Understanding Gold Purity and Value: What You Need to Know Before Selling

This article originally appeared on stylesrant.org

Gold can be sold for a decent amount of cash and this is ideal if you have some jewelry, trinkets or other items you no longer need. There are several things you need to know about purity and values of gold before you sell it however. This knowledge will assist you in finding the best possible price for your gold and will help you enjoy a seamless transaction.

Gold is one of the most important types of metals in the world and it has always been valued by people. Its value is through weight and through its purity; these determine how much it actually carries value in the market.

Understanding Gold Purity

The purity of gold implies the amount of gold and the percentage of other substances in a given product that is made from gold. This is rated according to karats; the highest is 24 karats and these are referred to as pure gold. It is important to note that most jewelry is not made of pure gold since gold is a very soft metal that requires some amount of harder metals. For instance, an 18kt gold ring contains 75% gold whilst the rest of the percentage is formed by other metals.

You can probably guess that the purity of the gold that is used greatly impacts the item’s value. Gold that has a higher number of karats has a higher price, because this has a higher proportion of gold than the others that have more metals included in its composition. From the karat of gold items, you can be in a position to estimate the value of the items that you plan to sell.

How to Find the Value of Your Gold

The cost of gold is dependent on two factors: the karat and the weight of the gold. Measuring the gold is done by jewelers (in grams or ounces), and cost estimates depend on the market value of gold, based on this weight. You can look at the daily price of gold online or in financial papers to assess your jewelry’s worth when you want to sell your gold.

You should also make sure to have your gold independently valued before selling it. This can guarantee its purity and actual weight, thus could provide a more realistic appraisal of its worth. This step can help you avoid getting paid less than the actual market price of gold whenever you are selling the gold.

Sell Your Gold Responsibly: Selling Preparation

Once an individual understands and measures the purity and value of their gold, it is time to sell. First, collect all of your gold-based products and any certificates that will help to confirm their genuineness and fineness. It can be in the form of receipts, certificates, or appraisal documents. Having these on hand can increase buyer confidence and thus help you get a better price for your product.

Next, research reputable buyers. When going out to sell your gold, find people with a good reputation in the business; such as jewelers, pawn shops or online buyers who offer reasonable prices. Do not be in a hurry to sell; take some time and even contact various buyers for price quotations. This will help ensure you get the best deal.