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Selling old jewelry...ripped off?

Discussion in 'Off Topic Threads' started by dolphin77, Jun 5, 2010.

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  1. dolphin77

    dolphin77 Member

    Joined:
    Jan 29, 1998
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    909
    I have some old jewelry(gold), some dental gold, etc...that I want to sell. This is not a lot, few hundred dollars worth at most....how do I sell it without getting ripped off? Any suggestions? Thanks WC
     
  2. over the hill

    over the hill Active Member

    Joined:
    Aug 30, 2007
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    1,377
    First thing to do is determine what you have, 10..14..18K, dental gold, Etc.

    Ask what they are paying per DWT, (pennyweight).

    Don't sell yourself short.

    I attended a show in April with a small bag of 10 and 14K along with about 5lbs of Gold Filled scrap and walked with 1735.00.

    Lots of pimps and whores who will try to steal it as described above by Eddy.

    Shop around.


    Regards....Gerald
     
  3. three dram

    three dram TS Member

    Joined:
    Jan 29, 1998
    Messages:
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    this will keep you out of trouble

    Instructions
    Step 1
    First, separate your gold pieces according to their level of karat fineness. Do this by looking for the jeweler's stamp that tells you the karat fineness of the piece. Most pieces of jewelry are 10k, 14k, or 18k gold. The higher the number of karats, the more gold the piece contains, and therefore the more value it has for sale as scrap gold.

    Step 2
    Look up the current price of gold. Gold is priced per "troy ounce." A troy ounce is a unit of measure equal to 31.1 grams. The price of gold varies from day to day, and even throughout a single day, so you'll want to make sure you're using the current price to determine the value of scrap gold. As of the date of this article, gold prices are fluctuating near $1,100 per troy ounce.

    Step 3
    Next, you'll need to convert the price of gold per troy ounce to the price per gram. Do this by dividing the gold price by 31.1. For example, if the price of gold is $1,100 per troy ounce, divide this figure by 31.1 grams ($1,100/31.1 grams = $35.37 per gram).

    Step 4
    The next step in determining the value of scrap gold is to weigh your gold in groupings according to its karat fineness. You can use a postal scale or a gram scale for this purpose. If you are only able to weigh your gold in ounces, you will need to convert the value to grams.

    Step 5
    Next, you'll need to determine how many grams of gold each grouping contains. Gold jewelry is mixed with other metals to strengthen and reinforce it, since pure gold is too soft and pliable to be worn as jewelry. To determine the actual number of grams of gold contained in your pieces, multiply each grouping by the following factors:

    10k - multiply by .4167
    14k - multiply by .5833
    18k - multiply by .7500

    For example, 10 grams of 10k gold really only contains 4.167 grams of pure gold (10g x .4167).

    Another way to think of this is that 10k gold is really only 41.67% gold, while 14k is 58.33% gold, and 18k gold is 75% gold.

    Step 6
    Once you've determined how many grams of pure gold are present in each grouping of scrap gold, add the values together and multiply the total by the price of gold per gram.

    Here's an example to help you see how this works. Let's say you have 10 grams of each of 10k, 14k, and 18k gold. Determine the total amount of pure gold present as follows:

    For 10k gold: 10 grams x .4167 = 4.167 grams of pure gold
    For 14k gold: 10 grams x .5833 = 5.833 grams of pure gold
    For 18k gold: 10 grams x .7500 - 7.500 grams of pure gold

    Add these together: 4.167 + 5.833 + 7.500 = 17.5 grams of pure gold

    To determine the value of your scrap gold, multiply this total weight of pure gold by the current price of gold in grams, which we've set at $35.37 for this example:

    17.5 x $35.37 = $618.98
     
  4. Lobo

    Lobo TS Member

    Joined:
    Nov 21, 2009
    Messages:
    108
    I ran a pawn shop for years. Think you will find jewelry stores will pay you about half of gold value. I used to pay 75% and sort out a little for resale. Refiners get you for 8-15% depending on the quantity to refine to pure gold or swap you bullion. TV adds typically pay you about 25% of value.Excellent previous answer as to how to figure gold percentage You need to bear in mind that you divide your retail jewelry purchace by 5-7 when you walk out the door. Huge markup to scrap value.
     
  5. dolphin77

    dolphin77 Member

    Joined:
    Jan 29, 1998
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    Many thanks for info, etc....I need to find a scale, ebay has hundreds, can anyone suggest one....Thanks WC
     
  6. GunDr

    GunDr Well-Known Member

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    Why not use your powder scale?
     
  7. OldRemFan

    OldRemFan Member

    Joined:
    Sep 4, 2009
    Messages:
    811
    Powder scales work fine.

    480 grains equals 1 troy oz.

    20 DWT equals 1 troy oz.

    24 grains equals 1 DWT.

    This may make your job a little easier.
     
  8. cat house

    cat house TS Member

    Joined:
    May 14, 2006
    Messages:
    16
    selling gold can be crap shoot. Knowlege is a big help. Been in my jewelry business for 14 yrs. first thing,when i buy it is to make a profit. Friday's price was $1203.50. I use goldfellow.com for scrap pricing .monex for daily quotes .friday's prices 10k $13.38,14k $18.73,18k $24.08.i acumulate gold wait for prices to go up,then sell to a refiner i've used for years.they pay the most.($200.00 min. separted by karat,business lic.required). everyone between the refiner and you will take a cut .again I base my prices on making a profit.refining cost,transportion, shipping all effect price. I give quotes on what i will pay.the rest is up to you. always offered to return their gold if not happy,just bring my money back. I always pay by company check require I.D. phone# and signiture, and will stop a transaction any time i'm not comfortable with the seller. a.d. johnson
     
  9. Big Heap

    Big Heap TS Member

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    On the other hand - where is the best place to buy gold coins as a gold investment?

    I remember 19 cent a loaf bread and $32/oz gold. With the world filling with Obamabucks inflation won't be far behind.
     
  10. oldgahchamp

    oldgahchamp Active Member

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    1,263
    Big Heap, To buy gold coins, get current copies of "Coin World". Another paper was Numismatic News. You can compare selling prices of dozens of BIG coin dealers. If you live near a large city, you can probably find a coin dealer near you. Another way is to visit some coin shows. "Been there, done that". Larry Evans
     
  11. shannon391

    shannon391 Active Member

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    Keep it simple, get three or four bids, sell to highest.
     
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