How to Sell 18k Gold /18k Scrap Gold

What is 18k Gold

Gold used in jewelry is usually part pure gold and part other metals such as silver, nickel or copper. The percentage of pure gold in any jewelry item is indicated by its karat value. Pure gold is 24karat so to find out the percentage of pure gold in any item divide the karat value of your item by 24 and then multiply it by its weight.

18 karat gold is therefore 18/24 =75% pure gold.

Selling 18k Gold

With gold prices currently soaring many people are tempted to cash in their unwanted gold jewelry. Here is how.

Step 1 Confirm that your item is in fact 18k. All jewelry items will have a hallmark on it indicating its karat value. On rings for example this hallmark is usually on the inside of the ring. Check this out with a magnifying glass. If there is no hallmark then your jewelry may only be gold plated.

Step 2 - Know the current market value of your item. When selling your item you have two options - either you can sell it as a second hand piece of jewelry - this way you will get the highest price. The second option is to get a price based on the gold in the item. The latter option is the easiest and quickest. If you want to try to sell your item as jewelry find out how much your item weighs and then see  what your item would currently sell for new at a store, you can also look on Ebay to see if any similar items are being sold there and see what they are fetching. This will be a good guide for what you can ask for it.

If you want to just sell your item for its gold value then you need to know the weight  and then know the current gold price.

To work out the value in ounces -

(Current gold price x weight) x 0.,75

To work out the value in grams

(Current gold price/31.1013467) x weight x 0.75

Ways to Sell Your 18k

Local free classifieds or Craigslist - This has to be the best way to sell your item as there are no fees for you to pay and you are selling direct to the buyer with no middleman. Experience shows that trying to sell it as second hand jewelry can be problematic as people can be wary of craigslist. It might take a couple of weeks of posting it every day to get any interest but if you do have the patience then it can really pay off. It may sell quicker if you sell it as scrap gold. You would be surprised how many gold bugs use Craigslist as a means of acquiring gold and scrap gold. The best you can expect is to get the spot gold value of your items but be prepared to drop down to 95% or 90% of the spot value. Even still this will be a better price than any other method. Beware of the usual scams on Craigslist and make sure you have cash in your hand before parting with your 18k gold item.

Ebay

Also an excellent way to sell your 18k gold items. Ebay is a huge market and attracts a lot of people looking to pick up good deals on scrap gold. Make sure you list your item with a good picture, its weight and karat value. you may even want to take a picture of your item on the scales. You can often get bids above the spot value - the only problem is the fees are around 12% depending on how much you are selling so you will end up around 90% of the spot value.

Coin Shops , Mail In Gold, Companies, Gold Parties

These options offer convenience and perhaps a speedier way to cash in your 18k gold but you will get a much lower price. All these options are only interested in the scrap gold value of your item. Ads claiming to offer top prices for gold are generally hollow when you consider how many overheads they have. The B list celebrity that endorses the cash for gold parties has to be paid for and that eats heavily into what they can offer you.