Experts estimate that there are a little over 170,000 tonnes of gold in the world.
If you are fortunate enough to have some of this gold sitting at home in the form of jewelry, you may be wondering about ways in which you could convert it into cash.
If there are places that buy gold near where you live, you could sell your unused gold for money today.
Read on as we look at the different things to take into account when selling unused gold, and how to find a reputable buyer in your area.
How Much Is My Gold Worth?
It is difficult for a buyer to give an accurate valuation of a piece of gold without first
getting the opportunity to see and examine it.
There are two main things that a buyer will take into account when valuing a piece.
The first is the quality of the gold in the piece. This is measured by the karat system,
which you may have heard of before.
The number of karats refers to the ratio of gold to other alloy metals in the piece.
Karats are measured on a scale from 0 to 24, with 24-karat gold being 99.99% pure. It isn’t normally possible to completely remove the impurities from gold, so, for functional purposes, 24-karat gold is considered pure gold.
You can use the karat system to determine the percentage purity of your piece. For
example, 12-karat gold is 50% pure, as 12 is half of 24.
Put simply, the higher the number of karats on a piece of gold is, the better its quality, and the more it will get for you if you sell it.
The second relevant factor is the weight of the piece. Obviously, the more it weighs, the more it’s worth.
Can I Sell Anything Other Than Gold?
Most people with jewelry collections have more than just gold. You may be wondering whether you can offload any other precious metals or stones, or pieces of jewelry with different materials.
At Crown Gold Exchange, we also buy silver, platinum, precious stones, and numismatic coins.
What Different Types of Gold Are There?
Although 24-karat gold is the purest type of gold, it is unusual to find it in jewelry. One reason for this is simply that mixing gold with cheaper metals allows consumers to buy gold jewelry for a lower price.
Another reason is that 24-karat gold is too soft a metal to make jewelry. Mixing gold with sturdier metals makes it less likely to bend or scratch.
Therefore, most of the gold jewelry that you have is mixed, to some extent, with an alloy. These alloys will sometimes change the appearance of the gold.
This is gold mixed with copper. The darker metal gives the mixture the “rose” color.
This kind of gold takes on a color that is similar to silver. This is achieved by mixing gold with either platinum or palladium.
When gold is mixed with silver, a greenish hue comes about. The mixture is therefore known as green gold. It is chemically similar to a naturally-occurring alloy known as electrum, which is also composed of gold and silver.
Does My Gold Have to Be In Good Condition?
Gold buyers often sell gold to manufacturers to be melted down and reused in new pieces of jewelry. For this reason, gold is acceptable in just about any condition.
Many people sell jewelry because it is broken, missing a stone, or part of a set has been lost (in the case of earrings, for example). If you’re in this position, don’t worry. We can still buy your piece from you.
How Do I Know That What I Have Is Real Gold?
If you’re not familiar with gold or other precious metals, you may not even be sure that what you have is the genuine article. Thankfully, there are some easy ways to find out.
Firstly, gold jewelry is stamped with a karat mark, which indicates its level of purity. If your piece doesn’t have one, it’s not gold.
Jewelry may also have markings to directly indicate that it is not gold. Common markings of this nature include GP (gold plated), GF (gold filled), and GEP (gold electroplate).
If your piece is any of these, we, unfortunately, cannot purchase it from you. The only exception to this is made in the case of antique pocket watches.
Discoloration over time may also indicate that your jewelry is not proper gold.
Should I Trust Places That Buy Gold?
As is the case in any industry, there are certain gold buyers that do not adhere to industry best practices. These buyers should not be trusted.
Gold is a valuable material that can be exchanged easily. As such, the cheaper a buyer can get it, the greater their profit margin will be when they sell it again. This means that some buyers will stop at nothing to get a lower price for the gold they buy.
We promise to always give you a fair price for your gold. We’ll also evaluate your gold free of charge, so you’ll never be pressured into making a sale in one of our stores.
Unlocking the Value in Your Unused Gold
Gold is one of the most reliable investments you’ll ever make. It doesn’t change over time, meaning that it doesn’t lose value.
If you need to offload gold, whether because you need the money or simply because you no longer want the item, you are sure to find places that buy gold in your area.
However, finding a reputable buyer that will give you a good deal might be a little more challenging.
If you come to Crown Gold Exchange, you can be sure to get a fair price for whatever you’re selling. Contact us today to inquire about making a sale.