Selling Gold Rings-Question

[Todd S]

Heh All,

With the price of gold hitting all time highs, I was thinking maybe I should sell the 5 gold rings I have found, and an 18k diamond pendant. The 4 rings are average size wome's bands-14 k. I was wondering what they might be worth, and whether it is better to sell locally at a jeweler, or one of the "on-line sites? Thoughts?

Thanks

[Cfmct]

I sell mine local... I tried selling on Craigslist more then melt but only scammers responded to my ads... many use ARA or Midwest but I choose to sell local because I am paid cash on the spot... I may not get what I can get online but its my choice...

[ct01r]

I agree about going local. A lot of private jewelry stores around here buy used jewelry. As an added bonus, they'll pay you for the stones that are in the ring, too. Most of the places that you send the gold to won't give you extra for the gems; you either lose out or have to remove them and sell them yourself. Good luck! Curt

[RickO]

First and foremost, educate yourself on gold... i.e. karats, weight (troy oz, not avoirdupois), and daily gold price (Kitco is a good site for this). Determine how much gold you have (in troy oz) and shop around locally for the best price - be advised, there are rip off dealers out there - I know this for a fact. I live in a small town, and my wife's cousin (and close friend) was ripped off for LESS THAN ONE THIRD THE TRUE VALUE OF WHAT SHE SOLD!! She did not let me know she wanted to sell, so I had no opportunity to advise her. Plus, she received NO recompense for the stones. Be careful. RickO

[Moonshine]

Originally Posted by Todd S

Heh All,

With the price of gold hitting all time highs, I was thinking maybe I should sell the 5 gold rings I have found, and an 18k diamond pendant. The 4 rings are average size wome's bands-14 k. I was wondering what they might be worth, and whether it is better to sell locally at a jeweler, or one of the "on-line sites? Thoughts?

Thanks

I recently sent some rings, etc. to ARA and was very satisfied with the transaction. They also will "hold" your gold and you can choose when you want to settle based on gold prices.

[randy]

I was only offered half what it was worth at two local places. It was worth it to me to send to Midwest Refineries; I got a much better deal. This time I sent it to ARA, and I'll see which one I like better.

I would weigh your gold in grams. Then you don't have to worry about which type of ounce, I could never keep that straight -- if you can, then it doesn't matter. Then I use this web site to get an instant price per gram. Its just simpler for me that way.

http://goldprice.org/gold-price-per-gram.html

Note that that is for pure gold. For karat gold, you multiply by the karat, then divide by 24. So, if a 14K ring weighs 5 grams, it is worth 5*39.72*(14/24), or about $115.85.

HTH

[Rudy]

Originally Posted by randy

...
I would weigh your gold in grams. Then you don't have to worry about which type of ounce, I could never keep that straight -- if you can, then it doesn't matter....

Not a bad suggestion. For the record:

The common ounce we use in everyday life is the "avoirdupois" ounce. 16 avoirdupois ounces makes an avoirdupois pound. Gold and other precious metals are measure in Troy ounces. Here are the conversion factors.

Troy Oz
1 = 31.1035 grams
1 = 480 grains
1 = 20 pennyweights (dwt)


12 = 1 Troy pound = 373.242 grams

[buckeye]

some jewlers say a gram of gold is one penny weight???

[steve in so az]

For many years I have dealt with Midwest Refinery and always have been satisfied, Steve in so az

[Rudy]

Originally Posted by buckeye

some jewlers say a gram of gold is one penny weight???

The jeweler is obviously wrong ... and most likely to his advantage.

[mepot]

I agree with Ricko,know what you have before you sell it to ANYONE.

A little online research and you will become an educated seller,and you will know that you are not getting ripped!!!

Good luck.!

[Jae.999]

I'd sell it locally if you need the dough. I'd rather be present when they weigh/test it.

[Todd S]

Thanks all for the tips!

[Nad]

I think TabDog suggests MidWest as the company to sell to..If I were going to sell gold now, I would dump everything into silver,..Laugh all you want, but I expect a move to start by the months end...There is a major battle underway,when the delivery expiration date expires on the 24th, I expect all heck is going to break loose..Big banks, the shorts, who sell paper silver as metal, are tring to keep the price of gold under 1200/oz and silver under 19/ oz.. Main reason ,being there is not enough silver to cover the physical demand at the Comex ..They are manipulating the market to screw investors...and the regulators know and do nothing.

[frhamlet]

Originally Posted by buckeye

some jewlers say a gram of gold is one penny weight???

A pennyweight is 1/20 of a troy ounce