It's at all times a good suggestion to calculate the worth of your gold jewellery by yourself earlier than you ship it in to one of many gold-buying firms. This may enable you determine whether or not the sum of money that they give you is truthful or not.
There’s a comparatively easy equation to calculate the worth of your gold jewellery. There are solely three components within the equation. The complete equation is:
(karats 24 24) x (worth of gold per gram) x (weight of your merchandise in grams)
The very first thing it’s a must to do is decide the kind of gold that you’ve got, measured in karats. Many items shall be engraved or marked with the karat score. You may want to make use of a magnifying glass to see it, as it’s normally fairly small. Take the karat score and divide by 24. This will provide you with the primary issue of the equation. The most typical karat scores are 1k, 8k, 9k, 10ok, 14ok, 15ok, 18ok, 20ok, 22ok, and 24ok. Every karat is the same as 1 / 24th pure gold, with 24 karat gold being 99.9% pure.
Subsequent, it’s essential discover the present worth of gold, which is at all times fluctuating up and down. You need to be capable of discover this fairly simply on the web. It’s going to usually be quoted as a worth "per troy ounce", so you have to to divide that worth by 31.1 to get the worth per gram. That is your second issue.
Now it’s essential weigh your jewellery. Use an correct scale, most popular a digital one. You will want to get the load in grams. In case your scale solely does ounces, you may multiply the variety of ounces by 28.35 to reach on the weight in grams. That is the third and last issue that you simply want.
Let's run by means of an instance:
You might have 10 grams of 14ok gold and the present worth of gold is $ 850 per troy ounce.
The equation would appear to be this:
(14 24 24) x ($ 850 31 31.1) x (10) or, extra merely. 5833 x 27.33 x 10
The result’s $ 159.42.
One thing that may additional complicate issues is that some individuals worth gold utilizing pennyweight (which is abbreviated DWT) as an alternative of utilizing grams. Changing grams to pennyweight is solely a matter of dividing the load in grams by 1.555.
One other factor to concentrate on is that in case your jewellery has any gems, they need to be valued individually. In addition they have to be eliminated earlier than you may get a correct weight studying. The formulation mentioned right here solely values the precise gold. It doesn’t account for any treasured stones or different metals which may be blended with the gold comparable to silver or platinum.