Selling Gold
Before you sell your gold it is important to calculate the market price of your gold jewelry.
This can be done using the following equation:
Weight (in troy ounces) X Gold Price X Gold Purity = 100% Gold Value
The steps are broken down as follows:
1) Weigh Your Gold: Using a reputable jeweler or home scale measure your gold either in grams or pennyweights. If it is pennyweights divide by 20 to get the total number of Troy Ounces.
2) Get the Gold Price: Visit kitco.com as mentioned before and lookup the current New York Spot price.
3) Find the Gold Purity: Check your gold for markings and record the purity.
For example: .25 troy ounces of 14kt at a current price of $1,200 per ounce would be calculated by: .25 X .585 X 1200 = $175.5
This is the full 100% price. Keep in mind that even the refinery does not get 100% of the gold value when melting down. A good number to shoot for is 90% of the value.
When you are ready to sell diamond jewelry in Stamford visit Stamford's Diamond Expert.
This can be done using the following equation:
Weight (in troy ounces) X Gold Price X Gold Purity = 100% Gold Value
The steps are broken down as follows:
1) Weigh Your Gold: Using a reputable jeweler or home scale measure your gold either in grams or pennyweights. If it is pennyweights divide by 20 to get the total number of Troy Ounces.
2) Get the Gold Price: Visit kitco.com as mentioned before and lookup the current New York Spot price.
3) Find the Gold Purity: Check your gold for markings and record the purity.
For example: .25 troy ounces of 14kt at a current price of $1,200 per ounce would be calculated by: .25 X .585 X 1200 = $175.5
This is the full 100% price. Keep in mind that even the refinery does not get 100% of the gold value when melting down. A good number to shoot for is 90% of the value.
When you are ready to sell diamond jewelry in Stamford visit Stamford's Diamond Expert.