Selling Unusable Gold Jewellery

Investment in gold has grown as the value of the yellow metal continues to rise. But gold has value not only in the form of standard bars. People buy gold in the form of bars, nuggets, bullion and sell it at an opportune time to fetch good returns. Coins but also in state of unusable jewellery or scrap. There are three variables that affect the amount a seller can get for scrap gold:

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– The purity of gold in the item chosen for sale – this is expressed in karats
– The weight of item – usually in grams but also expressed in troy ounces or pennyweights
– The spot price of gold in the stock market

24 karats gold is the purest form of the yellow metal. It is very bright. Colour variation to the item thus created. Because of mixing other elements, the purity of the gold is also affected and comes down from 24 karats. This is why it is necessary to blend it with other metals like few grams of copper or zinc to mould the piece into an ornament. The process lends hardness. Soft at this level.

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Most of the jewellery sold at recognized stores has karat markings at the back of the ornament to show its purity. It is wise to compare the prices offered by two or three buyers in the city before you choose someone to sell your gold to.

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How much money can you expect on selling gold?

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The two never-changing factors determining the value of gold are purity and weight. This can fluctuate in the market by the hour. The price that a buyer pays you is lower than the market price of gold. This is to keep a profit margin in this trade. Another variable is daily spot price.

Buyers of precious metals are not bound by any restrictions with regards to purchasing scrap gold. So, they may give you 100 percent of the day’s market gold value and earn nothing or pay just 10 percent of its actual value and earn 90 percent profits when they sell it ahead. A recognized, reputable buying company will usually pay at least 50 percent of the daily spot gold price.

If your gold jewellery also has stones or gems the weight of those cannot be considered while weighing the jewellery. Semi precious stones such as ruby, garnet, opal and emerald are removed before weighing the piece. You can take them out on your own or get them extracted by the buyer. The seller is paid accordingly. Most of the cash-for -gold companies however will buy diamonds happily. The purity of diamonds is measured in carats. Keep these stones separately – you may find another buyer for them someday.

Selling unusable gold is an easy process and if you cannot go to the buyer’s center directly, there may be a provision to sell it by mail. Just make sure that you are dealing with a trusty business – research, reviews and recommendations will help here.