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  1. #1
    Join Date
    Apr. 4, 2009
    Posts
    554

    Default How do you value your gold pieces for market?

    OK, so everyone knows gold is at an all time high now, per ounce, and everyone has seen all the ads on the tube, online, in the papers - all those outfits begging you to bring over all your unwanted, broken gold necklaces, rings, whatnot for them to buy from you.

    And, as a special lure, the merchants will offer a 25, or 50 buck bonus if the value (they determine...) is over some amount. Well, what on earth????? How can anyone know what their gold pieces are worth going into such a place for an evaluation? Of course it's to their advantage to undervalue your things! "Oh, this is mostly filler, it's only 10K gold, the diamond is worthless, we have to melt it all down", blah, blah. You present 14, and 18 K stuff, and they'll just blow all that off, too. What about the platinum settings in the rings? You KNOW that's through the roof in value.

    I guess my question is, how can we get the best deal anywhere, should we want to sell off our unwanted gold? Anyone know?



  2. #2
    Join Date
    Apr. 9, 2005
    Location
    Colorado
    Posts
    1,196

    Default

    Dave Ramsey (financial guy on radio) suggests www.goldstash.com for best return and Women of Faith organization partnered with www.redswan.com. Not sure about others but Red Swan will send back your items if you don't like the money offered.

    I'm curious about the results from people who have tried this as well.



  3. #3
    Join Date
    Oct. 2, 2007
    Location
    Beyond the pale.
    Posts
    2,957

    Default

    the guys who buy gold, give you about 30-50% of the market value of the weight of the gold if it was pure. 10 and 14k is not pure and very little jewelry is made from 24k gold. They usually do end up melting the gold jewelry down to extract the actual gold content.

    You can easily determine the value of your gold pieces by weighing them on a gram scale, determining the gold content by the karat marking and multiplying by the price of gold and the percentage gold content.

    (market price of gold per ounce)/31.1 x (gram weight) x(karat marking)/24= price value

    So if you have say, a 30 gram chain of 14 K gold, which is only about 58% gold, you actually have about 17 grams of pure gold, which will then be valued against the current world price of around $1200/ troy oz or 30.1 grams.

    1200/31.1 x 30x 14/24= ~$675

    17 grams would be worth about $675 right now, and the dealer would give you about $200-350 for it. However, to buy a 30 gram necklace of 14k gold would be a substantial heavy piece and likely to cost in the jewelry store somewhere around $700-1500 depending on the design and the store markup.

    Stones and such are valued about half on the private market as in the jewelry store, so that $1500 1 carat diamond solitaire is not worth that, once you take it out of the store. In fact, diamonds are ridiculously overpriced due to the monopoly held by a few corporations on their production and sale, and their value may drop precipitously if that control is ever lost.


    So you are not going to get jewelry value for your old and broken gold. However, if you need the cash, and those pieces are just lying in a box, it is a good time to sell them, even though you may feel like you are losing something of the jewelry value.
    "The Threat of Internet Ignorance: ... we are witnessing the rise of an age of equestrian disinformation, one where a trusting public can graze on nonsense packaged to look like fact."-LRG-AF



  4. #4
    Join Date
    May. 25, 2001
    Location
    Queens, NY
    Posts
    1,995

    Default

    The reality is, diamonds have almost no resale value, and the gold itself, is worth salvage value at the commodity price.

    That's, at the moment, $43 per gram. An average wedding ring weighs about 4 grams. 18k gold is only 75% gold by weight (the alloy metal is worthless) so you have 3g of gold or about $120. Take away some because the smelter has to make a profit, and you might get $60-$100 for a ring that doesn't have exceptional gems in it.

    10k gold is only 40% gold, so of 4g, you're looking at a bit under 2g gold, for around $40 - $75 salvage value.

    Jewelry is not worth anything near what you pay for it in melted-down value. If its pretty, you'll do better pawning it or putting it up for consignment at a good store.

    How to do know? Well, your gold jewelry should be stamped with a karat mark (10k, 18k, etc). This tells you what percentage of the weight is actually gold. Put it on a digital kitchen scale and you'll know how many grams you have, minus the weight of the the gems, which again, are worth nothing unless exceptional.
    Proud Member: Bull-snap Haters Clique, Michigan Clique, and Appaloosa Clique!



  5. #5
    Join Date
    Nov. 12, 2009
    Location
    New England
    Posts
    1,353

    Default

    DH is an avid coin collector and knows all the local coin dealers. The best bet would be to find a reputable coin or jewelry dealer in your area. Chances are you will get a better price dealing locally because word of mouth can be their best friend (or worst enemy)!



  6. #6
    Join Date
    Feb. 23, 2005
    Location
    Spotsylvania, VA
    Posts
    12,708

    Default I am pleased

    Quote Originally Posted by Shine View Post
    DH is an avid coin collector and knows all the local coin dealers. The best bet would be to find a reputable coin or jewelry dealer in your area. Chances are you will get a better price dealing locally because word of mouth can be their best friend (or worst enemy)!
    I have done this and been pleased. A few years ago gold was high and I took some pieces of jewelry my mom left me to a local coin dealer. I hadn't worn them in 10 years and my daughters didn't like them so I took them to our local coin dealer after weighing them. I also had a set of sterling tableware that was early ugly. I got about 80% of the spot price and put the money to part of my embroidery machine and saddle. BTW, sterling isn't worth much and silver plate is pretty darn near worthless.

    Our 40th anniversary was this past Aug and Mr P wanted to get me a piece of ruby jewelry which I thought was silly. I had a ring that was a central ruby surrounded by diamonds and my mother's engagement ring which was a nice diamond with 2 side stones and a couple of other pieces including someone else's engagement ring. For my misc pieces and about $550 I got the ring made into a pendent diamond earings which is just stunning and a pair of diamond earings, each with one good sized stone and one small stone and an estate pin that will be my stock pin if I ever show.

    http://picasaweb.google.com/carolp3231/20101006#
    I wasn't always a Smurf
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