Current Market Price For Pure Gold
Knowing what youve got is the first step. Next, youll need to know the value of your item against the current market price for pure gold.
Remember: market value for pure gold is measured in ounces. Ready for another formula? Great! Once youve got your trusted price of pure gold in ounces, convert it to grams and plug in the values below:
Total grams of 24k gold X current price of gold per gram = value of your gold jewelry
And thats it! Follow these steps and youll have a solid grasp of what your gold jewelry is worth. Ready to sell your gold jewelry? Keep in mind that gold values shift daily, so its a good idea to appraise your gold jewelry from home a few times to get an average.
Bottom line, you can expect to get anywhere from 70-90% of the value you calculated for your gold jewelry.
Was this article helpful?
Calculating The Gold Content Value Of A Jewelry Piece
In summary, to determine the gold value content of an item, you first need three bits of information.
- Weight
Next, if you encounter weights measured in pennyweights, grains, and grams, remember these conversions.
- 20 dwt to a troy ounce
- 480 gr to a troy ounce
- 31 gm, approximately, to a troy ounce
Divide the daily gold price per troy ounce by the appropriate number above. Then, multiply that result by the weight of the item to calculate its pure gold price.
Finally, multiply the items pure gold price by its gold content percentage . This final result indicates the value of the actual gold content of the item. Now, you can figure out the jewelers markup for the piece.
Resale Value Or Retail/wholesale Price
Some used jewelry has a resale value that is higher than its intrinsic value. This price includes the intrinsic value plus the workmanship to create the jewelry. Furthermore, if the jewelry is desirable in the market place, then a design premium is added. The equation for resale value is:
resale value = intrinsic value + workmanship + style
Of course, this isnt an exact science, and other factors can influence the resale value as well. For example, two identical diamond solitaire engagement rings can have vastly different resale values, if one is stamped Tiffany and the other is not.
Read Also: Where Can I Buy A Bar Of Gold
What Acid Is Used In Gold Testing Kits
Nitric acid is used to test the purity of gold objects. Gold is the only metal that is dissolved by this acid. A tiny scrape of the gold item is placed on a touchstone. Nitric acid reacts when brushed onto real gold and you will see fizzing if your gold jewlelry is genuine. A retail metal testing kit consists of several different strengths of acid solution. The different levels of nitric acid enable you to test for different karat numbers.
How To Value Jewellery
When it comes to establishing the value of jewellery, the two pieces of information you need are the weight of the item and the current value of gold. Multiplying these two amounts will give you a general idea of how much you can expect to get for your jewellery, but there are also additional aspects to consider, such as the condition of the item and the fineness of the gold .The latter is especially crucial, as higher carat items contain a larger percentage of pure gold and, therefore, are worth more per gram. So, in this regard, the weight of an item isnt the be-all and end-all when it comes to its value. For example, if you have a 9-carat item that weighs 10 grams and a 24-carat item that weighs 5 grams, the latter will be worth significantly more due to it containing more pure gold.
You May Like: How Much Is 1/10 Of An Ounce Of Gold Worth
Know The Value Of Your Gold Items
In calculating the gold melt value of your piece, the first thing to do is to determine how gold is priced, measured and rated for purity.
Heres more information about each aspect of the gold piece value:
Purity :
You get gold quality in the form of karats. Karats refer to the measure of the purity of gold ranging from 1 to 24. Typically, you will find it recorded on the gold jewellery piece such as 14K, 22K or 24K. You can get its percentage purity by dividing any of these numbers by 24. If you have 24K, you get 1.0 which means 100 percent pure.
In some instances, the percentage value is stamped with numbers such as 375. This means that there is 37.5 percent content of gold in the item and it is equivalent to 9K.
Upon determining the gold purity, make sure to get its measurement on a scale. For gold prices, they are often quoted based on troy ounces. A troy ounce is equivalent to 31.1g. This way, it will be easier to divide the current price of your gold item by 31.1 to obtain its cost per gram.
The Price :
If you are dealing with a gold price calculator, you will surely bump into this term spot gold. The easiest way to know about it is by surfing the web. Then, you can calculate your gold items melt value through multiplication of all three factors you have identified the item weight , the gold purity , and the present gold cost per gram.
The Standards Of Jewelry Value
The standard of value establishes the dollar value of a jewelry item based on a set guideline. The same item of jewelry can have at least four different dollar values. For example, an item of jewelry can be valued at $3,000, $1,300, $800, and $300. All can be true and valid.
How can one item of jewelry be worth both $3,000 and $300? It is the standard of value. There are four main jewelry appraisal standards. Each standard prescribes a set of guidelines for determining jewelry values. The four standards are: replacement price, estate value retail, estate value wholesale, and intrinsic value. Choosing the correct value standard for the inherited jewelry is critical to an equitable resolution for the family and friends.
Read Also: Can I Buy Gold On Robinhood
Detail Of Gold Jewelry Price Calculator
The process is described in the following image:1. Select a unit or weight. For example, gram, ounce, tola, etc 2. Enter the total number of units or weights, e.g., 1, 2, 3, 1.5, 2.5, etc3. Enter the cost of making that jewelry4. Cost of making jewelry can be in a percentage or an exact amount 5. Enter the amount of tax on both 6. Select purity or karat of gold 7. Select your desired currency like EUR, USD, INR, AUD, NZD, QAR, KWD, SAR, PKR, etc8. Click on the calculate button9. You see the calculated rate as shown in the image
The Magnifying Glass Test
The Magnifying Glass Test is the first home test for gold you can perform if you want to determine the authenticity of your gold product. This test is straightforward since it requires only your gold bullion/jewelry and a magnifying glass.
Through this test, you must carefully inspect your gold item with the magnifying glass to find a few essential visual clues about it. These include:
If your gold piece didnt pass the Magnifying Glass Test, you can be sure that you dont have a pure gold item. But, if you want to find out its fineness, you can proceed to further testing.
For the next testing method, you may still need your magnifying glass. Since your item, especially if its jewelry, could also contain several other gold hallmarks besides the purity marking, you should examine them further to test its authenticity.
You May Like: Does Gold Bond Help Athletes Foot
How To Value Jewelry Inherited From A Loved One
Eric is currently a duly licensed Independent Insurance Broker licensed in Life, Health, Property, and Casualty insurance. He has worked more than 13 years in both public and private accounting jobs and more than four years licensed as an insurance producer. His background in tax accounting has served as a solid base supporting his current book of business.
If you inherit jewelry, there may be sentimental value attached to it. You might be entrusted to safeguard family heirlooms for future generations, or you may be expected to divide them up for the deceased’s estate. Alternatively, the jewelry may have been left to you as a valuable resource that can help with, say, the down payment on your first home.
Of course, just because a piece is old doesn’t necessarily mean it’s precious in a financial sense. It might be a coveted collectors item today, or it may have fallen out of style, diminishing its worth. Other factors, such as todays gemstone and precious metal prices, quality of artistry, and the particular manufacturer or designer, will also figure into its value.
Regardless of what you plan to do with the inherited jewelry, one of your priorities should be to determine its value, in part so you can insure it for the proper amount, if necessary. That means getting a professional appraisal.
The Gold And Diamond Park
Location: Al Quoz 3, Dubai
The Gold and Diamond Park is an indoor air-conditioned mall dedicated to gold and diamonds, as well as precious stones. With more than 70 shops available, you’re sure to find the right pick for you. And if you want something more special and custom-made, there are skilled artisans available to craft what you’re looking for.
You May Like: How Much Is 18 Karat Gold Per Ounce
How To Appraise Jewelry Yourself At Home
AnnabelleJewelry Industry Trends and Facts
Youre sitting around at home, wondering what to do with some pieces of jewelry lying about. Maybe they belonged to Aunt Rachel, or you dug them out of a box at a local garage sale. No matter how you got them, youre just hoping that you might have something good.
While you might not be on the next season of Pawn Stars, heres a basic guide on how to appraise jewelry yourself at home.
How Do You Determine The Karat Rating Of A Piece Of Gold
A jeweler can typically look at a piece of gold jewelry and find the marking that indicates its karat rating. Most gold jewelry manufacturers include a small indicator on the pieces they produce. A stamp on the piece indicates its karat, although depending on where it was made, the numbers may look different. For example, in Europe, the rating often indicates parts per thousand, so the stamp will show a three-digit number rather than a number within the 0 24 scale.
If your stamp includes the number 500, this would indicate that 500 parts per every 1,000 are real gold, while the other 500 parts are other metals or alloys, meaning its 50% gold. You can find the two-digit karat number by dividing by 1,000 and then multiplying that by 24. The 500-gold piece example would be rated at 12 karats. The highest three-digit rating youll see on a piece of gold is 999, which indicates 24 karats.
You May Like: Where To Sell Gold Rdr2
How To Appraise Jewelry
A common concern among jewelry owners is how the jewelry appraisal actually works. You might wonder how to appraise jewelry yourself, but the process requires in-depth, scientific knowledge of gemstones and metals.
The main way most people get their jewelry appraised is through a local jeweler, who can give you a decent estimate of how much your item would get at retail value retail value is how much that jeweler could sell your ring, gold, diamond or earrings for in his or her store. This price is different from the price the jeweler will pay you today for your valuable which will be far less than the retail value.
A jewelry appraisal is useful for insurance purposes, estate planning and other legal matters, as well as to satisfy your own curiosity.
What You Need To Know The Get The Most For Your Gold Diamonds And Jewelry
In a hurry?Visit us today to get a free value appraisal of your jewelry. Or, learn how KCRA 3 got more for their jewelry when they came to us.
Which is more fun, getting a root canal, paying your taxes, or selling your jewelry? Not much of a choice, but following is some knowledge that can take the frustration out of selling your jewelry. And answer the hard questions like: Will I receive a fair price for my jewelry? Or did I pay too much?
The two critical areas of knowledge to get the best price for your jewelry are the factors that determine the value of estate jewelry and the options to liquidating it. Does this mean you have to become a gemologist just to sell your jewelry? No. But some homework and note taking can mean a much higher price paid for your jewelry. Lets start with what determines the value of estate jewelry.
Estate is a general term used to describe previously owned. That fact is one of the determining factors. Preowned jewelry by in large is not as valuable as new. Some people will never buy a previous owned engagement set for superstitious reasons. I have had clients who could have saved hundreds of dollars if they would have bought a preowned ring, but refused.
Remember you dont get paid for the jewelry in relation to what you paid but the condition and demand when you sell.
Worn out jewelry impacts the value. It is a difficult repair to bring life back into a piece of jewelry. Most worn out jewelry is valued at its intrinsic worth.
Don’t Miss: Buy Oz Of Gold
How Do You Get A Jewelry Appraisal For Insurance Purposes
A jewelry appraisal for insurance purposes can be had at these locations:
- A local jeweler near you.
- A jewelry laboratory, such as GIA or IGI
- Worthy.com provides each item mailed in a copy of a lab report as well as an estimated resale price range from GIA or IGI for free.
Note, there is a big difference between an appraisal and a grading, also known as a lab report.
The internationally recognized laboratories at the Gemological Institute of America or International Gemological Institute , will grade your diamond or other gemstone jewelry, determining the cut, color, clarity and exact size, as well as other attributes like name brand, and market value, to give you a certified lab report with detailed information about the metal, diamonds, and gemstones. The lab report will also include an estimate resale price.
If you have an engagement ring or other diamond jewelry, and already have a lab report with specific details of the cut, color, clarity and carat of your jewelry, check out WP Diamonds valuation. WP Diamonds ccepts diamonds of at least .5 carats, as well as fine gemstones, branded jewelry like Tiffany, Cartier and David Yurman, watches and luxury handbags.
Find Out What Karat Your Gold Is
Each piece of jewelry should have a stamp on it somewhere. You may need to use a magnifying glass to find it and see what is says. To find the karat purity of the piece, look for a one or two digit number followed by kt or K. If neither of those are present, there is occasionally a three digit number. This number is percentage. Put a decimal point in the front of the number and it will tell you what percentage of the jewelry is gold. See the following article on how to convert the percentage into karats.
If you cant find any karat stamp on your gold jewelry or just cant read the stamp, you may have to do an acid test or take your piece to a trusted local jeweler to have the karat determined. For more info on performing an acid test at home, see How To Know If Your Gold Jewelry Is Real.
Don’t Miss: Can I Buy Gold Jewelry From Dubai Online
Where Can You Get Your Jewelry Appraised
There are a few ways in which you can get your jewelry appraised. The most obvious route is at a local jeweler near you. They are likely to be certified and qualified to appraise your jewelry. In this case, you need to make sure that they carry out a resale appraisal, and not another kind of appraisal, like those for insurance or tax. For example, insurance appraisals will value jewelry at its retail replacement value, not at its resale value which can generally be substantially less than retail replacement value.
The first step to learning the value of your jewelry is to get a grading report by a reputable gemological lab such as GIA, IGI, GSI or AGS. A jeweler, or potential buyer will look at the details of the report and conduct an evaluation from there.
If your jewelry does not include any precious gemstones and is made of a precious metal such as platinum or gold you can simply have it weighed. The value of a precious metal is determined purely by its weight and position in the current market.
Beware Today Counterfeit Gold Is Everywhere
Gold might have a stamp with a particular purity mark, but it isn’t always an accurate certification of its actual gold content. Some gold products of low quality have a false higher fineness marking. On top of this, there are gold-plated fakes filled with different metals underneath the plating. Other times, you might have an unmarked piece of gold. To understand its actual value, you need to authenticate it.
These factors are why its crucial for you to know how to tell if your gold is real. It will help you protect your investments, accurately appraise your belongings, and make sure you get the exact gold you are paying for.
This guide was created to provide you with all the necessary information about carrying out different tests before or after purchasing your gold bullion. You might be asking how do I test gold at home or with a professional? Or, you may be asking how to tell if gold is real. There are many tests for gold, some of which you can do yourself at home!
Through this guide by Bullion Exchanges, you will learn how to avoid buying counterfeit gold products by following some simple steps. But before proceeding to specific gold testing stages, lets review its history and key properties.
Don’t Miss: How To Get Free Golden Eagles In War Thunder
