Are you wondering how to value gold such as jewellery, a watch or a decorative item? Whether you want or need to know the worth of your gold or are considering selling gold, in this feature, we look at how you can value gold, how the process of gold valuation works and the difference between a valuation of your gold and a price quote.
Why Value Gold?
The are several reasons why you might want to value gold items, but two of the main ones are for insurance purposes and if you’re considering selling gold.
Insurance If you’re planning to insure a gold item, you might need to provide your insurance company with a valuation of it. If you’re looking to value gold for this purpose, it might be a good idea to ask your insurer if they have a preferred valuation method.
Sale You might want to earn additional income by selling your gold. In this instance, you may want to get a price quote rather than a valuation (see below).
Gold Value versus Gold Price
One thing that’s worth noting before you value gold is the difference between a gold valuation and a price quote. While the former tells you what your gold is worth – the value of your gold – the latter is what someone will pay if you wanted to sell gold today. Both are useful for different purposes, but they are not the same and which one you get depends on your purpose.
What to Consider When Valuing Gold
Here’s a summary of some things the experts might take into account when they value gold:
Carats This is often the first thing to check when looking to value gold. It is a measure of the item’s purity and ranges from 1 to 24 carats – not to be confused to diamond carats.
Age If you want to sell antique gold items, this might make it more valuable.
Condition Scratches, dents and other imperfections may affect the value of your gold.
Make/Brand/Artist Some makes or brands are more expensive or valuable than others and so this is certainly to be considered when you value gold. Your item may be stamped with a maker’s mark.
Other Materials This feature looks at how to value gold, but if your item is also made up of other materials such as silver or diamonds this is likely to have an effect on its worth.
How do I Value My Gold?
Having considered some of the reasons why you might seek a gold valuation and factors to consider before you value gold, you might be wondering, but how do I value my gold? Here are some of the more commonly used methods:
Jeweller Many jewellers value gold and other jewellery items, often for a fee.
Antiques Dealers If your item is an antique, an antiques dealer may be able to value it or may offer to buy it from you for a certain price.
Auction When you sell gold at auction, the auction house might offer to value gold items for you, again, sometimes at a fee.
Looking to Sell Gold?
62days.com offers you a quick, easy and secure way to sell your gold. We offer free, no-obligation appraisals and all you have to do is upload up to five detailed images of your item or describe it to us on the phone and we will get your valuation to you within 20 minutes.
Remember, this isn’t a way to value gold, rather it is a way to sell gold, but it will tell you how much we’ll pay you for it today.
Click here to upload an item now.