Maybe you’ve inherited some jewelry. Perhaps you’ve just built up some gold chains and other items over the years. Some of them are broken. Some of them just aren’t your style anymore. Whatever the reasons, you’ve got some items you don’t want as much as you’d like money for them. So now, the real question is how much you can expect for the items.
When selling gold, you’ll discover a number of factors impacting what you get. Here are some of those factors for you.
Current Spot Price:
Spot price is a market term that indicates the average price selling in public markets for one ounce of gold. It fluctuates based on global economic conditions and market sentiment. You’ll definitely want to check online gold price charts to understand the current market value before you try to sell.
Purity (Also called karat):
You’ve heard of 14k gold or 18k gold. This is a measure of gold's purity. Gold is a very soft metal, so it has other metal added to it for strength. 24k gold is 100% gold. 14k is slightly more than 58% gold. You’ll be paid for the pure gold in your jewelry, not the other metals.
Weight:
The total weight of the gold item should be multiplied by the percentage of gold. For example, an ounce of 14k gold is 0.583oz of pure gold. When you sell, the buyer should weigh your items in front of you. In fact, your jewelry shouldn’t leave your sight until the transaction is over.
Buyer's Markup:
Each gold buyer will add a margin to their purchase price. This is to cover their costs and for their profit. This is why you should get quotes from different gold buyers to ensure you are getting the best price. In general, the markup is enormous at the “We Buy Gold!” pop up shops. Avoid them. Pawn shops and jewelers will be far more reasonable.
If you need to sell gold in San Diego, I hope you’ll get in touch. I’m a third-generation jeweler. I buy thousands of dollars’ worth of jewelry in my La Jolla showroom every week. Reach out and I’ll do everything I can to offer you a fair deal. So get in touch. You’ll be glad you did.
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