-JP Morgan

Selling gold may seem daunting at first, but you have many options at your finger tips.

If you want to determine the value of your gold, it's crucial to understand the basics of buying and selling gold. In this blog, I answer the most frequently asked questions about gold to help you navigate the process with confidence. I prioritize transparency and am here to assist with any questions you may have. Please reach out for more information.

differences in gold karat weight

Gold weight is expressed through the numbers of 10K, 14K, 18K, and 24K. Karats (K) signify the purity of gold.

Pure 100% gold is notated as 24K and is the highest karat level for gold.
18K gold is 75% purity level
14K is 58.3% purity level
10K is 41.7% purity level

Anything other than 24K is mixed with metals such as copper, nickel, and silver to create an alloy. These determine the hardness, weight, and color of the gold. Depending on your taste and lifestyle, there’s a color and style that is perfect for you.

Fluctuations in the Price of Gold

Since gold is publicly traded on a daily basis, the price varies like any other commodity. This means that the value of gold varies day by day and is influenced by a combination of factors, including changes in supply and demand, interest rates (and interest rate expectations), and investor behavior vis-a-vis risk.

To stay on top of daily fluctuations, you should work with a trusted jeweler who knows the price of gold for any given day.

Comission Structures

Along with fluctuations with the price of gold, it is important to understand that most jewelers work on a commission structure.

I believe that transparency is vital, and I always share my commission percentage prior to working with a client.

If a jeweler is not willing to tell you their commission structure or say that they do not take a commission, you must be cautious when dealing with them.

Where Gold is Sold

Ideally, gold jewelry is best sold for both the weight of the gold itself plus the craftsmanship behind the design.

Selling an item as a finished piece of jewelry rather than the gold alone always brings in a higher value.

As a fine jewelry expert, I do all I can to sell my clients jewelry. I don’t simply take it to a refiner to be sold for gold value.

Instead, I utilize my extensive network throughout the tri-state area, visiting auction houses, estate buyers, large diamond houses, and private buyers to find the highest value for my clients.

Typically I receive a minimum of three offers per piece to share with my client. I then share the pros and cons of each offer.

Ultimately, it is up to my client to decide on where we sell.

When you work with a jewelry expert such as myself, you not only gain access to this exclusive network of fine jewelry professionals, you also get decades of expertise that will help you make the best decisions regarding where and when to sell your items.

When to Work With a Jeweler

If you’re looking to sell gold in the near future, you may consider working with a fine jewelry expert to simplify and streamline the process.

Some of the primary benefits of working with a jeweler include:

You save time: While you prioritize your ongoing projects, your jeweler will go all around the market, finding the best offers for your pieces.
You save money: Working with a jeweler gives you access to their network of professionals, who offer better deals to others in the business. Plus, your jeweler likely already has several buyers in mind. If you were to sell on your own, you would first need to begin with researching where to go to find offers.
You gain peace of mind: You don’t have to take any risks when you work with a seasoned professional who deeply understands the market, has decades of experience, and knows exactly where and when to sell your jewelry.

In addition, you have a trusted advisor who is on your side every step of the way.

TIP: Since the price of gold is at an all time high (September 2024), it is a great time to sell. Understanding the daily market price of gold before you sell it is essential.

Contact me with any questions.

~ Jane

(212) 923-3328 | jane@jbjewels.com

JB Jewels | Fine Jewelry Redefined