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How to Calculate Gold Value for Jewelry

goldWhile watching television the other evening I was amazed to see the number of commercials advertising companies that either ‘buy’ gold or ‘sell’ gold.  I’m no economist – but I can read between the lines – and I’m guessing that with the value of the dollar slipping – people are turning to gold for either security as an investment or to make money selling what gold they might have.  Personally if I had any – I don’t think I’d be selling it.  But if I were going to sell gold – I’d make sure I knew the value before selling it.   Lot’s of places advertise buying broken jewelry – some even say they’ll pay you 20% more.  WOW!   20% more than what?!   I’ve put together a few guidelines about gold if you have any thought of selling any jewelry – know what you have before taking it in to the pawn shop or shipping it off.  I personally wouldn’t ship anything anywhere.

Gold in weighted in Troy ounces.  One Troy ounce equals  1.097 ordinary ounce.  There are 31.1034768 grams in a Troy ounce.    As of writing this post gold was selling for $1,013 an ounce (Troy).  For ease  in calculating my example, I’m going to use the value of $1,000 per ounce.   

If you have an ordinary 14K gold bracelet (no gems) weighing 1.5 grams, how would you figure out the actual gold value?   You would first have to know that 14K is 58.3% gold – you could then calculate the value of actual gold it contained.

Here are the steps to calculate gold value only:

  1. Divide the ‘Market Value of Gold’ by 31.1 to get ‘Gram Value’
  2. Multiply the ‘Gram Value’ x the Gram weight of the item to get ‘Value”
  3. Multiply ‘Value’ x the karat percentage of gold content of item (in this case 58.3%)
  4. Answer = Amount of gold value for that item

Equation for this sample is:

goldequation

The percentages for the different karats would of course need to be changed when calculating values for 10K, 18K or 24K gold content. You can find these percentages and other helpful information in the Texas Antique Mall Compendium – GOLD .  There is other good info here that gives the metal alloy content of rose, yellow, white and green gold; additional weight designations; definitions for Vermeil and rolled-gold – as well as links to other gold sites including one where you can keep track of the ever changing gold market. I’ve been watching it for a few weeks and the value seems to change every few minutes – literally!

PS: While searching on the Net this weekend I found this pocket digital scale at a very reasonable price – thought I’d share it with you.


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