Companies that accept scrap gold will request that you bring into their office or pack and ship via traditional mail your jewelry in for analysis before quoting a price. This means that it’s in your best interest to learn how to determine the market value of the gold. To accurately determine the melt value, you must first learn about how gold is rated. Often times when you’re in an in-person situation the company rep will test the gold in front of you. However, it is best to know an approximate value before you go in so you know if you’re getting a fair appraisal or assessment. Precious metals such as gold, silver, platinum, and palladium are not measured in traditional ounces (Avoirdupois System). They are measured in Troy Ounces.
In order to determine the purity of the gold content there are a few steps and little math. First look for the markings on the item. If it has gold content it will have a stamp. Gold purity is measured in karats worldwide, a unit of purity. Generally, the karat number on gold jewelry is stamped directly on the piece and is noted by either K or Kt. You can expect to see 10k, 14k, 16k, 18k, 22k, or in rare circumstances 24k, which is pure gold. You likely won’t see 24k in the United States, but other major countries such as India and China still do create jewelry with this level of purity. The most common purity in the United States is 14k. When you have determined the number of karats your piece contains, convert it into a percentage. Next, to determine the percentage of pure gold divide the karat number by 24 within the item and multiply by 100.
How much is 14k gold worth? Let’s say your gold bracelet is 14 karat and weighs 3.4 grams. To begin, the equation would be: 14/24 = 0.58 x 100 to figure the amount of gold percentage of the overall weight. This means your bracelet is made up of 58 percent gold. Now we find 58% of 3.4 to get the actual amount of gold content in our bracelet. How much is a gram of gold? Find the current spot price of gold and divide by 31.1. The final step is to multiply the gold price per gram by the weight in grams to get the value of the bracelet. Thus, 14k gold price per gram is found and the range of expected return.
Spot gold prices change every day, so check it often. You can just have a rough number and the dealer will likely run through this entire process with you using proven purity test methods – scratch test, salt water pen, magnet (gold isn’t magnetic), or even an x-ray machine. Now that you know the monetary value of your gold jewelry, be aware that most gold dealers will pay less than spot price to offset the overhead and refining process. You can expect to receive anywhere between 50 to 80 percent of the actual value. Scrap gold prices will vary daily as the price of gold fluctuates. Use the scrap gold price calculator below to get an idea of what your gold may be worth. Content last updated 01/03/23