Selling Your Gold 101

At Dallas Gold & Silver Exchange, we want you to feel comfortable selling your gold and for you to be sure you’re getting the best offer in Dallas. That’s why our experts have put together a list of tips for selling your gold so you can feel like an expert, too!

Here’s 4 things you should know before selling your gold:

What “karat” actually means. 

When we use “karat” to refer to gold, we are referring to its purity. Pure gold, or 24-karat, is too soft to use in most jewelry. So, gold is alloyed with other metals to increase its strength so that it can be used in fine jewelry. Most importantly, the karat purity of your gold will effect the price. To check the purity of your gold yourself, look for the gold hallmark stamped into your jewelry. While you can always check our tracker to see what the price of gold is, this is referring to 24-karat (pure) gold. To get the price of 14-karat or 18-karat gold commonly used in jewelry, you need to both weigh your item and do a little arithmetic. For example, if your item is 14-karat gold, and the current price of gold is $1,600 per ounce, or $51.45 per gram ($1,600/31.1), then the price of your scrap gold is $51.45 x .585 = $30.10 per gram.

Gold Hallmark Karat Indicators:

Karat Karat Mark European Mark Percent Pure Gold
10-karat 10K 417 41.7%
14-karat 14K 585 58.5%
18-karat 18K 750 75.0%
22-karat 22K 917 91.7%

Of course, we can help you with all of this when you bring your items in for a quote. This is just for your reference!

Beware of illegitimate buyers.

There are many sellers out there who claim to be experts and won’t give you a fair value for your items just to make a quick buck. To avoid these, only sell to legitimate jewelry stores, not pawn shops or random pop-up buyers. When you believe you’ve found a reputable buyer, make sure to check with the Better Business Bureau and ensure they have a good grade.

Is it scrap? Or perhaps much more? 

Research whether or not your gold items are more valuable as they are than if they were melted down as scrap. You never know how much an item is really worth until you do a little digging! Of course, our experts at Dallas Gold & Silver Exchange can help you with this and give you the most accurate quote in Dallas. We really know our gold! However, if you’re aware that your gold item has some history, let us know so we can get you the best price.

Shop around! 

Don’t believe we’ll get you the best price for your gold? That’s okay — we’ll let our offers speak for themselves! Check with different (legitimate) gold buyers around Dallas to ensure you’re getting the best offer. If you find a better offer than ours, we’ll match it. Simple as that!

 

5 thoughts on “Selling Your Gold 101

  1. Sandra Patterson says:

    Thank you for the warning to be aware of illegitimate buyers when selling gold. I have some pieces of jewelry that I inherited but I never wear. I will be sure to remember this article when I am looking for a place to sell the gold that I have.

  2. Faylinn says:

    I appreciated that you said that you should look for the gold hallmark in your jewelry to see how pure it is. I have been thinking about getting some extra cash for the holidays, and I have a lot of jewelry that I do not wear anymore that I could sell. Thank you so much for this article, it will be helpful when the time comes to start posting my gold online.

  3. Roy Teal says:

    I have about 200 silver coins 100 silver rounds and about 30 1gram gold bars.And a few gold small gold coins.If i bring them by one of your stores.And you take a look at them would you be interested in buying them?

  4. Jenna Hunter says:

    My cousin has some gold jewelry from her grandmother so that she can get some extra money to put into home expenses and taking care of the kids. She would really like to sell them to a professional. It was interesting to learn about how she should check the karat of them so that she can find the true price of it.

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