To sell gold for cash, consumers should first educate themselves about the value of their gold. Most jewelry today is sold as scrap gold according to its precious metal value – not as jewelry to be resold. All gold jewelry is marked with a karat which represents the percentage of gold contained in the piece. The closer the karat number is to 24 which is pure gold, the higher the gold content and the higher the value of the item. Therefore to sell gold for cash, consumers must first know the karat of the gold item they wish to sell.
Also relevant to someone who wants to sell gold for cash is the actual weight of the item. Most gold buyers purchase gold jewelry as scrap gold by weight and karat. The jewelry is melted and refined so that the pure gold in the piece can be extracted. To get a ballpark idea of the scrap value of your gold before you sell gold for cash, GoldFellow® recommends first separating your gold by karat and then weighing it in karat lots. It is best to weigh your gold on a jewelry scale set to pennyweight or gram units of measure.
Once you have the weights of each of your karat lots, simply go to GoldFellow®’s Web site and use the handy gold value estimator to estimate value of the gold you wish to sell based on your entered karats, weights and the current day’s price of gold according to the London Afternoon Gold Fix. For the most accurate value, make sure you enter the weights for all the karats of gold you wish to sell at the same time. That way you will reap the benefit of volume pricing. GoldFellow’s prices increase per pennyweight once weight benchmarks are reached so more weight equals higher prices per pennyweight per karat.