How to Market & Sell Gold & Silver Jewelry

Gold and silver jewelry has value in its precious metals.

Gold and silver jewelry has value, even if it is broken or no longer stylish. The value is in the precious metals, and there is an active market for gold and silver. As the stock market goes down, the value of gold and silver usually goes up. So it may be a good time to consider selling scrap gold or silver, or jewelry that is no longer in style. You may even choose to sell rings or bracelets that are too small for you to wear.

Instructions

1. Decide on the pieces of jewelry you might be willing to sell, and see if they are marked on the inside or on the clasp with any information to identify the gold or silver content and maker. Check the jewelry with a loupe or magnifying glass, since many of the marks are tiny or very light.

2. Write down the information and marks, and determine the gold or silver content. Pure gold is 24 karat, but gold jewelry is often 18kt, 14kt, or 10kt. The marks may also be in fractions, or .750, .585, or .417. Sterling silver is .925 or marked sterling, but .800 is 80 percent silver.

3. Visit at least one jewelry store and a pawn shop in your area, and ask questions about your items. Ask the weight in grams, and get some offers to compare. Check with a website such as Kitco that has the spot gold and silver prices listed daily.

4. Calculate the value of your gold or silver jewelry based on the gram weight and the metal content. For example, two grams total weight of 18kt gold will translate to 1.5 grams, since 18kt is 75% gold. Spot gold prices are by the ounce, and it takes about 31 grams to make an ounce. Divide the current price of gold by 31 and multiply by the number of grams of actual gold. The calculations work the same way for silver jewelry.

5. Use the calculated price to market and sell gold and silver jewelry at spot prices. Once you have some offers and know the actual value, look for the highest offers. According to Consumer Reports, this will not likely be an advertisement on television.

   The New York Times warns that it may not be all glitter, but agrees that a seller "should do research and try to determine its current value." The market is high for selling gold and silver jewelry scrap, and with some research of the market and knowledge of your jewelry, money can be made.

Tips & Warnings

• There are many scams in gold and silver jewelry, and it is not safe to send these items through the mail. They often do not arrive, or do not get acknowledged and paid.

References

• Consumer Reports Blog
• New York Times

Resources

• Kitco: Spot Gold and Silver Market