How To Determine the Value of Gold Scrap Jewelry
We are constantly being asked how do we determine the value of scrap gold jewelry when we are purchasing it. Well it is quite simple. The first thing we do is determine what carat the scrap gold jewelry is. This is important because different carat jewelry contains different amounts of gold.
8K = 33% Gold
9K = 37.5% Gold
10K = 41.7% Gold
14K = 58.3% Gold
18K = 75% Gold
22K = 91.6% Gold
24K = 99.9% Gold
If you are not sure what percentage of gold your jewelry contains you can always divide the carat into 24 (for pure gold). So for example if you have a 10K class ring take 10/24 = .417 or 41.7% or if you have an 22K gold bangle bracelet take 22/24 = .916 or 91.6%.
Once we have the scrap gold jewelry separated by carat we then weigh the jewelry by carat on our Florida State Certified Class 2 Scales. Once we have the weight we apply the current gold price to the amount of actual gold the customer has and that determines the amount we pay for the gold jewelry.
Lets assume the price of gold is $1200 an ounce and a customer has:
9 dwt (pennyweight; 20dwt to an ounce) of 10K = $1200 x .417 / 20 x 9 = $225.18
12 dwt of 14K = $1200 x .583 / 20 x 12 = $419.76
5.4 dwt of 18K = $1200 x .75 / 20 x 5.4 = $243.00
For a total of $887.94
We have to divide by 20 because there are 20dwt to an ounce.
If you would like to check the price of gold online before visiting our shop we recommend using KITCO http://www.kitco.com
So as you can see it is pretty simple, if you have Scrap Gold Jewelry that you no longer wear, want, or is broken, you are always welcome to bring it in. People in Spring Hill, Hudson, Weeki Wachee, Brooksville, even New Port Richey are always asking where can I sell my scrap gold jewelry the answer is Vermillion Enterprises. We will be posting a video shortly on how to test for gold carat content on pieces we can not identify.