Tips for selling gold
With gold prices hitting $1,000 an ounce last week, more people are thinking of selling. Here are some tips:
- Before selling, get an estimate. Certified appraisers can be found through the National Association of Jewelry Appraisers and the American Society of Appraisers.
- Selling for scrap means that the final price will not reflect the craftsmanship, antique value or aesthetics of the jewelry.
- The price is based on a troy ounce of 24-karat gold, the pure form of the metal. Divide the karat of your jewelry by 24 for the percentage purity. For example, 18k is 75% pure.
- The karat stamp on jewelry should be used as a gauge, but can be inaccurate. For example, 12k gold is often mismarked at 14k.
- Old jewelry can be sold at consignment shops or online. Jewelry stores tend to offer better prices than pawnshops and most mail-in operations.