Should You Sell Your Gold Jewelry?

If you have followed the latest on the financial markets, you know that there is a lot of uncertainty out there. One thing you can be certain about is that it is time for you to have your gold jewelry re-appraised! Gold reached a recent high of over $900 per ounce and you may be tempted to sell your treasure for the metal itself.

An appraisal is a quick and inexpensive way to find out. Once you know what your jewelry’s gold metal content is worth, you have several choices:

• Sell your gold! While this is tempting during high prices, you may lose as much as 70% of the retail value that you paid for your piece. Gold jewelry is valued for its scrap value by its karat weight. For example, a piece of jewelry that weighs ½ ounce at a hypothetical $900 per ounce would be worth the following:

                     24 karat is 100% pure gold. Your piece would be worth $450.00
                     18 karat is 75% pure gold. Your piece would be worth $337.50
                     14 karat is 58.3% pure gold. Your piece would be worth $262.25

•  Note that you will pay between 10%and 15% of the value of your gold to have a jeweler to assay and refine your gold to sell it as scrap. So selling your gold may not be your best choice, even with high gold prices!
• You may try to sell your piece online or at a jeweler that specializes in pre-owned jewelry. The challenge is that you may have to wait a long time for a price that you feel is a fair price. The current price of gold is largely irrelevant and a once treasured piece is only worth what a current buyer is willing to pay.
• An alternative that forms a nice link to your past enjoyment of a piece of gold jewelry is to have it redesigned into a new piece that you will enjoy wearing. You will not diminish the sentimental ties you may have by selling your jewelry at “yard sale prices” or by “melting it down” and redesigns of jewelry can often be inexpensive. Of course, the first step is having an appraisal made to see what you actually have and what the possibilities are. An appraisal will always give you the peace of mind that you have examined all your choices thoroughly.

• Oster Jewelers excels in conducting appraisals in the context of a possible redesign of jewelry and you can call us at 303-572-1111 to start yours.