Ever wondered what the price of gold jewelry you own would cost if you sold them on the market? How much that 18K earrings your long-forgotten ex gave you would sell, or what the price of 14K gold per ounce heirlooms you own would total? Jewelers have kept mum about the formula for ages, but here are simple tips you can follow to give you a general idea regarding how the price of 14K gold per ounce and other karat values would tally up.
To determine the price of gold, first, group your scrap gold into their different karat fineness (such as 10k, 14k 18k and so forth). Use a magnifying glass to verify the inscribed karat value on the piece. If unsure, have the gold piece checked by a well-established dealer. Also bear in mind that some pieces may just actually be gold-plated, and a chemical test may be necessary for this to be determined.
For gold coins, it may be better to take it to a coin dealer for you to get the best value. This is because gold coins possess specific numismatic (coin) values aside from their metal value, depending on the coin’s age, rarity, and present condition.
Using a gram scale, establish the gram weight of each karat group. If using ounce as your measurement, convert this value first into grams by multiplying it by 28.35 (e.g. 3 oz. x 28.35 = 85.05 grams). This will be Value #1.
Surf the internet or check your newspaper scoop for the updated and current price of gold, which is usually in troy ounce. The price of gold varies following the law of supply and demand but a troy ounce is always equivalent to 31.1 grams.
Divide the current gold price by 31.1 to get the gold price per gram. This will be your Value #2. For example, if the current price of gold is at $900, then Value #2 will be $28.94.
Divide your jewelry’s gold fineness by 24. This quotient becomes Value #3. For example, 14K divided by 24 would yield a quotient of .5833 as Value #3.
Multiply Value #2 and #3. Using the above example, $28.94 x .5833 would be $16.88. So the price of 14k gold per ounce when converted to grams would $16.88.
Multiply this with your Value #1 or the piece’s gram weight. If you have 3 ounces or 85.05 grams of 14K gold, then your scrap gold’s value would be 85.05 x $16.88 = $1435.64. And that’s a considerable amount of money!
