Since the dawn of time, Jewellery has been valuable. While some people try to invest in jewellery, others buy it …
Gold is a highly-valuable mineral. It is sold in many shapes, forms, and sizes. A lot of jewellery and luxury materials are made using gold. One of the most controversial practices that gold buyers and dealers have employed for centuries is the dealing of scrap gold.
The term “Scrap” means “recycled” or remains from manufacturing. But, it does not necessarily mean it is not valuable, especially with gold.
Firstly, Pure gold is mined and refined; then, after being used by an owner, it is known as scrap gold during resale. You can sell scrap gold in the form of coins, alloys, nuggets, and bars.
Interestingly, Scrap gold does not always contain 100% pure gold. Gold purity is measured using the term “Karats”. Gold Karat ranges from 9 karats to 24 karats, with 9 karats having the least pure gold content and 24 karats containing 100% pure gold.
The market determines the price of scrap gold. The market can be volatile, with prices rising and falling quickly. Scrap gold is often weighed in troy ounces when bought and sold: 1 troy ounce generally equals 31.1 grams. Most scrap gold buyers will buy your gold at 60% to 80% of the market price.
The value of scrap gold depends on several factors:
Scrap gold has a value based on its weight and purity. The price of gold scrap is calculated per gram. You can get about $20 to $30 per gram of scrap gold, depending on the purity.
Here is a breakdown of the value of gold by karat;
9 karat gold is of the lowest purity due to the high percentage of other metal alloys like copper. The prices of 9ct gold can vary depending on the current market and demand. Generally, you can expect about $28.29 per gram for your 9-karat gold jewellery.
The market price of 10k gold per gram is $28.29 and per ounce is $762. You only get this pricing for your gold with reliable sellers.
Your rings, wrist watches and collectables are probably made using 14-carat gold. It is the most popular gold on the market because it is firm, durable, and easy to work with. A14-carat gold is currently about $44.14 per gram and $800 per ounce.
The purity of 18 karat gold makes it suitable for watches, rings and day-to-day jewellery. Your 18 karat gold will cost $56.58 per gram as of 2022.
Auctions are the easiest way to sell your jewellery because there are no middlemen or commission fees. Another way is through reliable stores. A 21-karat gold easily fetches $66.01 per gram and $1,000 per troy ounce.
22-carat gold is also a trendy gold due to its durability and affordability. It is used in jewellery, ornaments, and other decorative items. The average price of 22-carat gold per ounce is about $1,243.This means that if you have 22-carat gold in your possession, you can expect to receive about $69.11 per gram.
24 karat gold has the highest purity of any gold today. The 24 karats gold bars are made with 99.99% pure gold, which means they contain no other metals or impurities. Each bar weighs 24 ounces and contains one troy ounce of pure 24-ct gold. Per the current market price, 24 karat gold costs 1850 per ounce and $75.44 per gram.
Your gold is not invaluable after long-term use. If you are looking to sell your jewellery at a scrap gold store, this information serves as a guide so you do not undersell. Furthermore, you now have an approach to recognizing your scrap gold and the value it holds.
Karat Gold The Complete Guide for Buyers Investing on Gold This guide will teach you everything you need to know …
This is a complete guide on how you can sell your engagement ring for the most money in Sydney. In …
How to sell unwanted jewellery in Sydney This is a complete guide to selling unwanted jewellery in Sydney. Contact us …
Sell Jewellery: We exchangeGold for Cash Sell Jewellery: We exchange Gold for Cash We exchange all types of gold jewellery …