What’s the value of my scrap gold jewellery? How much is the value of 14k gold? These are common questions that people ask themselves when they own items of gold jewellery. You’ve come to the right scrap gold calculator UK if you’ve found yourself wondering what your gold jewellery is worth!
Read on as we outline precisely how gold jewellery can be priced at home. You can still get an official estimate from a jeweller; you can, however, take action on your own to price gold jewellery.
Karats, weight, and value are the three major components needed to estimate your gold jewellery cost. You can put those values into a formula once you’ve collected the necessary data and find out what your gold jewellery is worth.
Let’s take a look at the steps you’re going to need to take to value your scrap gold jewellery at home.
1. How many Karats is that?
First thing first, you’ll want to know what kind of karat gold you’ve got. Scrap Gold pieces of jewellery have hallmarks or stamps that note the karat or purity of gold. Get a magnifying glass if you need to, and inspect the jewellery. Do you see any letters or numbers? Keep searching, if not. The ring karat would be a number followed by “k” or “kt” such as “10K,” or “14Kt.”
Have you found it?
Fantastic! If not, you will find a greater number that reflects the purity of the ring’s gold. Hallmark examples of gold purity include 585, 417 and 750. What do they mean by these numbers? In essence, the gold purity figures are percentages, and you add a decimal one digit from the right to convert them to decimals.
This means that 585, which is the amount of pure gold in the jewellery item, become 58.5 per cent. Thus, the higher the percentage/number, the greater the value of the pure gold in the jewellery.
You cannot find a stamp in some instances, and there are many explanations why:
• The logo was rubbed off
• The stamp is unreadable
• The piece of jewellery has been resized or changed, and the seal has been removed in the process.
• Gold jewellery is not genuine gold jewellery.
If you’re sure that gold is real gold, then to assess the exact karat, it’s wise to bring it to a jeweller.
It’s time to measure your gold jewellery after you have the exact karat sorted out.
2. How Much Does The Gold Jewellery Weigh?
And what does the weight of the scrap gold have to do with this? Okay, you’re going to want to know how much gold you work with.
Scrap Gold jewellery is measured by the gram, and pure gold is measured by the ounce, which is a general rule.
You’ll be able to compare that to the market value of gold because you know how many grams of scrap gold you’re dealing with. How do you weigh gold jewellery? For about $10, you’ll have to purchase an accurate jewellery scale online. Remember to purchase a scale that weighs in grams, not in ounces; you’re going to have to convert the weight otherwise.
When you have a scale, measure each piece of gold jewellery individually. Let’s calculate the worth of your gold jewellery now that you have the weight in grams if not, you can use our gold calculator UK to calculate the best price for your scrap gold.
3. Calculate The Value Of Gold Jewellery
Are you equipped to find out what the value of your gold jewellery is? Now that you’ve done the legwork, just plugging in numbers into the equation is what’s left. You can use our online gold calculator UK to find the best value for your scrap gold, or plug your values into the following equation:
Gold jewellery weight x purity of gold / 24 = Grams of pure gold.
Let’s break down every aspect of the equation to help you understand better what each value means:
Gold jewellery weight: the weight of your scrap gold jewellery item in grams. E.g., you’ve got a piece of gold jewellery weighing 5 grams.
Gold Purity: You need to know how much pure gold is in each piece to value your gold jewellery correctly.
Notice that 24 karat gold is pure gold to measure this variable, and each lower karat value would have less refined gold increments.
Example: You have 5 grams of 18k scrap gold with you.
24: You are dividing by 24 karats which is 100% of pure gold.
It looks like this if we plug each figure into the equation:
5 x 18 / 24 = 3.75
Now you know that you own 3.75 grams of pure gold if you have 5 grams of 18k gold jewellery.
Not too intricate. When you break down what each value implies, you can see how the total value of your gold is measured by karat, weight and purity.
Now, with this knowledge, what can you do? You have found out how many grams of pure gold you’ve got in every piece of jewellery, but how do you put a price on it?
You’ll need to research the current market price for pure gold.
Current Market Price for Pure Gold
The first step is to know the weight of your scrap gold. Next, against the current market price for pure gold, you’ll need to see the value of your product.
Remember: pure gold’s market value is measured in ounces. Are you ready for a new formula?
Terrific! When you have your trusted pure gold price in ounces, convert it to grams and plug in the following values:
Total grams of 24k gold X current gold price per gram = value of your gold jewellery
All these steps will help you get a solid understanding of your gold jewellery value. Bear in mind that gold prices are changing every day, so it’s a good idea to test your gold jewellery a few times from home to get an average.
Bottom line, for your gold jewellery, you can expect to get anywhere from 70-90% of the value you estimated.