A check on the price of gold revealed that it had an asking price of A$1,429.44 as at 11:54 a.m. on 22nd October, 2014 (based on information from the Perth Mint). That is definitely a very handsome price at which to sell gold jewelry.
Don’t worry if your jewelry pieces are old and broken – gold rarely loses value because of that. Most of all, many reputable dealers and jewelers would be ready and willing to get such pieces off your hands. You can also add in all your old and new gold watches, bullion and coins.
All you need to know are a few important details that will help you get the best possible price.
Different Varieties of Gold Jewelry
Reputable dealers can offer you great prices for whatever variety of jewelry you have. Such items may have different gold colors depending on the type of alloys mixed in with the precious metal. Existing colors range from white, rose, yellow or a spectrum of multi-colors.
Jewelry also possesses varying carats of gold, including: 24ct, 22ct, 18ct, 14ct, 9ct, and 8ct. According to the United State Geological Survey, the fineness of gold in such jewelry is indicated by the composition of gold out of twenty-four parts. Therefore, the purest form is 24 karat, while purity decreases down to the least carat.
The reason why gold is mixed in with other alloys is simply because the pure mental is quite soft. Adding alloys makes the gold stronger and harder, despite possessing less purity.
The pure or near pure pieces are actually much more durable, yet quite soft. Therefore, such pieces are usually made extremely thick, which means they’re quite heavy, too. The thickness helps in maintaining integrity of the design of such a soft metal.
Checking the Purity of Your Jewelry
Since you can only expect to get paid based on the purity of your jewelry, you must know exactly how much gold it possesses. The alloys used to make gold strong and hard are simply common metals, such as copper, which have very little value.
A simple way to find out the composition of gold is by dividing the carat number of your jewelry with the number 24. This will give you a percentage figure of the gold composition. This is what you’ll get:
(I) 24 carat: Such pieces are the purest form. Realistically, they would have approximately 99.9% gold. Due to the softness of gold, such pure pieces aren’t commonly found in jewelry. You’re more likely to find such purity in bullion bars and coins.
(ii) 22 carat: 22 carat jewelry is second in line after the 24 carat. With this variety, you’re getting a purity of 91.6%.
(iii) 18 carat: This type of jewelry is somewhat the mid-point between purity and hardness. It possesses a purity of 75%.
(iv) 9 carat: This variety can be easily purchased at a fraction of the price for a 24 carat piece. You still benefit from having a gold ornament, despite it having only 37.5% purity. Fortunately, it’s quite strong and hard.
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