Are you trying to sell an old or broken piece of 14k gold jewelry but don’t know how? You can easily sell your jewelry to many gold buyers across the nations who are competing each day to get their hands on your scrap gold jewelry.
Since your gold piece is 14k, this means that it is not pure gold. Fourteen karat gold actually contains only 58.3% pure gold. Everything else within is just filler metal. When it comes to selling gold for scrap, you will only take into account the weight of your pure gold.
Let’s take for example a 14k ring that weighs 8 grams. The scrap value of this piece would be about $168.48. We arrive at this value by taking the current price of gold per gram which is $35.48 and multiplying it by the weight of pure gold which is 4.66 ounces. We further discount the piece by 20% because of the refinery cost. Healthy Financial Habits has developed a formula for calculating the price of scrap gold:
Scrap gold value = ((Karats/24) * weight in grams) (Current price per gram) (.80)
You can calculate the value of any gold piece by using this formula.
Once you know the value of your gold you will be in a better position when it comes to selling your gold to a buyer. The last thing that you want to do is speak with a gold buyer not having any idea what your gold is worth.
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Author: Abdullah Patel