Check the current price per ounce. The price of gold per ounce is now a fixture that is easily found on the Internet, in the newspaper, and through other sources. Evaluate nonphysical gold holdings. In some cases, it can be helpful to look at the values involved in nonphysical gold assets like stocks, funds or bonds to know whether to sell a piece of scrap gold.

Calculate the value of your gold. 10-karat gold is 42% gold, 14-karat gold is 58% gold, 18-karat gold is 75% gold. If you have 10-karat gold it is going to be worth 42% of the current market price of gold. If you are unsure of the karat of your gold you can purchase an acid test kit to test your gold. [2] X Research source

Some jewelers will even measure the gold in pennyweight per Troy ounce (1 pennyweight = 1. 555 grams). [3] X Research source

You can sell your jewelry on websites such as eBay or Craigslist, to websites that purchase your jewelry when you mail it away, to local jewelry stores or pawn shops, or at gold parties. Check that the business you sell it to has a business license and is a member of a jewelry trade association. [5] X Research source You are more likely to get a better price and a safer transaction if you sell to local jewelry stores instead of mail away companies or at gold parties. Check the Better Business Bureau’s website for complaints against companies to see if they are reliable before you give them your gold. [6] X Research source

Guests often sell their jewelry to the buyers who host the gold parties for you and your friends for much less than it is worth. (Often as much as 50% or less of what the jewelry is actually worth. ) The buyers try to confuse you with weights. They sometimes will use a broken scale, be unclear about the unit of measurement, and tell you your gold is a lower karat than it is. The buyers might tell you the gold is for charity. Be careful about this because it is usually a lie. [9] X Research source

Make sure to send the items insured and that you get reimbursed. Know how long they keep the gold before melting it incase you change your mind and how many days you have to turn down their offer. Keep everything on file. Take photos of your jewelry and save all relevant paperwork just to be safe. [10] X Research source