If you’re thinking about selling gold, it helps to know approximately what it is worth before you visit a gold buyer.
The value of gold jewelry depends mainly on three things:
- The current price of gold
- The weight of your gold
- The purity, or karat, of your gold
Once you know those three numbers, you can estimate the melt value of your gold.
How Do I Calculate What My Gold Is Worth?
The easiest way to calculate gold value today is by using grams.
Use this formula:
Gold price per gram × weight in grams × gold purity = estimated melt value
The purity depends on the karat of your jewelry.
| Karat | Gold Purity |
|---|---|
| 9K | 37.5% |
| 10K | 41.7% |
| 12K | 50% |
| 14K | 58.3% |
| 18K | 75% |
| 21K | 87.5% |
| 22K | 91.7% |
| 24K | 99.9%+ |
For example, if you have 20 grams of 14K gold, only about 58.3% of that weight is pure gold.
That means:
20 grams × .583 = 11.66 grams of pure gold
You would then multiply those 11.66 grams by the current value of pure gold per gram.
How Do I Find Today’s Gold Price?
Gold prices change throughout the trading day.
The price you normally see quoted online is the spot price of gold, which is usually shown as the value of one troy ounce of pure 24K gold.
A troy ounce contains approximately:
31.1035 grams
To find the current value of pure gold per gram, divide the current gold spot price by 31.1035.
Example
If gold were trading at $4,000 per troy ounce:
$4,000 ÷ 31.1035 = $128.60 per gram of pure gold
The approximate melt value of 14K gold would then be:
$128.60 × .583 = $74.97 per gram
A 20-gram piece of 14K jewelry would have an estimated gold melt value of:
20 × $74.97 = $1,499.40
This is an example only. Always use the current gold price when calculating your jewelry’s value.
What Is Melt Value?
The melt value is the value of the actual precious metal contained in an item.
It is not necessarily the amount a gold buyer will pay you.
A gold buyer normally pays a percentage of melt value because the gold may need to be tested, processed, refined and resold. The percentage offered can vary greatly between buyers.
That is why knowing the approximate melt value before selling your gold can help you compare offers.
Why Isn’t 14K Gold Worth the Same as Pure Gold?
Most gold jewelry is not made from pure gold.
Pure 24K gold is very soft, so jewelry manufacturers mix it with other metals to make it stronger and more durable.
For example:
10K gold = 41.7% pure gold
14K gold = 58.3% pure gold
18K gold = 75% pure gold
22K gold = 91.7% pure gold
The remaining portion may contain metals such as silver, copper, nickel or zinc.
This is why two chains that weigh exactly the same can have very different values if one is 10K and the other is 18K.
How Can I Tell What Karat My Gold Is?
Look for a small hallmark or stamp on your jewelry.
Common markings include:
- 417 or 10K — 10-karat gold
- 585 or 14K — 14-karat gold
- 750 or 18K — 18-karat gold
- 875 or 21K — 21-karat gold
- 916 or 22K — 22-karat gold
- 999 or 24K — nearly pure gold
You may find the stamp inside a ring, near the clasp of a necklace or bracelet, or on the back of a pendant.
A stamp is helpful, but it is not proof that an item contains the purity marked on it.
Professional gold buyers can test the metal to determine its actual gold content.
How Do Gold Buyers Test Gold?
Gold can be tested several ways.
Traditional methods include acid testing and electronic testing.
More advanced precious-metal buyers may use an XRF analyzer, which can analyze the elemental composition at the tested surface without cutting or damaging ordinary jewelry.
Testing is especially important because an item stamped “14K” does not always test at exactly 14 karats.
Gold-plated and gold-filled jewelry can also have markings that look similar to solid-gold markings.
How Should I Sort My Gold Before Selling It?
Before visiting a gold buyer, separate your jewelry by karat if possible.
Make separate groups for:
- 10K gold
- 14K gold
- 18K gold
- 21K or 22K gold
- Unknown gold
- Gold-plated items
Don’t worry if you cannot identify everything. A reputable gold buyer should be able to test each item and explain the results.
Broken chains, mismatched earrings, damaged rings and outdated jewelry can still contain valuable gold.
How Do I Weigh Gold?
Gold buyers commonly weigh jewelry in grams or pennyweights, also called DWT.
For consumers, grams are usually the easiest measurement to understand.
Important conversions include:
1 pennyweight = 1.555 grams
20 pennyweights = 1 troy ounce
1 troy ounce = 31.1035 grams
Be careful when using a household kitchen scale. Many kitchen scales measure a standard ounce, which is different from the troy ounce used to price precious metals.
A standard ounce contains about 28.35 grams.
A troy ounce contains about 31.10 grams.
What Does DWT Mean in Gold?
DWT stands for pennyweight.
Pennyweight is a traditional measurement still used by some jewelers, refiners and gold buyers.
There are:
20 pennyweights in one troy ounce
To calculate the pure-gold value per pennyweight:
Gold spot price ÷ 20 = value of 24K gold per DWT
Then multiply by the purity of your gold.
For example, for 14K gold:
Gold spot price ÷ 20 × .583
For 10K gold:
Gold spot price ÷ 20 × .417
For 18K gold:
Gold spot price ÷ 20 × .750
Is Gold Jewelry Worth More Than Melt Value?
Sometimes.
Certain jewelry may be worth more than its scrap-gold value because of its:
- Brand
- Designer
- Age
- Rarity
- Condition
- Gemstones
- Collectibility
Coins and bullion should also be evaluated differently from ordinary scrap jewelry because some coins can carry significant collector premiums.
A knowledgeable buyer should recognize when an item deserves more evaluation before it is treated simply as scrap.
How Much Will a Gold Buyer Pay?
There is no universal percentage.
Offers can vary considerably depending on the buyer, the type of item, the amount being sold and the cost of refining or reselling it.
Before selling your gold, ask the buyer:
What karat did my gold test?
How much does it weigh?
What gold price are you using?
What percentage of the gold value are you paying?
A transparent gold buyer should be willing to show you the testing results, weight and calculation used to determine your offer.
Should I Remove Stones Before Selling Gold?
Usually, no.
Have the jewelry evaluated first.
Removing stones yourself could damage the jewelry or cause you to lose a stone that has additional value.
The buyer can determine whether stones need to be removed when calculating the actual gold weight.
Can Broken Gold Jewelry Still Be Sold?
Yes. Broken gold jewelry can still be sold.
Gold does not lose its precious-metal value simply because the jewelry is broken.
You can usually sell items such as:
- Broken gold chains
- Single earrings
- Bent rings
- Damaged bracelets
- Old class rings
- Dental gold
- Outdated jewelry
- Gold charms
- Gold watches
- Scrap jewelry
The value primarily depends on the item’s actual gold content and weight.
Know What Your Gold Is Worth Before You Sell
You do not need to become a precious-metals expert before selling your jewelry.
Remember the basic formula:
Weight × purity × current gold price = approximate gold value
Knowing the approximate melt value gives you a useful starting point when comparing gold buyers and evaluating an offer.
At Gold Kings, your gold can be tested and weighed in front of you so you can understand how its value is calculated before deciding whether to sell.
You can visit Gold Kings of Snellville or our Commerce location for professional testing, weighing and a no-obligation evaluation.
We test it. We weigh it. We pay you.
