How to Sell 18 Karat Gold for Scrap
Selling 18-karat gold for scrap can be very profitable. It contains a high purity of gold compared with other alloys used in common gold items such as jewelry. This makes it more valuable than 10-karat or 14-karat gold items of the same size. Gold refiners are willing to pay more for 18-karat gold scrap than most other types of gold.
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Instructions
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Confirm that you have 18-karat gold. Most items made of 18-karat gold are marked. Use a magnifying glass to examine the items closely. Look for a stamp saying either 18K or 0.750 pure. Find this on your jewelry close to the clasp or on the back. On other 18-karat items, the stamp is usually on the bottom.
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Weigh your 18-karat gold scrap. Use a sensitive scale. Most jewelry, coin or postage scales will work. Use one at the post office if you don't have a scale at home. Weigh all your 18-karat gold scrap together, preferably in ounces. If your scale only registers grams, multiply that number by 28.35 for weight in ounces.
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Calculate your total gold content. Multiply total ounces of 18-karat gold scrap by 0.75 since 18-karat gold is 75 percent gold and 25 percent other metals. You will only be paid for the gold contained in the items.
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Find the spot price of gold on the day you are selling your 18-karat gold scrap. The spot price is what gold is selling for that day on world markets. Find the price on any online financial site. Make sure to use the spot price since the price changes daily.
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Determine your total gold value by multiplying content by the spot price. This is the raw value of the gold contained in your 18-karat scrap.
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Send your 18-karat gold scrap to a refiner, insuring the package before mailing. Find refiners online or in local phone directories; most will provide a free mailing envelope and free estimates. Look for refiners who clearly state their fees and payout percentages. Do not accept any offer that pays less than 90 percent of the total gold value of your 18-karat scrap. Reputable refiners will mail your gold back to you for free if you don't like the offer.
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- Photo Credit Gold jewelry set image by lune from Fotolia.com
