Saturday, October 13, 2012

Thinking About Cash For Gold? Tips To Guide Your Decision

You need cash and you have some jewelry that you are thinking about selling. Before you rush out to get cash for gold, there are some things that you must think about to get value for your jewelry collection.
One thing you must know about cash for gold transactions is that it is the weight of gold that determines what its value is. Bear in mind however that jewelers use a standard measurement known as the Troy ounce. Scales in the United States will measure 28 grams per ounce while it will measure 31.1 grams per Troy ounce when it comes to a jeweler's method of measurement. You need to understand how the scales work before you walk into a shop to trade gold for money.
You also should know that there are some dealers who use a weight system known as pennyweight (dwt) in order to measure a Troy ounce. Still other dealers choose to measure with grams. This can be confusing if you do not know what is being worked with. A pennyweight is equal to 1555 grams. A dealer may weigh what you bring in by pennyweight but then pay you by grams. Be prepared for the sneakiness that you may have to contend with and don't be fooled!
When deciding to go for cash for gold you also need to understand your karats. Pure gold is very soft and must be added to other metals in order to give it durability, resilience and color. All jewelry that can be purchased in this country can be thought of as an alloy with karat fineness. One karat would therefore equal 1/24 of pure gold in terms of weight. A 14 karat ring or necklace for example would consist of 14 parts made up of gold and 10 parts consisting of other types of metals. Jewelry that is classified as gold must be no less than 10 karats to be called such. Anything less than this is illegal to be labeled in this manner. You must have a working knowledge of karats in order to have a basic understanding of the scrape value of the pieces of jewelry that you possess.
If you are thinking of obtaining cash for gold at a party then you need to make sure that your jewelry pieces that have different karat values are not all weighed together. Some dealers will take all of the items presented to them and will weigh them as one. Once they do this they will then pay their customers for the absolute lowest value in karats. This is not the right way to do business and is very unscrupulous. Be as shrewd as possible in your karat education and do not fall for this ploy. Separate the jewelry you have according to the karat value of it before you take it anywhere to be looked at.

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