best way to sell gold ring

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best way to sell gold ring

Postby kitteh » Thu Apr 04, 2013 8:06 am

I have a gold ring that's been sitting unworn in my jewelry box for a couple of decades. It's rather wide with nice detail on it and handcrafted. It no longer fits.

So, I'm thinking I'd sell it. I took it to two different jewelers. One seemed to test it somehow and said it was 24K and offered me about $115 for it. The other said it must be 10K because the detail wasn't worn and offered me $60.

If it's worth that little, and since it looks nice, I thought instead of selling it I'd donate it to some charity sale. But I though I'd ask here first if what I did was the best way to sell it?

Alternatively, can these things be widened? I'm not sure how that is done even in general, but particularly here, since the detail goes all around the ring.
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Re: best way to sell gold ring

Postby linguini » Thu Apr 04, 2013 8:35 am

I know nothing about selling, but rings can usually be resized.
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Re: best way to sell gold ring

Postby Barefootgirl » Thu Apr 04, 2013 9:29 am

I was in the same situation a couple years ago with a bunch of gold jewelry.

For an heirloom ring, I took it to a local jeweler to have it 'strengthened" and resized (can recommend my jeweler in Falls Church, VA, not sure where you are located).

For the rest of it, I sold it to a local jewelry artist who melts down old jewelry and re-uses it it new creations.

You might want to call a local organization for jewelry artists or artists for referrals.

I would stay away from the scammers who advertise - too many people around here getting mugged while meeting them in parking lots,eek

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Re: best way to sell gold ring

Postby SteveNet » Thu Apr 04, 2013 10:17 am

To sell it or not is a decision you have to make.

But as to the quality of the gold, there should be a stamp inside the ring telling you the 'K' value. (As it was hand crafted, it may not have the stamp).
The first jeweler testing it and saying it was 24K I would believe (although it is very rare for a ring to be 24K due to it's softness.)
The second jeweler saying it was 10K because of the way the detail did not wear off I would avoid, obviously not someone to be trusted imo.

You stated that it is rather wide, do you mean that it is a wide band or it fits a large finger?
Then you ask if it can be widened?
So I'm confused on that issue.
If you need it to fit a larger finger and it is 24K it should be very easy for a jeweler to stretch it to size (within reason) as 24K is very soft.

It must be a very small (petite) ring to be 24K and only worth 115.
I sold my H.S. ring 2 yrs ago which was 14K (12K would be half pure gold btw) and I received about 180 for it.

EDIT...I reread the OP and if the detail does go all around the ring then stretching it wider would not be an option as it would ruin the design.
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Re: best way to sell gold ring

Postby kitteh » Thu Apr 04, 2013 11:57 am

SteveNet wrote:You stated that it is rather wide, do you mean that it is a wide band or it fits a large finger?
Then you ask if it can be widened?


Yah, that was confusing. When I say it's wide, I mean it extends some length on the finger towards the fingernail. It does fit a fairly large finger, I am not a petite person. But it's still too small now to fit.

There is no carat marking in the ring. My giant intellect deduced that the $60 guy was not to be trusted :-)

I was also surprised that the value was that low. I know people always think their stuff is worth more than it is, but still..
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Re: best way to sell gold ring

Postby SteveNet » Thu Apr 04, 2013 1:41 pm

kitteh wrote:
SteveNet wrote:You stated that it is rather wide, do you mean that it is a wide band or it fits a large finger?
Then you ask if it can be widened?


Yah, that was confusing. When I say it's wide, I mean it extends some length on the finger towards the fingernail. It does fit a fairly large finger, I am not a petite person. But it's still too small now to fit.

There is no carat marking in the ring. My giant intellect deduced that the $60 guy was not to be trusted :-)

I was also surprised that the value was that low. I know people always think their stuff is worth more than it is, but still..


If it is actually 24K, (and all gold with no stones) the first jeweler tested it, I assume he did an acid test.
If you have a small digital scale (for cooking) you can get an aprox weight and a better guess at it's value that way.
Perhaps someone you know has a scale.
Just so you know for yourself what to expect.
Stay away from Pawn shop type places. Try to deal with reputable Jewelers, not the type in the mall.
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Re: best way to sell gold ring

Postby SteelyEyed » Thu Apr 04, 2013 2:28 pm

You could make a scary commercial on a cable news channel about how fiscal and monetary policies are destroying the dollar and how gold is the bestest guaranteed hedge/store or value ever. Then sell it to somebody for 120% of its value. Profit!
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Re: best way to sell gold ring

Postby Abe » Thu Apr 04, 2013 2:29 pm

I sell my scrap gold to Midwest Refineries http://www.midwestrefineries.com/ When I say scrap, that means the value of the actual gold content if it is melted down. It could be worth more as a piece of jewelry. The scrap or melt value would be the lowest amount you should get. Roughly, this is how Midwest calculates what they pay you. Take the troy ounces the ring weighs (less the weight of stone) then multiply that by 55% if 14K or multiply by 39% if it is 10k, then multiply the product by 95%, then multiply this product by the price per troy ounce of gold the day they receive it. This is the amount they will pay you for just the melt value. Example: If ring weighs .75 troy oz (after deducting for any stones) and it is 14k, and the troy oz. price of gold is $1,553.00. Multiply .75 times 55% times 95% times $1,553.00 equals $608.58, the amount they pay you. You can get the spot price of gold online at any point in time. If you don't have scales, you can take it to a jewelry store or pawn shop and have them weigh it. It is probably not 24k. Most rings are alloyed with another metal and are usually 10k 14k, or some 18k. 24k is pure gold and too soft for jewelry. If it is worth more as a piece of jewelry, you probably would not want to sell it as scrap.
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Re: best way to sell gold ring

Postby kitteh » Thu Apr 04, 2013 4:51 pm

Now I'm remembering why this has been in my jewelry box this long :-)

The 24K remark was interesting, because I have the dim idea that my class ring is 24K. I find that I can't read the tiny info inside even with a magnifying glass, so I got obsessed enough to email the manufacturer out of curiosity.
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Re: best way to sell gold ring

Postby Watty » Thu Apr 04, 2013 10:09 pm

kitteh wrote:Now I'm remembering why this has been in my jewelry box this long :-)

The 24K remark was interesting, because I have the dim idea that my class ring is 24K. I find that I can't read the tiny info inside even with a magnifying glass, so I got obsessed enough to email the manufacturer out of curiosity.


If you can see that there are markings but you cannot read them then a trick is that you can take a picture of it with a digital cameral then greatly enlarge it on the computer screen. It is best to take several with the light at different angles.
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Re: best way to sell gold ring

Postby Boglemama » Fri Apr 05, 2013 6:19 pm

I second the recommendation for midwest refineries. I have sent them metal twice and they paid me more than I thought they would. I had previously weighted the gold & silver and knew approximately what I would get. I have recommended them to many friends.
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