14kt gold prices have been getting higher and higher in recent times. One ounce of 14kt gold has almost doubled in price in just a few years as it soars higher and higher towards $1000 US. As such, it may be very tempting to start thinking about selling your 14kt jewelry to raise some cash to pay off credit card bills and other debts. But is now a good time to sell your gold jewelry?
What You Need to Know First - Pennyweight Measurements and Used Jewelry Sales
Before you can go about even considering selling your precious metal jewelry you must first fully understand the used gold sales system. The first thing you should learn is about pennyweight. Pennyweight is a measurement that is used to determine the value of any piece of jewelry based on it's karat value. At its simplest, a pennyweight is 1/20th of an ounce. Once you know this you can use this information to estimate the value of your jewelry pieces by weighing them and calculating each gold buyer's pennyweight price.
The next thing you should understand is how the karat system works. While you don't need to know how to measure karats yourself, you should know that jewelry is assigned different karat ratings when it is created based on the proportion of gold to other metals. 24kt is almost pure gold and you will rarely see jewelry made from 24kt gold because it is simply too soft. More commonly you will see things rated as either 14kt or 9kt. Gold buyers will first test the karats of any jewelry before buying it and this involves damaging each piece slightly. As such, you should commit to selling before you go to sell anything; if you change your mind you will have to accept the damage.
How the Process Works
Once you have decided for certain to sell your jewelry then the gold buyers that you select will take a small amount of the metal from the piece and they will test it using an acid solution or a machine. This will confirm the purity, or karat rating, of the piece. Then the piece is weighed and you are given a portion of the gold's value. For most sellers this is around the 70% mark though some will be higher and some will be lower than this.
Different Colors of Gold - White, Yellow and Rose
As you may be aware not all gold is yellow gold. There are many variations such as rose and white gold. Most gold sellers will offer different prices for different colors depending on the current market prices and how easily they can resell each color variant. Some colors may be worth a lot more than others so it is worth finding out before you go to sell.
What Other Metals Can You Sell?
Gold is not the only thing that you can sell to raise some cash. You may not be aware of it, but yourself may be full of valuable metals and allows that you can sell to precious metal buyers and scrap yards for cash in hand.
Platinum is becoming increasingly popular as a precious metal for making beautiful pieces of jewelry and pure pieces of platinum are worth a lot, even up to 50% more than gold.
Gram for gram, silver is worth a lot less than gold but it is still a precious metal. Selling bulk silver can be a good way to raise additional cash. The selling process for silver is much the same as it is with gold and many gold buyers will also pay for silver.
Copper from wiring, scrap and coins, is actually worth fairly good money, especially when sold in bulk. Some coin collectors are well aware of this and will even pay more than the face value of certain types of coins from certain years because of their valuable copper content. Copper is such a good metal to recycle because the process for recovering old copper is far more efficient than the process for getting new copper. As such, you aren't just raising cash for yourself; you are also helping the environment when you resell copper.
Not technically metals, but sometimes breaking down your jewelry into its components can yield better financial results than simply selling whole. Jewelers will often buy precious stones that you take out of rings; earrings or pendants and they can pay well for high quality precious stones. The obvious choices are diamonds but rubies, sapphires, pearls and many other stones can be worth good money. A good option is to remove the stones, sell them to a jeweler and then take the metal components to sell to a gold buyer.
Steel is by no means a precious metal but this does not mean that it does not hold value. Various recycling places will buy steel scrap from you at great prices. This is especially helpful if you are pulling apart a house for renovation and have to get rid of the scrap metal anyway.
Brass is getting harder to find but you may find some if you are pulling apart an older building or vehicle. Old furniture and fixtures may also have good amounts of brass. Because brass is useful in musical instruments and locks it holds some value to scrap buyers, who will pay a good amount of money for brass by the pound.
Is it Worth Selling Gold At the Moment?
Only you can truly decide whether it is worth parting with a particular piece of gold jewelry. In the end the current 14kt gold price is not the most relevant factor. More important is the severity of your need for cash and your attachment to the particular piece that you are considering selling. If the piece is a priceless family heirloom then the cash need might not be great enough unless your family's health and safety is at risk. If however, the piece is of no sentimental value then selling the gold can be a great way to raise some helpful extra cash. Overall, gold prices are the highest they have ever been and economists predict that they will continue to rise. It is not a bad time to sell, but the future might be even better.