Gold jewellery is no doubt a hot topic, but why? The price of gold is causing folks to take a look into their jewellery boxes and get rid of what they aren’t wearing anymore. I am going to share with you more about the price of gold, and how it can affect your outlook on jewellery as well as what you buy in the future.
About Gold Jewellery
Did you know that if you have some broken gold jewellery that you could be cashing it in? The reason behind this is simple; the price of gold is high and if you aren’t wearing it why do you still have it in your jewellery box? If you have some broken jewellery lying around, you need to cash it in, and either buy yourself some new jewellery or just get the cash and pay your bills off.
As you go through your jewellery box, you might discover that anything that appears to be gold really isn’t, or rather its gold plated or gold filled. When you go to your jewellery box, you need to check it out to find out if it is 10k, 14k, 18k, 22k, or higher. Once you have checked out your jewellery to see how it’s marked, you will know whether or not it’s something you can sell.
How You Get Paid for Your Gold Jewellery
While most people just want to turn their gold in for cash, most want to know how they are getting paid for their gold jewellery. This is really referring to how we get paid on 14k versus 10k and so forth. There is a difference in how dealers pay because each karat has a different percentage of gold content versus other alloys.
Let’s say that you are selling you 14k gold to a dealer or jeweler. The 14k gold will only be 58% pure gold, so with that in mind, you bring in your 14k gold rings that are broken and they weigh them for you. Let’s say that they weigh 5 pennyweights. There are 20 pennyweights to an ounce so you are not even halfway to a full ounce of gold.
Let’s say that the dealer is paying you $32 per pennyweight for the 14k gold. If this is the case then you would make $160 on your broken gold rings. If you were bringing in 18k gold, then you might get paid $38 per penny weight instead. This means that you are going to get paid $190 on your broken gold. See the difference? This is because 18k gold contains 75% gold, so in this case you would make more because it has a higher gold content.
Should You Sell Your Gold Jewellery?
Whether or not you sell your gold jewellery is up to you, so only you can make that decision. It’s wise to make sure that you aren’t selling something that is sentimental, so by all means consider that first before you make a final decision.
Now that you know more about how selling gold works, what will you do? If you want to make some extra money, and you want to know the difference between buying gold jewellery and buying gold bullion, then CLICK HERE today and I can help you!