How much does your gold jewelry weigh?
So you’ve identified your gold jewelry using the info in ‘Jewelry Type’ tab, the next move is process requiring a small digital gram scale. This MUST be completed before your selling adventure begins so don’t try to sell your gold jewelry without first knowing how much it weighs. You don’t a scale? Buy one! Digital scales cost as little as $15 at Radio Shack or go to any post office and use one of their scales. As a seller you need to arm yourself with as much information as you can before venturing out into the vast gold selling unknown. You’ve heard the term, it’s a jungle out there… well guess what… it’s a jungle out there! Knowing the weight(s) of your jewelry is an important step to maximize the profit of your gold jewelry sale. For multiple pieces of gold jewelry measure each individually and mark the items with a felt tip pen to identify one from the other. Keep a list and be organized.
Measurement types: Grams vs. Pennyweight (dwt)
Almost all non-trade sellers use grams when measuring gold jewelry weight but the jewelry trade uses a measurement called pennyweight (dwt). Don’t get confused because there is a big difference between the two:
GRAM 31.10 grams = 1 troy ounce (t.oz)
Pennyweight 20 dwt = 1 troy ounce (t.oz)
Most gold jewelry buyers quote in dwt. There are a few reasons to use dwt but most of all because dwt allows the buyer to quote, what appears to the unknowing seller, as a stronger price over those who quote in grams. That’s right… if the buyer is quoting dwt it sounds as if their quote is 55% stronger then a buyer quoting in grams. Because it takes 20 dwt to make 1 troy ounce while it takes 31.10 grams to make the same troy ounce. Just make sure you know what measurement the seller is quoting: Grams or pennyweight. Keep reading Mike’s Guide to Selling Gold Jewelry as we move on.
Now you know the type of gold jewelry you have to sell, the weight of the gold jewelry so the next step is to determine the purity. Purity along with weight determines gold content and eventually the value of your gold jewelry. Click on the ‘Gold Purity’ tab to continue.