How to Sell Your Gold and Diamond Jewelry
So, you have a gold piece of jewelry with diamonds, and you want to sell it? If you are wondering what options you have and how you can get the best price for your gold and diamonds, read on.
When selling your gold jewelry, you have two main options: (1) Selling your gold and gemstones separately and (2) selling the jewelry as a complete piece.
Selling Your Gold and Diamonds Separately
If you decide to remove the diamonds in your jewelry from the gold and sell them separately, the price you will get for them will reflect their value as materials.
That is, you will not get any price premium based on the value of the design, brand or age of the jewelry.
Selling the Gold
You can sell the gold parts of your piece to gold dealers, who will buy the metal with the intent of melting it down or reselling it to a refinery.
In such a case, the value of your gold can be loosely estimated by multiplying the weight of the pure gold in the item by the market price of the metal per unit of weight.
As an example, if your gold piece is 14 karats, then it contains 58.3% pure gold (14K divided by 24K); if the piece weighs 10 troy ounces (1 troy ounce = 31.1 grams), then it contains 5.83 troy ounces pure gold (10 x 58.3%).
Multiplying 5.83 by the current gold price per troy ounce will tell you how much your gold is worth.
However, keep in mind that the price the buyer will offer your will usually be lower than your estimate as the dealer also needs to make a profit when your gold is resold.
This is why it is good to sell your gold to a dealer that is as close to the end buyer as possible so that you can get a better price.