The price of gold fluctuates by the hour when the markets are open, as you probably already know. How much you’ll get from your old jewelry that you no longer use depends on a lot of factors.
Price of Gold
When you’re selling scrap gold, like the rings, bracelets and earrings you no longer want, you take them into the jeweler to have them evaluated. The jeweler will remove anything that isn’t gold like gemstones, mechanic parts, etc. Then he’ll test the gold to find out how many carats it is.
There are several types of gold weights in jewelry. Jewelry is made with 24k, 18k, 14k, or even 10k. The carat is the weight of the gold. 24k gold is considered to be pure gold, anything less than that is part gold and part alloy. The number before the k tells you how much of it is gold. Most gold jewelry is 18k gold and the lesser expensive jewelry is 14k or 10k gold, the least amount of gold for jewelry.
After the carat has been determined with a quick chemical test, the jewelry is weighed. The jeweler will then do some calculating to determine what he is willing to spend on your gold.
While there is a spot price posted daily, that sell price is for pure gold. But a reseller like a jeweler isn’t going to pay that. The jeweler needs to sell it for the spot price. So, he’ll discount the spot price and that is what he’ll offer to you for your old jewelry.
Ben David Jewelers
Ben David Jewelers is a fine jeweler that will give you cash for your old gold jewelry. Empty out your jewelry box of the old stuff you no longer want to wear and we’ll give you a very fair price of gold for it.