Step 1: separate what should not be melted
Go through the box once and pull out anything with a maker's name inside the band, anything that looks antique, anything set with stones larger than a chip, and anything that came in its own box. Those are candidates to be sold as jewellery rather than as metal, and they can be worth many times their gold content.
Everything else, and it will be most of it, is scrap: single earrings, snapped chains, bent rings, class rings, worn wedding bands. That pile is priced purely by weight and purity, and it is the pile the rest of this page is about.
Step 2: sort the scrap by karat
Find the stamp on each piece. It is inside a ring shank, on the tongue of a clasp, or on the back of a pendant bail, and it is usually three digits: 417 for 10k, 585 for 14k, 750 for 18k, 916 for 22k, 999 for pure. Put each karat in its own pile. The hallmarks page has the full list, including the silver and platinum marks.
This matters more than people expect. A buyer handed a mixed pile has to either test everything or price the whole lot at the lowest karat present, and the second is quicker for them. Sorting it yourself removes that excuse entirely, and it takes ten minutes.
Step 3: weigh each pile
A digital scale that reads to 0.1 g costs very little and is accurate enough for anything over a gram or two. Weigh each karat pile separately and write the numbers down. How to weigh gold at home covers getting a figure you can rely on, including what to do about stones and what to do if you have no scale.
Do not deduct anything for clasps, jump rings or solder. They are the same metal and the buyer will weigh them too. Do estimate stone weight separately, because a buyer will deduct for it and you want to know whether their deduction is reasonable.
Step 4: work out the melt value
Put each pile into the calculator at the top of this page, one karat at a time, and add the results. Twenty grams of 14k is currently $1,645 at melt, and the tool will show you what each kind of buyer typically pays on that figure.
This number is the ceiling, not the offer. Nobody pays melt, because your jewellery has to be tested, melted, assayed and refined before it becomes the metal the benchmark prices. What buyers actually pay sets out where each band comes from. The point of knowing the melt value is that it lets you convert any offer into a percentage and judge it instantly.
Step 5: get two quotes, from different kinds of buyer
Not five. Two is enough to tell you whether the first was reasonable, and the useful pair is two different kinds of buyer rather than two of the same: a local jeweller and a mail-in refiner quote, say, rather than two pawn shops. Where to sell gold compares every channel on what it pays and what it is good for.
Ask each one the same question: what percentage of melt is this offer? A buyer who works on a published percentage will answer immediately. A buyer who will not answer it, or who talks about the price per pennyweight without saying what percentage that represents, is telling you something useful about how they operate.
Step 6: watch the weighing
Insist that your items are weighed and tested in front of you, and that the scale display faces you. This is completely normal and any legitimate buyer does it as a matter of course. If items are taken into a back room to be tested, ask for them back and go elsewhere.
Check the unit on the scale as well. Some US buyers quote per pennyweight, which is 1.555 grams, and a price per dwt looks much larger than the same price per gram. That is not dishonest in itself, but comparing a per-gram quote to a per-dwt quote without converting is how people talk themselves into the worse offer. The tactics to watch for covers the rest.
Step 7: take the receipt
Get a receipt that lists each item, its weight, its tested karat and the price paid for it, not a single total scribbled on a docket. In most US states the dealer is required to record the transaction and hold the goods for a period anyway, so producing an itemised receipt costs them nothing.
If you posted your items to a refiner, keep the tracking receipt, the insurance declaration and the photographs you took before sending. The overwhelming majority of mail-in sales complete without incident, and the small number that do not are resolved by exactly that paperwork.
Questions about selling gold jewellery
How do I sell gold jewellery for the best price?
Sort it by karat, weigh it on a 0.1 g scale, work out the melt value, set aside anything signed or stone set, then get two quotes from different kinds of buyer. Those five steps are worth more than any negotiating, because they turn an opaque offer into a percentage you can compare.
Should I clean gold jewellery before selling it?
For scrap it makes no difference, because it is going to be melted. For anything being sold as a piece, do not clean it: collectors and dealers can see the marks a polishing cloth leaves, and an over-cleaned antique is worth less than a dirty one. Warm water and a soft brush is the most you should ever do.
Do I have to sell all my gold to one buyer?
No, and you usually should not. Scrap goes to whoever pays the best percentage of melt, bullion goes to a bullion dealer at near spot, and anything collectable goes to a specialist. Splitting a mixed lot across the right buyers is the single biggest difference you can make to the total.
What paperwork do I need to sell gold?
A government photo ID in nearly all US states, because dealers are required to record the seller and report the transaction. Bring proof of ownership if you have it for anything valuable. Get a receipt that lists each item, its weight and the price paid, not just a total.
Can I sell gold jewellery that is not stamped?
Yes. Unstamped does not mean fake, and it is common on older, foreign and handmade pieces. The buyer will acid test or XRF test it to establish the karat, which is normal and should be done in front of you. Expect a slightly lower offer, because an unmarked piece carries more uncertainty for them.
How much will I actually get for my gold?
Between 50% and 85% of the melt value depending on who you sell to, with most people landing around 65% to 75% at a local jeweller. Use the calculator on this page to get the melt figure, then apply the percentage for the kind of buyer you are using.
Is it worth selling small amounts of gold?
It can be, but the percentage is worse. Fixed costs of testing and refining take a much bigger bite out of a $60 lot than a $600 one, so small lots get the lowest offers. If you have several small pieces, take them all in together as one lot rather than one at a time.