There are many reasons for one wanting to know how to sell gold jewelry that you own because it is unused or you need cash to meet a crisis. The reasons may vary, they say knowledge is key and hence one has to know the answer to the question, how to value gold jewelry? It could be done by a professionally qualified gold merchant who is licensed or by yourself at home using a regular formula.
Calculating the worth of gold jewelry at home:
If there is an engraving as 24 karat it means that the gold is 100% pure. The worth can be anything in between 8 and 24. This worth has to be noted and dvd by 24 to get a purity ratio in percentage.
Weight is a crucial value in calculation. The bills will have the weight of the jewelry to its milligrams. This must be noted. In case one does not have the bill, the weight must be calculated using a well calibrated scale to get the accurate weight in grams.
The troy ounces are calculated by multiplying the weight of the jewelry to the purity ratio and dividing that value by 31.103, which is the grams per troy ounce. This value is a pre-calculated normal number.
As gold is traded in the industry as a commodity, the rate keeps fluctuating. The rate of the present date could be taken from financial newspapers or from World wide web and multiplied with the previously received worth to get the value of the gold. Further care should be taken to take out the stones or any other ornamental items used in the jewelry before weighing them.
The reputation of the gold merchant should be checked before taking the jewelry for valuation because there are possibilities that they might under price the jewelry to make immoral revenues. When one has knowledge of the real calculation, the chances of being cheated gets reduced. Moreover, the worth can be compared with the value figured at home.
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