Gold jewelry is an excellent investment and can be a valuable nest egg or security in times of future need. If you’re planning on selling gold jewelry in Atlanta, make sure to know its current value before looking for a buyer and letting go of your trinket. Know how much to sell your gold for following the steps below. Doing this will guarantee that you’ll get a profitable exchange of cash for gold in the Atlanta area or wherever you are located.
Here are the steps to determine your gold jewelry’s value:
STEP 1: Get Your Jewelry Tested by a Licensed Individual or Laboratory
Lab reports authenticate your gold and establish its weight and purity. These factors are all vital in determining your precious metal’s current value and how much you can sell it for on the market. Additionally, getting a lab report will make selling your gold a lot easier to accomplish because buyers will always look for something to authenticate genuine gold. It may cost you a little, but you’ll get useful information about your jewelry. You’ll even know if your jewelry is fake.
The technician will use one or several ways to determine your gold’s purity. Once you have the values, you’re now ready for the next step.
STEP 2: Know the Current Gold Price in Grams (or Any Other Unit of Measurement)
Gold’s current price can be determined by checking online or in banks. They usually have information about the prices of precious metals, including gold, since many people and even governments use gold as a hedge in times of economic volatility. If you’re unsure of the current financial situation, you can convert some of your assets to gold to protect their value.
Troy ounce is gold’s unit of measurement and its price per troy ounce can vary every second, minute, and hour. For example, the price is currently estimated at $1267/troy ounce. Converting a unit of troy ounce to grams, we get 31.10 grams/troy oz. Now, we can get the price of gold in grams today by dividing $1267/31.10 grams. The current price of gold expressed in the Metric System is $40.87/gram. Again, this value may change based on current global gold valuation.
STEP 3: Multiply the Current Gold Price Per Gram to Your Jewelry’s Purity.
From the lab report, you’ll have an idea how much your jewelry weighs as well as the gold it contains (purity): 14K, 18K, 22K, etc. Multiply your gold jewelry’s purity to the current gold price per gram (the resulting value in step 2). For example, for a 10-gram, 14K ring, here is an appropriate example of computation:
Your jewelry’s value = Purity ÷ 24 K (considered pure gold) x Current gold price/gram
= 14K / 24K
= 0.5833 x $ 40.87/gram
= $23.84 per gram
In the example, if your old jewelry weighs 10 grams, multiply it by the current price per gram to know your jewelry’s price today.
In essence, if you’re searching for where to sell gold in Atlanta, make sure to offer your 10 gram, 14K gold jewelry at a value no less than $238.40.
This computation is a simple way of determining the value of your jewelry if you’re thinking of selling gold in Atlanta or elsewhere in exchange for cash. Don’t be too worried when disposing of your valuable trinkets. Make sure to refer to this computation for a simple way to estimate how much you should be selling your gold jewelry for.