Throughout history, gold has held high value among society, even dating back to 4000 B.C, being considered a safe haven asset in times of duress due to its inherent value. In jewelry stores today, gold jewelry is often sold for its melt value, or the worth of its materials rather than sentimental or historical value. Typically, jewelry is tested, weighed and quoted based on the current gold price. Whether you’re facing an emergency or simply looking to earn some extra cash, selling your gold jewelry can bring in a solid amount of money – if you take the right steps to maximize its value. By understanding key facts about jewelry and gold pricing, you can ensure you get the best possible return on your jewelry. Here are the five crucial steps to take when selling your gold jewelry to make sure you get the most:
1. Identify Which Pieces are Solid Gold.
Before trying to sell your gold jewelry, it is crucial to identify if your pieces are solid gold, or just gold in appearance. This distinction directly affects the value you can expect from your pieces, especially if you’re aiming to sell based on melt value. Start by examining for markings or stamps indicating the solid golds’ purity (For example: 14k). It is equally crucial to look for any markings that indicate the piece is not solid gold, and therefore cannot be sold for its melt value. For example, a GP stamp means that jewelry is gold plated. Gold plated jewelry means there is a very thin layer of gold on top of the piece, but that it is mostly made of a mix of other metals. While solid gold jewelry requires a base metal, it is mostly made of gold, distincting it from gold plated jewelry. Other markings that indicate a lack of melt value include:
- GF – Gold Filled
- GE – Gold Electroplated
- GEP – Gold Electro Plated
- HGP – Heavy Gold Plated
- HEG – Heavy Gold Electroplated
Knowing how to identify these markings can save you time and ensure you’re only bringing pieces that have true melt value when getting estimates.
2. Check the Gold Purity of your Jewelry
Gold purity measures the percentage of pure gold in an alloy. The reason gold jewelry cannot be solely gold is because pure gold is soft and malleable, requiring base metals to be wearable. The more pure the gold in a piece is, the higher value it will have, directly impacting your estimates. Common gold purities in jewelry include 10k, 14k, 18k, 22k, and 24k. If there isn’t a stamp on your gold jewelry to indicate its purity, it can be tested by a professional when receiving an estimate.
3. Weigh Your Gold
If possible, weigh your gold jewelry with a specialized jewelry scale so you can measure how many grams or ounces of gold you have. If you don’t have easy access to a scale, this will also be done by a professional when you are obtaining an estimate. At Gold Buyers Houston, this is a part of our free appraisal process.
4. Know the Daily Spot Price
Spot price is the current price an asset, in this case gold, can be bought or sold for immediate ownership and delivery. The spot price of gold changes constantly. Check it daily to determine when the best time is to sell your gold jewelry. Make sure to also check right before you go sell to ensure you’re getting the most value for your assets. You can do so online through the APMEX website, or give Gold Buyers Houston a call and we’ll have an expert quote you immediately if all the information is provided.
Choose the Right Buyer – Visit Gold Buyers Houston
The most crucial step in getting the highest value for your gold jewelry is selling with to a trusted buyer – and Gold Buyers Houston is the perfect choice. At Gold Buyers Houston, we guarantee top cash offers, honest & transparent evaluations and instant pay, right here in Houston Texas. If you’re looking for more than the melt value of your gold, we can potentially provide that as well. We specialize in buying gold, diamonds, coins, and luxury watches. Whether you prefer an appointment or just to walk in during our regular business hours, give us a call if you’re ready to get the most for your gold at 832 225 6484.
Our Location – Gold Buyers Houston
Phone
(832) 225-6484