Author Topic: Unloading unwanted gold jewelry  (Read 626 times)

bender

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Unloading unwanted gold jewelry
« on: March 16, 2017, 03:46:20 PM »
We have a few pieces of gold jewelry we'd like to liquidate.  I assume there's not much value in the pieces as jewelry anymore (some is broken, twisted, etc).

Looking at goldprice.org, I see the price of gold is 39.42 per gram.  So I'm guessing that's for 24k gold. 

How can I get the most out of this gold with reasonable effort?

What if my gold is 10k, 14k, 18k?  What should I reasonably expect to get?

Also we have one piece that looks and shines like gold, but has no label - is there an easy way to test it?

Thanks!

SwordGuy

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Re: Unloading unwanted gold jewelry
« Reply #1 on: March 16, 2017, 04:52:56 PM »
24k is pure gold.  18k is 18/24ths or 75% gold, 12k is 12/24ths or 50% gold, etc.    So, you could expect to get about that percentage of whatever the 24k price is.

However, there are two gold prices.

The price you pay as a retail consumer and the price they pay to buy it back.  The price you sell it for will be less than the retail gold price.   If someone offers you 90% of the retail gold price you are getting a really good deal.   Jump on it.

I don't work in gold, and I re-melt my silver scrap, so I don't know the current percentages you could reasonably expect.

Also, there is solid gold, gold plate, and gold-filled.    Solid gold is what the above prices are talking about.   

Gold plate is a very thin layer of gold over some lesser metal.  If you're lucky it's silver.  But it's probably not.  And when I say very thin, I mean so very thin that you won't get much for it.

Gold filled is a thicker layer (5% to 10% of the overall thickness of the metal), so only 5% to 10% of the weight of the item would actually be gold.  And, of course, if it's only 18k gold filled, then we're talking 75% of that already much smaller number...

And get multiple bids...

kite

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Re: Unloading unwanted gold jewelry
« Reply #2 on: March 16, 2017, 05:01:11 PM »
How close are you to NYC?  You'll get the best price in the jewelry district.
Anyone buying scrap gold can test it and tell you what they are paying for 10k, 14k, etc.
Mall kiosks, gold buying parties and the mail-away places don't have the best prices.  If you aren't in NYC, I'd go to a jeweler who does repairs and ask if they'll buy. 

I go regularly with a friend in the jewelry business to unload scrap gold and have witnessed, with amusement, the way a diamond ring gets cut and the "millies" as they call the small stones, are left to just roll away onto the floor.  The first time, I was scooping them up into a zipper baggie.  Changed my perspective on gemstone jewelry. 

bender

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Re: Unloading unwanted gold jewelry
« Reply #3 on: March 17, 2017, 04:56:56 AM »
Thanks I figured the local options weren't that good.  NYC is out of the way, but I could save it until I'm headed there for another reason. 

If I've got on the order of 3-4 necklaces, maybe it doesn't matter much.  How bad of a deal would I get at a pawn shop, cash for gold place or mall kiosk?  I assume the order I listed is best to worst?

Syonyk

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Re: Unloading unwanted gold jewelry
« Reply #4 on: March 17, 2017, 07:31:59 PM »
Your goal is getting paid melt value (the value for the actual gold).  If you can do that, you're doing well for old jewelry.

Go to several shops, ideally one or two with an x-ray metal gizmo that tells you what the contents are.  That should tell you the purity.  Sell to the best offer.
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chasesfish

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Re: Unloading unwanted gold jewelry
« Reply #5 on: March 18, 2017, 06:26:44 AM »
I agree with the other suggestions.  If there's a local jeweler, just ask them what they're paying for scrap gold in grams.   You can also research what the mail-away places are paying.

rubybeth

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Re: Unloading unwanted gold jewelry
« Reply #6 on: March 18, 2017, 10:02:28 AM »
Is it ugly jewelry, or potentially nice? You might try selling it as actual jewelry on a free site like www.LoupeTroop.com (free), www.DiamondBistro.com (not free but good), or even eBay. Take good photos of the pieces and price things reasonably.
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The 585

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Re: Unloading unwanted gold jewelry
« Reply #7 on: March 19, 2017, 03:33:42 PM »
Just today I took my old high school class ring to my local gold and jewelry shop. It had been sitting around for almost 10 years and I never wear it.

10K gold, weighed in at 15.5 grams. They wrote me a check for $152 on the spot. I consider that a win for something that was just sitting around collecting dust.