How to sell a gold ring

So I just bought a 14kp gold woman's wedding band for $50.

Im getting a friend of mine to take the weight and volume tomorrow, so assuming it's real it should be worth in the neighborhood of $168.

So technically I made $130 bucks! Problem is, where would I unload it? What percentage of market value should I expect?

Thanks

 

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Technically? Maybe.



Realistically?

 

Looking at the size of it, I doubt that it is worth $130 melt

 

Nice, what 5 or 6 grams ?

 

14KPFG is what you like to see.
You paid about $10 a gram and it should net you $20 a gram.

 

Haven't weight it yet. Should be somewhere around there.

 

Yay!

 

If you haven't weighed it, where did you get the precise $168 value? Just curious.

 

i looked up "average weight of wedding band" which was 7g, and did gold value calculation for $168.

 

The first thing I'd do is test it to make sure it isn't gold filled / gold plate or any sort of weird denotation because of the hallmark.

Expect 80% to 90% of melt value for your gold. 14k - if it's pure is 58.5% gold content. So today's market value * .585 and then 80% to 90% of that number.

You can sell it on Ebay, and expect to get about melt value, but then pay fees and shipping.

Since it's a wedding band, you could market it for a premium.

I'm guessing by the looks of it, that one is probably about 2-3 grams.

 

Because everyone wants a used wedding band.

 

You'd be amazed. I've sold at least a dozen gold wedding bands in the last couple years, and even a couple engagement rings and engagement/wedding sets.

I just sold a .56 carat diamond solitaire ring a few weeks ago. Guy saved well over a grand on what it would have cost in store. Maybe more. It was under a carat, so I didn't get a formal appraisal. I had it inspected and a jeweler I deal with regularly eyeballed it and helped me give it a conservative grade to make sure the buyer would be happy.

In fact, I picked up a ~1.x TCW platinum set for a hair over melt value a couple years ago on Craig's List which which was around $440 at the time. Guy said he went to 3 jewelers and was lowballed, so I offered him $100 more and he took it. GF cheated before he proposed, he wanted it gone. Probably saved himself a lifetime of misery. Anyhow...

I had it cleaned, inspected and appraised which was another $100 or so. In total, I was into the ring for just under $600. I then traded it to a guy for about $2k in silver coin and bullion.

He wasn't about to pay retail, which was appraised at $5500 on the set he got from me.

So, yes... People do.

1TCW Marquis platinum 2 band set.

 

Umm... did you get the seller's contact info and whatnot, in case it's stolen? If not, you may have violated your state's pawnbroker laws or possibly federal RICO laws.

On a serious note, however, does KPFG mean "karat plumb fine gold" or "karat plated fake gold"?

Usually for jewelry, you're looking at a possible 15-20% haircut.

 

I did a magnet test and it checked out, I didn't have any acid or good scale or graduated cylinder to test it with. I did the unglazed ceramic test and it seems to be good, but I guess I'll know for sure once I have the density.
For $50, figured it wouldn't be a terrible loss if fake...

 

What does the "PFG" stand for? Gold filled?

 

Jeeze I guess I need to get into jewelry now.

 

After some research, I found that 14kp means karat "plumb", meaning exactly 14karat instead of 13.5 or something.
The FG is the makers hallmark for Frederick Goldman, a jeweler in New York.
I was concerned about the kp at first but apparently it's a good sign.
Also means it might be vintage, but I'm not too sure about that.

 

I have been buying and selling scrap gold for years. Current market value for SCRAP 14K (Based on gold at $1260 an ounce, is aprox $21.50 a Gram. So it all depends on the weight. This of course is MELT value. If you can find someone who wants to buy it as a ring you can get more.

 

Homework is always a good thing. Sounds like you are now much more comfortable with what you bought. Good deal!

 

A couple of rules when buying gold. First Make sure it's real Gold (Be careful a magnet test isn't 100% but what you have there looks real) and is it 10K 14K 18K ? and 2nd how much does it weigh (In Grams or Pennyweight) Knowing the weight is VERY important. After that I have a formula I use to know what my local dealer will pay me for it and I offer a percentage of that depending on if it's Damaged Scrap or wearable jewelry.

Here are a couple of pieces I bought back when gold was over $1300 an ounce. Both are 14K Gold. The bracelet weighs 19.1 Grams and the ring weighs 8.55 Grams. I paid $600 for the pair. At the time I could have scrapped them for $625 but I bought these for myself to wear not to scrap and if I had bought them at a jewelry store they probably would have cost me well over $1,000.