Scrap Gold Calculator

How to Use This Calculator

Our Scrap Gold Calculator helps you estimate the potential value of your gold items when selling them as scrap. Follow these simple steps to get an accurate valuation:

1. Weigh your gold: First, weigh your gold items using a reliable scale. For accuracy, group items of the same purity (carat) together.
2. Select the measurement unit: Choose the unit your scale uses—typically grams, though some may use troy ounces or other units.
3. Enter the weight: Type the total weight of your gold items in the appropriate field.
4. Select the purity (carat): Choose the correct gold purity from the dropdown menu. Look for hallmarks on your items (e.g., "585" for 14K, "750" for 18K) if you're unsure.
5. Calculate the value: Click the "Calculate Value" button to see your results.

The calculator will display two key figures:

• Today's Raw Gold Value: This is the market value of the pure gold content in your items, based on current gold prices.
• Estimated Payout: This figure shows what you might realistically receive when selling, after applying the standard dealer margin of 10%. Note that actual dealer margins can vary from 5% to 25%.

Remember that this calculator provides an estimate only. Actual offered amounts may vary depending on the buyer, their testing methods, and other factors. For the most accurate results, make sure you've correctly identified the purity of your gold items, as this significantly impacts value calculations.

For mixed items with different purities, calculate each group separately and add the results together for a more accurate total. This calculator uses live gold price data that's updated multiple times daily to ensure you're working with current market prices.

Everything You Need to Know About Selling Scrap Gold

If you have unwanted gold jewellery gathering dust in a drawer or inheritance pieces you don't wear, you might be sitting on a valuable opportunity. Selling scrap gold can be a practical way to turn unused items into cash, especially when gold prices are strong. This guide will help you navigate the process confidently and get the best possible price for your items.

What Counts as "Scrap Gold"?

Despite the name, "scrap gold" doesn't mean worthless or damaged items. It simply refers to gold that's valued for its metal content rather than as a finished product. Here are common items people sell as scrap:

• Jewellery: Broken chains, mismatched earrings, outdated styles, or pieces you no longer wear
• Dental work: Old gold crowns, bridges, or fillings (thoroughly cleaned)
• Coins and bullion: Non-collectible gold coins or small gold bars
• Gold watches: Old timepieces with gold cases (mechanism value is typically separate)
• Gold-filled items: Items with a thick layer of gold bonded to another metal
• Electronic scrap: Some older electronics contain gold in connectors or components

Understanding How Scrap Gold is Valued

When you sell scrap gold, three main factors determine what you'll be paid:

1. Weight: Gold is typically weighed in grams or troy ounces. More weight equals more value.
2. Purity: Gold purity is measured in carats (9K, 14K, 18K, 22K, 24K), with higher numbers indicating more pure gold.
3. Current Gold Price: The global market price of gold at the time of sale affects the base value.

However, it's crucial to understand that you won't receive the full "spot price" (market price) for your gold. Gold buyers apply a margin—typically 10-25%—to cover their costs and profit. Our calculator uses a consumer-friendly 10% margin, though many dealers charge more.

How to Identify Your Gold's Purity

Most gold items have purity marks (hallmarks) stamped somewhere on them:

• 24K (99.9% pure): Marked as 24K, 999, or .999
• 22K (91.6% pure): Marked as 22K, 916, or .916
• 18K (75.0% pure): Marked as 18K, 750, or .750
• 14K (58.3% pure): Marked as 14K, 583, or .583
• 9K (37.5% pure): Marked as 9K, 375, or .375 (common in UK)

If you can't find a mark or aren't sure, most gold buyers will test your items using acid tests, electronic testers, or X-ray fluorescence machines to determine purity.

Preparing Your Gold for Sale

Before heading to a buyer, take these steps to ensure you get the best value:

• Sort by purity: Separate your items by karat to make evaluation easier
• Remove non-gold parts: If possible, remove stones, pearls, or other non-gold elements (you can ask to keep these)
• Clean gently: Wash items with mild soap and water to remove dirt that might affect weighing
• Check for special value: Research whether any pieces might be worth more as antiques or collectibles than as scrap
• Weigh if possible: If you have a precise scale, weigh your items in grams to have a baseline for comparison

Finding a Reputable Gold Buyer

Where you sell your gold significantly impacts how much you'll receive. Options include:

• Local jewellers: Often offer fair prices and face-to-face service
• Dedicated gold buyers: Specialists who focus solely on purchasing precious metals
• Pawn shops: Convenient but typically offer lower prices
• Online buyers: Can sometimes offer better rates but require shipping your items

Smart Seller Tips

Follow these best practices to protect yourself and maximize your payout:

• Get multiple quotes: Never accept the first offer without comparing
• Watch the weighing: Ensure scales are calibrated and you can see the weighing process
• Understand the testing: Ask the buyer to explain how they're determining purity
• Ask about the margin: Reputable buyers will be transparent about their buying margins
• Negotiate: Especially with larger quantities, there may be room to negotiate a better rate
• Get payment immediately: Reputable buyers will pay you on the spot, not with promises of future payment

When Not to Sell as Scrap

Sometimes, items are worth more than their gold content alone. Consider alternatives if:

• The item is from a prestigious brand (Cartier, Tiffany, etc.)
• It's an antique or has historical significance
• It contains high-quality gemstones that might be valuable separately
• The craftsmanship is exceptional or unique

In these cases, consult with an appraiser, auction house, or speciality dealer before selling as scrap.

Note: This calculator provides an estimate of what you might receive for your scrap gold based on a 10% dealer margin, which is relatively consumer-friendly. Actual payouts may vary depending on the buyer, with some dealers charging higher margins (15-25%). Always look for buyers with lower margins to maximize your payout.