Is there cash hiding in that old jewelry box? Odds are excellent that there is. Broken chains, bracelets, or watches, unmatched earrings, that ugly pin from Aunt Edith, old class rings, and more could be sitting there collecting dust when it could be collecting cash.
With the price of gold at an all-time high, the time has never been better to sell gold jewelry that is no longer wanted. It can even be fun doing it at a gold party where guests leave with cash and the host makes even more money with a commission from the sales.
How a Gold Party Works
A gold party is the Tupperware party of today, with the biggest difference being that guests are attending the party not to spend money, but to leave with even more cash in their pockets. Gold parties are becoming increasingly popular throughout the US, especially in these tough economic times. There are reputable gold buyers who are anxious to participate, easily found in most any area with a quick internet search.
Many buyers do everything for the party host, including providing the invitations and refreshments. All the host has to do is set up a time and date with the buyer, then invite friends and family. The buyer comes to the party prepared to test and weigh the gold, offering cash on the spot. Hosts earn typically 10% of the total, making anywhere from $300 – $1,500 and more, depending on how much gold is purchased.
Many buyers are also interested in sterling silver jewelry, as well as sterling silverware and sterling silver serving pieces that are often hidden away tarnishing in the buffet, never used. Some are prepared to offer top dollar for diamonds and other gems of a certain size as well.
Easy Gold Party Hosting
Selling gold jewelry at a gold party typically earns a higher price than selling gold at pawn shops and jewelry stores. That’s another aspect of a gold party that makes it so appealing to guests, in addition to the opportunity to socialize and have fun with friends and family. Unlike home product parties where guests feel pressured to buy and spend hard-earned money, guests are excited to come to a gold party, making it a terrific opportunity for them and the host to pick up some extra cash. No begging required!
A gold party theme can also be a great fundraiser for charities and organizations. Rather than pleading for donations, charitable gold party hosts bring in money from the commission of the gold sales, while guests make money as well. Great way to fund school programs, raise money for churches and other charitable organizations, or raise money to help a family in need quickly.
For those needing some extra cash or just wanting an excuse to throw a party with someone else picking up the tab for snacks and beverages, a gold party may be just the thing. It makes selling gold jewelry not only profitable, but fun!
How To Price and Sell Gold Jewelry for Profit
Gold trading prices that are employed daily on the open markets, can help to establish gold prices when someone is looking to sell gold jewelry. Knowing how to use trading prices for gold bullion and the daily cost of spot and scarp gold puts gives a jewelry seller a leg up when selling gold jewelry.
Know the Gold Spot Price
Check daily spot gold prices (24 karat pure gold). Every day the price of gold on the open market is fixed in a variety of locations around the globe. Price spot gold online at a reputable site like Kitco.com.
Pull up the Kitco.com website and click the tab on top that says ‘charts and data’. Go to the left hand column and click the word GOLD under the heading for ‘Live Charts’. Look at the upper right corner and in green for the real time gold price. This price is for one (1) troy ounce of gold. A troy ounce is equal to 31 grams and is the international measure used for selling gold.
Calculate Gold Percentage and Value
To ascertain the value of gold jewelry, look for the karat weight on each piece. It will likely be marked 9K, 10K, 14K, 18K or 22K. These numbers signify the percentage of pure gold in the item. Here’s a handy guide to remember how much gold is in each of those karat pieces selling gold jewelry. The amounts are calculated in percentages, with 24k gold being 100% or .1000.
- 9 karat is .375
- 10 karat is .417
- 12 karat is .500
- 14 karat is .583
- 18 karat is .750
- 22 karat is .917
- 24 karat is .1000
There’s a simple formula to price gold and calculate exactly how much pure gold is in each piece when selling gold jewelry.
To price gold for sale, take the current daily spot price and divide by 31 to find the gram price of pure 24K gold. Then multiply the gram price of pure gold by the percentage in the guide above depending on the karat of the gold jewelry you want to sell to find the spot price per gram. For example, if gold is selling at $950 per troy ounce and you’re selling a 14K gold bracelet here’s what that formula will look like.
$950 ¸ 31 = $30.65 X .583 = $17.86 per gram of 14K gold.
To sell gold jewelry, have on hand a jeweler’s loupe and a small pocket scale to weigh the jewelry in grams. If the bracelet above weighs 40 grams, calculate the weight of the gold in the item by multiplying that by the price per gram. 40 X $17.86 = $714.40. That number represents the actual value of pure gold in the bracelet or the spot value. Plain gold jewelry is sold primarily based on spot or scrap gold prices unless it is very unusual or rare and then may bring a higher price.
If the item contains gem stones of good quality or if the piece is beautifully designed and highly desirable, this may be taken into account to some degree by your buyer. This is especially so when selling expensive engagement rings and wedding sets or other jewelry with diamonds. Get an appraisal from a reputable jeweler who is familiar with selling gold jewelry especially if it’s an antique or contains precious stones. Ask for an appraisal of the resale price not an insurance appraisal, for more accuracy.
Sell Gold Jewelry With an Appraisal
Many buyers will only pay you what is known at the ‘scrap’ or ‘melt’ price when you sell gold jewelry. Figuring this is easy because it is approximately half the spot price.
Estimate the price of gold jewelry before ever venturing out to actually sell gold to obtain the greatest amount of money. Reading up on where to sell gold jewelry and doing research ahead of time will help the inexperienced get prepared and gain confidence.