Tips for selling gold

By Los Angeles Times

Feb. 24, 2009

With gold prices hitting $1,000 an ounce last week, more people are thinking of selling. Here are some tips:

Before selling, get an estimate. Certified appraisers can be found through the National Association of Jewelry Appraisers and the American Society of Appraisers.
Selling for scrap means that the final price will not reflect the craftsmanship, antique value or aesthetics of the jewelry.
The price is based on a troy ounce of 24-karat gold, the pure form of the metal. Divide the karat of your jewelry by 24 for the percentage purity. For example, 18k is 75% pure.
The karat stamp on jewelry should be used as a gauge, but can be inaccurate. For example, 12k gold is often mismarked at 14k.
Old jewelry can be sold at consignment shops or online. Jewelry stores tend to offer better prices than pawnshops and most mail-in operations.

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