Trade in Gold Wedding Bands for Cash..?

Question

I am trying to trade a wedding band in to a place that will buy it and I get the cash from it. Wheres the best place to go? Thx..!!

Answer 1

You can estimate the value of the gold in your ring.  Look inside, it should have a K rating, for example, 14K.

Then weigh your ring in grams.

Now go online and look up the price of gold, expressed in $US / troy ounces:

HTTP://www.kitco.com

Today the price is currently $787.40 / troy ounce.  By the time you read this, it will have changed.

Now for some arithmetic, get out your calculator.  

First, divide the price of gold by 31.1 to get an approximate price per gram.  In our example,  $787.40 / 31.1 = $25.32.

Remember the K number inside the ring?  Multiply the price of gold per gram ($25.32 in this example) by the K number, and then divide that number by 24.  In this example $ 25.32 * 14K / 24 = $14.77.  This is the price of gold per gram adjusted for the purity of your ring.  

Now multiply that price by the weight of your ring in grams.  This is the "spot" value of the gold in your ring.   A gold scrap dealer or a pawn shop may offer you less than the spot value, but will never offer you more.  Since jewelry is often priced higher than the gold content in it, you may be able to do better on E-bay.

Good luck,

Grandpa

Answer 2

You'll have to look in the Yellow Pages in your area.  There are a number of places near us.  Once you've found a few, be sure to take your gold to a couple of shops so that you don't get screwed.

Answer 3

I am assuming you mean trading them in for cash at a pawn shop?  Unfortunately, you will probably only get 1/4 of the actual value at best by doing this, especially if the band has no diamonds.  

Most jewelry store chains will only allow you to trade up on items and you have to have the receipt for the jewelry as well.