If you are looking to sell your gold or precious metal jewelry, a professional appraisal is necessary in order to get the highest price for it. If you own precious metals such as yellow, white, and rose gold as well as platinum, silver, and palladium, a thorough evaluation will be the key to find out their true market value.
This guide will walk you through the appraisal process of precious metals as well as what factors will affect the value of your item.
Appraisal of Gold and Other Precious Metals
Appraisals of precious metals such as gold are very different from an appraisal of gemstones or watches. The value attached to gold, silver, or platinum relies on just two factors; weight and purity. The weight is directly related to the value in that the higher the weight, the higher the value. The purity is also of great importance and measured by the same standard, worldwide. Since Gold is a soft metal, it is often combined with other metals when it is used to make rings, necklaces and other types of jewelry. The purity of the gold is the ratio of gold in the item compared to the amount of other metals. The purity of gold is indicated by its karat amount usually shown as 12kt, 18kt, or 20 kt. Pure gold is measured at 24 karats. The gold appraisal process will be expedited if your item has a manufacturer stamp such as PAMP Suisse or Perth MINT.
Compared to Gold jewelry. Gold bars are measured by millesimal fineness. The rating scale is entirely different from the widely known Karat rating scale. This rating ranges between 0 and 1 with a higher number indicating a greater level of purity. Similarly to gold, platinum and palladium are appraised, the purity and weight will determine the appraisal price. Items that are more pure and have a greater weight will have a higher appraisal price. For silver items it is important that the item has a .925 or Sterling marking as this indicates the purity of the item (i.e. 92.5% pure silver and 7.5% other metals, usually copper). The weight of your silver item will also affect the appraisal price.
Additional Factors in a Gold Appraisal
Now that we understand how precious metals are measured, it is important to know that the value is not decided by the appraiser. The value is completely dependent on the market. Precious metals are highly liquid and the value can fluctuate daily, if not multiple times in one day! It is a highly valued commodity that can be traded similar to stocks and currencies. Many view gold and other precious metals as an investment, to be cashed in on at the right time.
At Worthy, our expert evaluations, descriptions, and photography set the standard for reselling diamonds and diamond jewelry. On our innovative live online auction platform, our network of thousands of professional buyers around the world compete to buy your diamonds and jewelry at the highest price. Because we receive a small percentage of the sales price, we are on your side: we profit only when you do too, unlike jewelry buyers who try to acquire your item for the lowest possible price so they can profit more. Although Worthy is not currently selling gold, you can subscribe to our newsletter to be the first to know when we begin selling precious metals online.