn money for other things that you’d like to buy. If the jewelry is no longer wanted, why hang on to it?