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Scrap gold is any item made of karat gold that is to be melted and refined so the pure gold can be reclaimed. To be more specific, old gold items like herringbone bracelets and large gold medallions which were once popular staples of fashion gold jewelry would now be considered scrap gold. The old gold watch that doesn’t work or that class ring you bought but never took out of the box would also be considered scrap gold along with orphaned earrings, broken chains an any thing made of gold you no longer want or wear. Due to today’s high gold price, there is often greater value in the gold content of a piece of out-of-style, broken, worn out or old gold jewelry than the piece could command on the resale jewelry market. Do you want to sell your gold watch? You can view cash for gold payments for gold watches just like yours in GoldFellow®’s Gold Payments Gallery. Most jewelry sold today is considered scrap gold. And, your scrap gold is worth more when you sell gold to GoldFellow®.
To determine how much your scrap gold is worth, first sort your gold jewelry by karat. Karat tells exactly how much pure gold is contained in the piece. Unless your jewelry is 24K, your jewelry is made of an alloy containing a percentage of gold. That percentage is indicated by the karat marking. For more information on the different karats of gold and their actual gold content and composition, refer to any of the following pages:
Next, weigh your scrap gold jewelry in karat lots using a jewelry scale set to the pennyweight unit of measurement. If you don’t have a jewelry scale, you can use a kitchen scale set to ounces and multiply the number of ounces you have of each karat by twenty to convert to pennyweights. Once you have weighed your scrap gold jewelry, use GoldFellow®’s gold price estimator to estimate the value of your scrap gold.
References:
http://www.goldipedia.gold.org/jewellery_information/gold_purity/ – World Gold Council – Gold Purity
http://goldfellow.blogspot.com/ – Gold Selling Secrets Revealed
