How to Sell Your Gold Jewelry
Gold prices have climbed to record highs, surpassing $4,000 an ounce. This precious metal has long been considered a hedge against inflation and stock market downturns, and it has gained roughly 60% this year, well ahead of most S&P 500 stocks.
The rising price of gold has prompted many Americans to raid their jewelry boxes for heirlooms and scrap pieces to turn into cash. Some are selling their gold to declutter, others because prices have reached an all-time high, and still others out of necessity to cover essential expenses amid the rising cost of living.
As a result, questions about how to sell your gold jewelry are more common now than ever before. Keep reading to learn more about how to value gold jewelry, where to sell it, and how to avoid scams.
In a nutshell
Selling your gold jewelry doesn’t have to be hard. But when choosing how to sell it, you should first know what you hope to get out of the sale: the highest payout, the most straightforward process, the quickest turnaround, etc. From there, understand what your gold is worth so you don’t fall victim to lowball offers.
Understand What Your Gold Jewelry Is Worth
How much gold jewelry is worth depends on its purity (karat), its weight, and the current gold price.
Karats are measured on a 24-part scale and denote the purity of the gold. Pure gold is 24 karats (24K), but most jewelry in the US is 10K, 14K, or 18K. To understand the percentage of pure gold in a piece, divide the karat by 24: for 14K, 14/24 = 58.3% pure gold. Other metals make up the remaining percentage.
| Karat | Purity | Fineness |
|---|---|---|
| 24K | 99.9% pure gold | 999 |
| 23K | 95.8% pure gold | 958 |
| 22K | 91.7% pure gold | 917 |
| 18K | 75.0% pure gold | 750 |
| 14K | 58.3% pure gold | 583 |
| 10K | 41.7% pure gold | 417 |
| 9K | 37.5% pure gold | 375 |
Most people typically weigh jewelry in grams, but quote gold prices per troy ounce (1 troy oz = 31.1 grams). When weighing gold for sale, be sure to use the same unit of measure for both.
The spot price of gold is the current market price for pure gold. This price fluctuates constantly, and as of today , gold is trading at $4301.75 per troy ounce, or $138.30 per gram. However, sellers are unlikely to receive the full price when selling, as buyers need a margin for refining and profit.
This live-updating table shows today’s melt value per gram for each of the different karats:
| Karat | Purity | Live Price per Gram |
|---|---|---|
| 24K | 99.9% | Loading… |
| 22K | 91.7% | Loading… |
| 18K | 75.0% | Loading… |
| 14K | 58.3% | Loading… |
| 10K | 41.7% | Loading… |
Alloy Buys Gold Jewelry
Request a free Alloy Kit, ship from home, and receive a same-day offer after evaluation.
Alloy Buys Gold Jewelry
Request a free Alloy Kit, ship from home, and receive a same-day offer after evaluation.
Calculating your gold’s value
To estimate the melt value of a gold piece (its raw gold content value), one can use a simple formula:
(Weight in grams × Purity %) × Current gold price per gram = Estimated Value
Let’s say a 14K gold necklace weighs 10 grams, and gold’s value is ~$131 per gram. Plugging those numbers in:
10g × 0.583 × $131 = ~$763 in gold content.
This theoretical value is what a refiner could obtain by melting the jewelry, called the “melt value”. Sellers should expect to receive a percentage of this melt value when selling gold jewelry.
Pro Tip:
A dishonest buyer might weigh all your jewelry (with different purity/karat levels) together so that they’ll only pay for the lowest karat in the lot. That’s why you should separate your gold by karat ahead of time.
Decide Where to Sell Your Gold Jewelry
Local jewelry stores and gold buyers
For sellers who prefer an in-person, immediate transaction and want the assurance of dealing face-to-face, local jewelry stores are a fantastic option.
Payouts vary, but a reputable local buyer will offer a percentage of the piece’s melt value in immediate cash and typically pays significantly better than most pawn shops. However, physical shops incur significant overhead, which may reduce the payout amount of offers.
Additionally, one shop’s offer may differ significantly from another’s. Visit two or three local buyers and compare offers.
Pawn shops
For those in need of fast cash, there is nothing better than a pawn shop. But beware: pawnbrokers tend to offer the lowest payouts, usually around 40% of the gold’s melt value, or even less. The reason is that pawn shops must resell the gold (usually to refiners), and they cater to people who need quick cash, so they build in a large profit margin.
Pawn shops should be a last resort, used only in emergencies, given their low payouts.
Auctions or consignment
If a piece of jewelry has value beyond its gold content, selling via auction or consignment can yield the highest prices.
Auctions, such as eBay or other auction services, and consignment sales through jewelry shops or online platforms like Worthy are best for designer, vintage, or collectible gold jewelry. These platforms can attract bidders willing to pay a premium for unique pieces.
Sellers should understand that, while the potential payout is higher with this option, a sale can sometimes take months. Finding a buyer who is willing to pay top dollar takes time. Using consignment services also incurs costs that eat into the profit.
The Alloy Market
The Alloy Market is an online gold buyer that makes it simple to sell gold jewelry from home. The process starts by requesting a free evaluation kit that gets shipped right to your door. We cover insurance and tracking for your valuables in transit, so you know they are safe. Once we receive your items, we evaluate them the same day and send you an offer.
We understand that finding a trustworthy gold buyer online can be tricky. That’s why we’ve outlined some tips and tricks to guide you in choosing a reputable business to work with.
Prepare Your Jewelry for Sale
Before heading to a buyer or dropping their items in the mail, sellers should take some time to prepare their gold jewelry, since this can help to get a better price. Note, not all of these are required to sell to all buyers. For example, The Alloy Market does not care about the condition of your gold jewelry and will buy it in any condition.
Step 1: Clean gently
Do not use strong chemicals or anything abrasive that might scratch the gold or harm gemstones. Instead, use warm water, a mild dish soap, and a soft toothbrush or a soft cloth to clean dirt and oils from the jewelry gently. Then dry.
For antiques or extremely delicate items, professional jewelry cleaners may be the better option.
Step 2: Separate gold by karat/purity
Organize the jewelry by purity before getting it appraised or weighed. Keep 10K pieces in one group, 14K in another, and so on.
Step 3: Keep receipts or appraisals
Sellers with original receipts, appraisals, or certificates for their jewelry should have them on hand. While most gold buyers purchase based purely on metal content, documentation can be helpful if the item has gem value or designer value.
Step 4: Take clear photos if selling online
For those who plan to sell through an online marketplace or to send items to an online buyer, they should take good photographs of each piece before shipping or as they’re getting quotes.
Clear photos with good lighting on a plain background are best for attracting buyers online.
Step 5: Document the condition for insurance
Along with photos, sellers should write down a detailed list of what they are selling. This way, if there’s any dispute or loss, they have evidence of what they sent.
Get Multiple Quotes
One of the golden rules of selling gold jewelry is not to accept the first offer without comparison shopping. Gold buyers, whether jewelers, pawn shops, or online buyers, can vary widely in what they pay. To confidently know they’re getting a fair price, sellers should obtain 2-3 quotes from different buyers.
When obtaining multiple quotes, consider requesting one from The Alloy Market as your final buyer. We offer a best price guarantee, so if someone already has a valid offer from another buyer, we will meet or beat it, up to 95% of the spot price.
Before getting quotes, it helps to have a ballpark idea of the items’ value so sellers can recognize a lowball offer. Use this formula to calculate the approximate melt value of gold:
Estimated Value = (Weight in grams × Purity %) × Current gold price per gram
You can also use online gold value calculators by inputting the weight and karat to see an estimated melt price.
Know the Red Flags and Avoid Scams
When selling gold jewelry, watch for red flags that could signal scams, lowball offers, or untrustworthy buyers. Things to look out for include:
- Buyers who won’t provide an upfront purchase estimate unless sellers send their items first
- Buyers who lack a license, BBB rating, or credible reviews
- Using high-pressure tactics meant to convince sellers to sell immediately
- Vague payment terms
- Weighing mixed karats together to trick sellers into accepting less money
- Mail-in services that have no traceable address or reviews
- Unsolicited offers on social media (one caveat to this is that both parties agree on cash and to meet in person in a public setting)
Tips for Getting the Best Price
Beyond the basic do’s and don’ts, a few extra tips can help maximize the price sellers receive for their gold jewelry:
- Sell when market conditions are favorable
- Get 2-3 quotes if possible, then use that to negotiate higher selling prices
- If sellers have several small gold items, sometimes selling them all together to one buyer can get a higher payout rate
- Don’t pay for unnecessary services like “evaluation fees” or “handling fees”
- Keep emotions out of the sale because sentimental value, unfortunately, doesn’t translate to higher monetary value
- Be ready to walk away
Final Thoughts on How to Sell Your Gold Jewelry
The best thing one can do for themselves before selling their gold jewelry is to learn its actual value (karat, weight, and current market price). Armed with that knowledge, sellers can take it to different shops, collect multiple offers, and negotiate to get the maximum price possible, all while avoiding scams and scummy practices. Remember to do the research, take it slow, and never hesitate to ask questions or walk away if something doesn’t feel right.
Sell Your Gold Jewelry with Alloy
Sell from the comfort of your home, for the highest price.
Sell Your gold Jewelry with Alloy
Sell from the comfort of your home, for the highest price.
Sell Your Gold Jewelry with The Alloy Market
If you’re ready to sell your gold jewelry, request your free Alloy Kit today. We ship it right away, directly to your door. From the comfort of your own home, use our prepaid postage envelope to ship your gold jewelry for valuation. We cover the insurance and tracking so you know your valuables are safe along the way.
Once it arrives at our location, our team of experts will evaluate your gold and send you an offer. If you accept before 5 PM on a business day, we will issue your payment the same day. If you decline our offer, we will ship your items back to you at no additional cost. Join the thousands of happy customers and make Alloy your go-to gold buyer today!
