How Much Money Can I Get For Gold?
What do you do with old jewellery that you’ve inherited?
Whether it’s outdated, damaged, or just not your style, you can often sell or reuse this jewellery if it’s made of gold and real gemstones.
The prices for gold are always changing, and depending on what you do with the jewellery, how much you can get may differ.
Gold is bought and sold by the gram. Depending on how many grams of gold are in the existing ring, you could be looking at a sum of between $70 (£50) to $420 (£300). There are a few ways to increase this number. If you have old necklace or bracelet chains, you can add those to the ring for more weight. Chains are usually heavier, which can lead to a higher sum.
It’s important to keep your expectations low. Selling old jewellery isn’t usually the most lucrative venture. What has sentimental value to you is just an old ring to a buyer. For the most part, second-hand jewellery’s only value is in the gold that can be melted down and reused. Because it’s usually too old to be resized, it isn’t easy to resell as-is. And if the jewellery was insured, you likely won’t receive a payment near the insurance amount; this figure is a replacement cost based on what the ring was worth when it was brand new.
If the idea that a buyer is simply going to give you an average price to melt down your heirloom jewellery is hard to swallow, there are other ways you can reuse or reinvest the gold. For example, you may wish to gather old jewellery that you no longer wear, sell it for the gold, and then invest that money in a single bespoke ring that represents all the sentimental memories and feelings that you attached to the previous pieces.
Many people want to know if there is a way to turn old jewellery from their parents or grandparents into new designs. This can be done some of the time, but it can also be tricky. Even a simple resizing can be hard if the metal is not right for resizing.
"One easy way to reuse a sentimental item is to turn it into something else."
A ring’s stone can be used to make a pendant, or be reset into a modern ring. A pendant can be turned into a ring. Necklaces can turn into bracelets. Pearls can be combined with coloured pearls for a more modern look. The gold from a ring can be melted down and used to make a brand new ring. All of these processes must be done individually, so they can cost quite a bit more.
"When considering what to do with your heirloom jewellery, there are options that can help you turn an unworn item into cash – or into a whole new work of art."
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