Wedding rings represent a promise, an oath, and an affectionate relationship. Unfortunately, not every relationship or marriage works out the same way. In fact, over the past few years, statistics have shown divorce rates are at an all-time high.
Awful heartbreak aside, what do you do after ending a marriage when it comes to the material symbol of the relationship? What do you do with your wedding ring? Well, keeping in mind growing inflation and gold rates, it may be better to sell your wedding ring now than to hold onto it. After all, what use will it be other than for painful memories?
If you’re unfamiliar with gold rates and other precious metal market complexities, Cash for Gold USA is here to help. Below are some essential things to keep in mind that will help you sell your wedding ring for a reasonable price:
Know the Weight of Your Ring
Every piece of gold jewelry is sold by its weight, as the weight determines how much gold is present in the jewelry. As most wedding rings have similar styles and more or less the same size wedding band, an average wedding ring can weigh between 3.4 and 5.8 grams.
You can opt for a skilled and qualified gold shop that can weigh your wedding ring with high-precision weight machines, so they calculate the exact weight of your ring and pay you accordingly.
Know the Purity of Your Ring
The most important thing to know when selling your wedding ring is that most gold rings and jewelry do not have pure gold in them but rather a portion of gold mixed with other metals. Gold comes in four categories and different karats, which are:
- 24k = (24k/24k) = 100% gold
- 18k = (18k/24k) = 75% gold
- 14k = (14k/24k) = 58.3% gold
- 10k = (10k/24k) = 41.7% gold
As 24k gold is 100% gold, it is rarely used because not many people can afford it. Additionally, 24k gold is also generally not used in wedding rings because pure gold catches blemishes and is easily affected by wear and tear. As wedding rings are worn daily and can easily get damaged, they are primarily of 18k, 14k, or 10k gold and have added metal alloys for strengthening and durability purposes.
To get your ring checked, find a professional gold appraiser like Cash for Gold USA to confirm its purity and assess how much a 14k gold ring is worth.
Know the Current Price of Gold
The most crucial factor in selling a gold wedding ring is knowing the current price of gold in the market. Fortunately, no matter how gold prices fluctuate on a daily basis, they still have the most stable track record in times of economic crises.
The most rise was seen in August 2020, when gold was at its highest peak, getting sold at $2074.88/troy ounce. However, as we write this, the gold price for today (September 2022) is $1750.90/ troy ounce, and as it can change every day, you can check online rates when you go to sell your wedding ring.
Know how to Calculate Gold Price
Now knowing all the essential aspects of how to sell a wedding ring, you can calculate the gold price of your wedding ring by yourself. You can quickly get the melt value of your gold wedding ring by just multiplying all the three factors mentioned above, like this:
Weight of the ring (X) Purity of the ring (X) Current price of gold = Current value of your wedding ring
Let’s understand this equation in more detail in the following example:
For example, your ring weighs around 4 grams, it is a 14k gold band, and the current value of gold is $2000/ troy ounce. The gold price calculation will reflect something like this:
4 (X) (14/24) (X) $64.30 = $150.30
In the example above, note that %64.30/ gram equals $2000/ troy ounce. This makes the melt value of your gold wedding ring $150.30
Where Can I Sell my Gold Wedding Ring?
Once you fully understand your gold wedding ring’s value, it is time to find out where to sell wedding rings and reach the right buyer. Here are some options you can select for the best deal:
- Jewelry Brokers. They operate online also and mostly buy jewelry to resell it. These people are licensed to sell and buy gold and profit significantly from it.
- Gold Dealers. They only buy your gold to melt it further down and will only pay you the price of the gold medal. Some very reliable jewelry brokers online can offer you an online estimate for your jewelry and the best price for your gold.
- Jewelers. These professional jewelers can buy your ring and other stones to resell it, but they mostly buy at discounted prices. Very few jewelers will give you a price higher than gold dealers.
- Auction. At auctions, you can only sell your ring if it has a unique feature or valuable element to it. Auctions are suitable only when a famous designer makes your ring or has a rare stone.
Although painful, selling your gold wedding ring is a good option if it’s no longer serving you. Once you understand where to sell your wedding ring and how to calculate the actual worth and value of the gold in it, you can quickly sell it to any reliable dealer for the best price available.
Some amazing gold dealers operate online by providing you an estimation of your ring via mail with safe tracking and insured shipping of your gold jewelry. If you are looking for a credible gold dealer online, Cash for Gold USA can provide you with the best payouts on your wedding ring, regardless of material or condition!