Calculating the value of scrap jewellery

It’s worth understanding how you can calculate your scrap gold value when you’re considering selling gold jewellery to take advantage of high gold prices. This meteoric rise in the price of gold over the past two years – along with financial difficulties and unemployment – ​​confirms the traditional view of gold as a safe haven. Gold is a reliable performer in times of uncertainty or turmoil. Now is probably a best time to exchange your gold jewellery for cash to help you get through the tough times.

Money For Gold Dealers

There is a growing number of cash for gold Melbourne dealers offering to buy your old and broken gold jewellery for a good price. You’ll be spoiled for choice, but then you need to do your diligence.  You don’t have to look deeply of far, on or off line to find one. With few exceptions, a gold dealer is only interested in the value of gold (and all other precious materials such as precious stones or other precious metals). If you own a piece of jewellery that is unique because of its sophisticated craftsmanship or an interesting history—for example, if it was owned by famous people in the past—a jeweller is not your best bet. Selling gold  jewellery can be a quick way to get cash if you take it to the right place.

How to find out the estimated value of your old gold

When a gold buyer offers to buy old gold jewellery for cash, they will only offer you the scrap value of gold. Scrap gold is any gold that is sent to a refinery to be melted and then refined to create new products. Gold buyers want to make a profit, so they will always try to buy gold jewellery for as little money as possible that way they stand to make a reasonable profit. If you understand how gold buyers set their prices and you can do your own calculations you, you will know if the offer is reasonable or not.

How to calculate the value of scrap gold

The value of your gold is based on its karat fineness. It is indicated by a stamped number and the K letter.For example, 12k means 12-karats of gold. To find the percentage purity, divide this number by 24 and you get 50%. You will need a well calibrated and accurate scale. The value of gold is determined by both weight and purity. Other factors such as the exchange rate may also affect the price offered. You can use this simple formula:  Gram of pure gold x purity of gold x current price of gold per gram. This is the formula that all cash for gold Melbourne buyers use. If the prospect of doing all that math gives you a headache then you may turn to online calculators that make things easy.

What Is The Market Value Of Gold Jewellery?

The market value of gold is what the consumer is willing to pay for it. You will rarely get market value for your gold items. This is because the trader needs to buy your gold below market value to generate profit. To get the best deal, check gold prices and shop for the best deal.

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