#1 Separate your scrap gold into their various karat fineness (i.e. 10k, 14k or 18k). You may require a magnifying glass to see the number inscribed on the piece. If not, you might will need to have the gold tested by a reputable dealer. There is also the possibility that some of the gold is in fact just gold-plated, which a dealer would figure out with certainty by using a chemical test If you’re uncertain, read up on How to Tell if Gold Is Real.
* It is possible to also do your own acid test prior to sending off to the refiner. This acid and also the stone may be bought from jewelry suppliers on the web for a small price. For 14k items rub the item on the stone and location a drop of 14k acid onto the mark it leaves. If your item is 14k it will stand up to the acid and not change. If it can be 10k the 14k acid will turn it brown. if it disappears it will not be gold. If it can be an unmarked item then go up to the 18k acid and 22k until it turns brown for that reason it will be the next lowest carat.
* For those who have any gold coins, they may well have a numismatic (coin) value above their metal value, based on age, rarity, and condition. Take it to a coin dealer; you might be able to get more funds that way.
Establish the gram weight of each and every group by making use of a jewelers gram scale. Obtainable on-line for less than $50. Should you can only weigh by the ounce, convert to grams ).
Figure out today’s price of gold. You’ll be able to uncover this on the Internet or in your local newspaper. Fine gold as of this writing is about $1800.00 per troy ounce. (A troy ounce equals 31.1 grams. This never modifications.) The cost of gold fluctuates according to supply and demand.
Divide today’s gold price by 31.1 to get today’s gold price per gram.
Multiply by the fineness of the gold. For each and every group of gold, divide the karat by 24, then multiply that number by today’s gold price per gram. For instance, if you have 10KT gold and the current price of gold is $28.94 per gram ($1800.00 / 31.1), then the cost of your scrap gold is $57.88 x .4167 = $24.11 per gram.
* 10KT = 10/24 = .4167
* 14KT = 14/24 = .5833
* 18KT = 18/24 = .750
Multiply the cost per gram by the weight in grams. When you have 10 grams of 10KT gold and you calculated the cost at $24.12 per gram, then your scrap gold is worth 10 x $24.12 = $241.12.