How To Know How Much Your Gold Is Worth – Gold jewelry is not only a fashionable decoration and an investment for many. So, you should be sure about the quality and purity of the gold you are buying.
The purity of gold is measured in Karat and is usually categorized as 24, 22, 10, 14, 10 karat. A piece of 24 Karat gold is made up of 100 percent gold and no impurities. But ornaments and jewelry cannot be made of 100 percent pure gold or 24 Karat gold because it is very soft and delicate. Most jewelry is made from 22 carat to 10 carat gold. The purity of gold can also be measured in percent and parts per thousand.
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To convert carats to percentages, you need to divide the number of carats by 24 and multiply the result by 100. So, for example, to find out the percentage of gold in a 22 carat ring, divide 22 by 24, the result is 0.9166, multiply by 100, so that it equals 91.66 percent – that’s the purity of your gold.
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Also, an easy way to find out the purity of your gold jewelry is to look for rust marks on the piece of jewelry. It is mandatory for jewelers to mark the Hall Mark and carat gold on each piece of gold.
So, if your gold chain is marked “18K”, it means that the piece contains 18 parts of gold and 6 parts of other metals. You can also convert this carat value into a percentage with the formula mentioned above. It should come to 75 percent gold content.
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PATHAN Movie Reviewanant Ambanijanhvi Kapoorzodiac Signzodiac Nominations Nominations 2023 updateRealations tipsRepublics TipsReplublic Day Essaylaptops in the year 32000Money can be more than you? We Find Valued We often give jewelry, gold and other valuables as gifts that end up sitting in the closet for years. Here’s what we find in vintage jewelry when we walk into a pawn shop for the first time. by Ching Sue Mae 24 October 2019
This article was written in collaboration with ValueMax. The views expressed in the article are the independent opinion of .
As an Asian society, Singaporeans have a tradition of giving gold at events such as weddings and baby’s first month celebrations. However, many do not wear this gold jewelry regularly and often leave their precious gold jewelry in the closet for years, forgotten and abandoned.
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Many of us may not even realize that we have valuables lying around in our closets that may be of great value.
Like many Singaporeans, I remember having some gold jewelery passed down from my parents and also receiving some jewelery from my cousins as gifts when I was younger. Determined to find out how much they are worth, I rummaged through the closet to see if I could find some old jewelry that could be worth a few hundred or maybe even a few thousand dollars.
After digging through some old jewelry at home, I decided to go down to the pawn shop to find out how much this piece of jewelry, which I bought decades ago, was worth. While I have no intention of selling it (yet), I thought it would be interesting to still know the value of this old jewelry.
I found a bunch of gold jewelry that I had on hand, but narrowed it down to 3 items to evaluate.
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Before the evaluation, my colleagues (Timothy & Dinesh) and I decided to determine the value of each of the three items that I would evaluate.
I chose to estimate this piece looks like it has a diamond, which naturally, makes it better and more valuable (I!). My friends agree with me.
Gold bracelets are a common item that can come in various designs and sizes. I brought 3 gold bracelets together, 2 of the same design and 1 which is a bit thick and heavy. The only description I can think of is that everything looks “normal”.
It’s this item that I feel has the least value – at least in terms of aesthetic value, although the weight is significant due to its thickness.
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There’s a good chance this necklace will continue to sit in my closet for the next few years.
I went to one of the ValueMax pawnshops, specifically the main branch on Waterloo Street, to find out how much this old piece of jewelry was worth. ValueMax is a pawn shop that has been in Singapore for over three decades, with stores located all over the island.
Before entering the store, I expected to see a store with a steel bar on the table. However, instead I was greeted by what looked like what most jewelry stores want – an open, bright and inviting interior with jewelry (usually gold) on display.
With a quick look at the jewelry, the appraiser pointed out that my gold jewelry is all 22K gold (91.6% pure gold, 8.4% composite), a relatively high percentage compared to the popular 18K gold (75% pure gold, 25% composite) . Based on this 22K gold, the value of the item is then determined by the weight of the item.
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Raters indicated that they often took less than 5 minutes to rate each item, although more complex items may take longer to rate accurately. Gold is also easier when it comes to valuation, as it has a known market value and rate. Therefore, for gold jewelry, the price depends on the weight of the item.
As I found out through my diamond bracelet appraisal, it would be difficult for a pawn shop to give a price for a gemstone or diamond without a certificate from a verified source such as GIA, especially with the popularity of lab-made diamonds these days. . However, appraisers use different tools to determine whether a diamond is actually a diamond, before using other tools to measure the size of the diamond.
Based on the rate on the day of the appraisal, which was $59.50 per gm, this is the value of my jewelry.
At first, we thought that the gold bracelet with diamonds would be the most expensive, but we quickly realized that it would not be the case. We were surprised to learn that gold bracelets and necklaces cost more, because they are heavier when weighed on the scale.
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We also learned that pawnshops can consider diamonds in jewelry and give a small percentage to the value, it is difficult to give a value without a certificate such as from GIA.
All in all, it was a pleasant surprise to find out that old gold jewelry is worth more than just a few hundred dollars. The whole process is done quickly and the appraiser is professional, friendly and willing to share with us how people appraise items.
In total, my three items were appraised at $3,776, higher than I expected.
Before my visit to the ValueMax pawn shop, I had no idea what happened at a pawn shop or what to expect.
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ValueMax is a pioneer in the pawnbroking industry and has been around for over three decades, with stores all over Singapore. The appraisers at ValueMax have a wealth of experience, which can be easily observed from the speed and accuracy when it comes to appraising my jewelry.
Like banks, pawn companies like ValueMax earn from the interest they charge based on the loan they give you. This is at a rate of 1.5% per month (first month 1%). Unlike banks that may offer loans based on your monthly salary, pawnshops offer loans based on their appraised value.
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