Scrap Gold

Overtime you may be able to recoup some of the money you have spent on all of the gold jewellery you purchased. More and more people are selling their broken chains, gold pieces that they don’t wear anymore, and other items of gold jewellery as scrap gold. You’d be surprised what you have in your jewellery boxes and drawers that you have completely forgotten about. What a great way to get some money for that old wedding band from a previous marriage not to mention that one hoop earring whose mate went missing years ago. But it isn’t just jewellery that you can sell as scrap gold. Following are examples of jewellery and other items that can be sold for cash.

· Class rings
· Bent and broken gold jewellery
· Jewellery settings with the stones removed
· Old foreign gold coins
· Gold watches
· Service pins and medals
· Gold castings
· Dental gold
· Cell phones, computer motherboards, and many other electronic devices also contain small amounts of scrap gold.

Before you sell your scrap gold to a gold dealer or send it off to one of the mail order gold dealers, you should be sure you know what it’s worth so you don’t get cheated by disreputable companies.

1. The first thing you should do is separate your gold into their carat fineness if you know it. All gold jewellery pieces should have that inscribed on them somewhere and it should be readable with a magnifying glass. Gold dealers can use a test to determine the weight of any pieces that aren’t marked, like gold castings or dental fillings.

2. Once you have separated the pieces into 9, 10, 14, 18, and 22-carat piles, determine the gram weight of each collection by weighing them on a gram scale.

3. Find out the current price of gold. There are many Internet sites that can provide this information and many newspapers print this every day. Gold is measured in troy ounces that are equal to 31.1 grams. To find out the current price per gram, divide the current gold price by 31.1.

4. For each group of gold that you have, divide the carat by 24 and then multiply it by the gold price per gram you determined in step 3. For example, 18-carat gold divided by 24 is equal to .750. If the current price of gold per gram were 19.97 pounds, the price for 18-carat gold would be 15.01 pounds.

5. If you have 10 grams of 18-carat gold, then your gold is worth 150.10 pounds.

There are also tools online that will do these calculations for you.
Of course, a gold dealer is not going to pay this amount to you since he has to factor in a profit for his business. There is a directory of gold buyers online where you can find reputable gold dealers in your area along with what percentage of the current market value of the gold that each dealer will give for your scrap gold.

Selling your old, out-dated, mismatched or broken jewellery is a great idea, especially when you can find a dealer that pays a good price. It does you no good tucked away in that drawer and is a perfect way of getting money to buy a new piece of beautiful gold jewellery.