If you are like many people I know you probably have jewelry at home that you no longer use, whether it doesn’t fit, isn’t your style, or broken. There is no question that you can turn your gold into cash. As a gold buyer myself I’ve learned a few ways to get the best price. This is done by testing and calculating the weight of the Gold (follow the steps listed below). Always make certain you go to a trusted gold buyer. Being involved in the process will make you feel smarter when selling your gold. Don’t be afraid to tell a gold buyer no. It’s okay to shop around to get the best pricing.
Know Your Karats
Pure gold is too soft to be practically used so it is combined with other metals to create durability and color. The Federal Trade Commission (FTC) requires that all jewelry sold in the U.S. describe a karat fineness of the alloy. One karat equals 1/24 of pure gold by weight. So 14 karats would mean the jewelry was 14 parts gold and 10 parts other metals. It is illegal for jewelry to be labeled "gold jewelry" if it is less than 10 karats. It is important to know the karats of your gold to make an informed decision on the scrap value of your jewelry.
Keep Your Karats Separate
Don't let jewelry of different karat value be weighed together. Some dealers will weigh all jewelry together and pay you for the lowest karat value. Separate your jewelry by karat value before attending a gold party.
Know the Value
Call a local Gold buying store or check with an online source, such as http://www.kitco.com/ to verify the current market price for gold before you sell. Some dealers know people are just looking for quick cash to put in their pockets and will offer you money for your gold that is lower than the actual value.
Know Your Buyer
Check out gold buying stores and gold buyers that are registered and licensed to buy gold.
Know What You Are Selling
Some gold items may be worth more when sold as they are, rather than if they are melted down. If your gold necklace or bracelet comes from a well-known designer or maker, it may have a value to some buyers beyond the gold it's made of.
How is gold measured?
U.S. scales will measure 28 grams per ounce, while gold is measured at 31.1 grams per Troy ounce. Some dealers may also use a system of weights called pennyweight (dwt) to measure a Troy ounce, while others will use grams. A pennyweight is the equivalent of 1.555 grams. Pure gold is 24 karats. As the percentage of gold in an item gets lower, so do the karats.
In the US, the legal minimum that is accepted for an item to be classified as "gold" is 10k-that's 10 karats. Nationwide, 14k items are the most popular.