If you have gold pieces, you can sell them. Gold prices tend to rise when economic conditions do not improve and there are concerns about war or inflation. However, before taking your jewellery, gold fillings, false gold teeth, gold nugget, and gold bullion to the nearest gold dealer (or sending them via delivery service), you must know for sure that you are getting the best price. Most gold traders keep their calculations secret, but you can still find out the selling value of the gold you own.
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Method 1 of 3: Organizing Your Gold By Carat
Step 1. Use a magnifying glass to find the carat number on each gold piece
The first thing you should do is find out if the gold is real. Separating your gold by carat will not only help you estimate its resale value, but also identify items that are not gold.
- If the number is not legible, you can ask a trusted gold dealer to check it. It's also possible that some of the pieces you have are just gold-clad metal. This can be determined by gold traders through a series of chemical tests.
- Note that most gold jewelry produced before 1980 has a lower karat value than the listed number. For example, jewelry marked as 18K is actually somewhere between 17K and 17.5K. In 1980, the law regarding the numbering and purity of gold jewelry was changed.
Step 2. Perform an acid test on any object that seems unconvincing
If you're still unsure whether an object is gold or not after examining it with a magnifying glass, be prepared to test it. You have two options: the acid test and the Skey test. The acid test requires a set of gold test kits or separate tools that can be used to complete the test (acid liquid and stones).
- Equipment for this test can be purchased online or through a gold dealer at a low price, and can be purchased separately or as a complete set. This kit comes with bottles of acid, usually nitric acid, to test 10K, 14Km 18K and 22K gold. The tools sold also include test stones, otherwise known as striped stones or touch stones made of various types of materials, including novaculite or various other types of flint. This tool can also be purchased with a measuring tool scale.
- To test 14K jewelry, rub gold into the stone and apply a drop of 14K acid to any scratches that appear. If your gold is indeed 14K, the color will not change. If the gold is 10K, the color of the 14K acid will turn brown. If the gold color fades, the object is not gold.
- If your gold is not labeled, gradually apply 22K acid until it turns brown. If the color changes, the gold has a lower carat content. For example, if 18K acid has no effect, but 22K acid turns gold brown, the gold has a value of 18K. If 14K acid has no effect, but 18K acid turns brown, the gold is 14K. And so on for all gold karat authenticity tests.
Step 3. Use the Skey test
To perform the Skey test, start by purchasing a gold test kit or verification pen that can be used for the Skey method. This tool sells for less than IDR 500,000 and can perform up to 1000 tests. This test is a safer alternative to the acid test and can give accurate results for a variety of metals, such as white gold.
- To test all types of jewelry, slowly draw a line 0.6 cm long and repeat the line at the same place 4 times without lifting the pen from the metal surface being tested.
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After that, immediately draw a line on white paper.
- If the value is below 10k, the line will be light brown, then turn green in a few seconds.
- If the value is 10k, the line is light brown.
- If the value is 14k, the line is dark brown.
- If the value is 18k, the line is orange.
- If the value is 22k, the line is yellow.
- If the value is 24K, the line is red.
- If no line appears, the item being tested is not gold.
Step 4. Separate the gold coins from the other gold pieces
If you have gold coins, they may have a higher numismatic (coin) value than their metal value. This can be seen based on the age, rarity, and overall condition of the coin. In a case like this, the best option is to take it to a coin dealer for inspection. This method is necessary because you will probably get more money from the coin.
- If you have experience auctioning items online, you may be able to sell them online, but you'll need a certificate of authenticity to convince buyers to pay a premium. You must also provide a secure payment method so that customers want to transact. The advantage of an auction (assuming you know the selling price of the coin) is that you can get a much bigger profit if several collectors bid on the coin.
- Check out the article on how to determine the value of a gold coin for more information on this subject.
Method 2 of 3: Finding out the Weight of Your Gold in Grams
Step 1. Prepare a scale to weigh your gold pieces
Figuring out the weight of a gold piece will help you find its resale value. This does not fully describe the selling price you will get, but it is very useful as a reference when you start negotiating.
- Buy a special jewelry scale. These scales are available online for under IDR 500,000. This is the best tool to find out the exact weight of gold. Jewelry scales are specially designed to produce more accurate numbers than the regular gram scales you might have at home.
- Use a food scale if you can't afford a jewelry scale. If you have a food scale at home, you can use it to weigh gold. Most cheap food scales only measure weight in ounces. So make sure you know the functionality of the scale before buying it to find out the weight of the gold pieces.
- If you can't or don't want to buy your own scale, take your gold pieces to a jeweler to have them weighed.
Step 2. Weigh your gold pieces
Be sure to weigh your gold pieces by carat grade. Place your gold on the scale and let it sit for a while before recording the results. Depending on the type of scale used, there will usually be an arrow indicating the weight of the object so you can record the results from there. However, the more expensive scales have a digital readout which makes the calculations much easier because you only need to read the screen.
Step 3. Convert the result to grams if your scale uses ounces
The conversion ratio is 28.3495231 grams per ounce, or about 14.175 grams per half ounce.
Usually, your jewelry is not made entirely of gold, no matter the type of carat. If you have jewelry made of pure gold, it only has one type of carat. So counting all the carats with the same measurements will make this whole process easier
Method 3 of 3: Determining the Value of Your Gold
Step 1. Find out the current gold price
Knowing how much you have to sell is important information before you start selling it. There is a formula you can use to calculate the value of each gram of gold chip you own, and the only variable that matters is the current selling price of gold. You can find out the current selling price by looking it up on the internet or in the local newspaper. Gold is valued per troy ounce, with one troy ounce equal to 31.1 grams. The price of gold changes in a matter of hours, depending on the amount of supply and demand. So, the price during the day can be different from the price you see in the morning.
We recommend that you use the internet to get updates so you can keep checking the price of gold through your cellphone when you come to gold trading outlets
Step 2. Divide today's gold price in dollars per ounce by 31.1, then convert to rupiah to get the latest gold price per gram
For example, if today's price of gold per ounce is $1,600 (Rp21,957,120), the price of gold per gram is $51,45 (Rp706,058, as a result of $1,600/31.1).
Step 3. Multiply that number by the gold karat value
For each gold category, you need to divide the number of carats by 24, then multiply by today's gold price. For example, if you have 10K gold and the current price of gold is $1,600 per ounce (Rp., 45 x 0.4167 = $21.44 per gram. Use the following conversion rates to assess the price of your gold.
- 10k = 10/24 = 0.4167
- 14k = 14/24 = 0.5833
- 18k = 18/24 = 0.750
- 22k = 22/24 = 0.9167
Step 4. Perform a retest process to ensure the gold value
Gold still has to go through a retesting process to determine its original percentage. For example, the tested 14 karat gold has a percentage of 0.575%. When you melt gold, it loses weight because the alloy used during the manufacturing process is lost.
Metal assay is the process of testing gold samples to determine their purity. The sample taken will be melted, separated, and weighed to determine its purity with certainty
Step 5. Multiply the price per gram by the weight in grams
If you have 10 grams of 10K gold and calculated the price is IDR 294,225 per gram, your gold pieces are worth 10 x IDR 294,225 = IDR 2,942,250. Here are some more examples:
- If you have 5 grams of 14K gold and the current gold price is IDR 21,957,120 per ounce, divide that number by 31.1 to get a value of IDR 706,058. This number is then multiplied by 0.5833 (14K) so the result is IDR 411,696 per gram. IDR 411,696 multiplied by 5 grams equals IDR 823,392.
- If you have 15.3 grams of 10K gold, IDR 21,957,120 divided by 31.1 equals IDR 706,058, then that number is multiplied by 0.4167 (10K) so that the final result is IDR 294,225 per gram. This number when multiplied by 15, 3 grams is equal to RP5,242.262
- Most people use grams for this calculation, but some use pennyweights (DWT) instead of grams. One troy ounce equals 20 pennyweights. You can replace the number 31.1 with 20 to calculate the value of gold using the pennyweight unit. You can also multiply the pennyweight by 1,555 to get the equivalent in grams or divide the gram by 1,555 to get the equivalent of the pennyweight.
Tips
- Never sell diamonds or gems to a gold dealer. Have them remove the stone from the jewelry and give it to you; never be careless. Never send diamonds or gems to a crafter. You will not get a replacement, and the item will not be returned. It's a good idea to contact a trusted jeweler to remove and appraise the item before selling the rest.
- For a list of trusted sellers in the United States, you can visit the United States Mint page which lists trusted buyers of gold and coins.
- Gold chip dealers (which can be found in pawn shops or shopping areas by putting up a “Accept Gold Sale and Purchase”) sign will most likely buy gold from you for around 30 to 60 percent of the original price because they have to process it (recheck) and make a profit from its sales. With today's large selling margins, selling gold to them is not recommended. Luckily, you can find places that are willing to pay a higher percentage, but still make a profit. If you want to sell jewelry to a gold dealer, don't just go to one place. Shop around for the best selling price.
- Goldsmiths are usually willing to pay up to 90 to 98 percent of the original value of your gold, and reputable artisans have websites that provide information about the prices offered. However, most of them have a minimum salable weight, which is about 3 to 5 ounces. Less gold can be sold through high-end auctions for up to 90 percent of the gold's original value, or even more if you have fine jewelry to wear.
- Old gold fillings can be 24K, but newer fillings are usually only 16K. The carat value of dental fillings varies widely, from 8K to 18K. White metal for filling teeth can look like platinum, but don't confuse it with Carbo-Chlor material which can also pass acid tests for gold and platinum. Apart from that, you can send fillings to the craftsman, so they can be tested like gold and platinum.
