Class ring - how to determine gold content and value?
wallst32
Posts: 513 ✭✭
I have an old class ring from Jostens marked 10K. The ring was gifted to me through a connection, but I know it cost in the $200-300 range back in the 90's and very few of my classmates purchased one because of the price. It really means nothing to me, and I've never worn it a single time, so I'm looking to sell it for the gold content. How would I be able to determine fair value for it? There is a gemstone on top and I'm guessing the rest of the ring probably isn't 100% gold. Can I just bring it to any jeweler for an appraisal and have them estimate the weight? I'm thinking any of those "cash for gold" type stands at the mall are going to lowball me. I just want to make sure I get as least 75-80% of spot, and not 50%.
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If its stamped 10k, Most likely its good, especially if Jostens. I get a lot of marked gold in thats not real, but never had a jostens marked that wasnt. I have bought over 1000 class rings just this year alone.
Most stones (mens rings) in class rings weigh about a gram. jUst take the weight and deduct 1 gram to figure. There are varying degree's of price/ places that buy gold pay pre gram or DWT.
we buy at 20% of spot which beleive it or not its about the best you will find locally,(around here anyway) even your better jewlery stores around here dont pay better than 20%. if you can find one of the national buyers or larger buyers who buy you should be able to get within 3% of spot.
I dont sell direct to the refinery, i use a firm that charges me 3% , but I can send any amount anytime and lock in a price 24hrs a day, even at 3 am if need be. That way regardless of market direction I always have a locked in price , even if it were to drop 20% the next day. Best example is: When silver took that big hit from 49.50 per oz down to 31.00 , I had 90k in transit to this firm, got the check as normal with no loss or other problems.
<< <i>I don't get it, unless it is a fake, it is 10k by law (actually I think it is 9.5k minimum per law), pop the stone out or guesstimate its weight and subtract. >>
Agreed, get out the pliers.
<< <i>simple as stated already.
If its stamped 10k, Most likely its good, especially if Jostens. I get a lot of marked gold in thats not real, but never had a jostens marked that wasnt. I have bought over 1000 class rings just this year alone.
Most stones (mens rings) in class rings weigh about a gram. jUst take the weight and deduct 1 gram to figure. There are varying degree's of price/ places that buy gold pay pre gram or DWT.
we buy at 20% of spot which beleive it or not its about the best you will find locally,(around here anyway) even your better jewlery stores around here dont pay better than 20%. if you can find one of the national buyers or larger buyers who buy you should be able to get within 3% of spot.
I dont sell direct to the refinery, i use a firm that charges me 3% , but I can send any amount anytime and lock in a price 24hrs a day, even at 3 am if need be. That way regardless of market direction I always have a locked in price , even if it were to drop 20% the next day. Best example is: When silver took that big hit from 49.50 per oz down to 31.00 , I had 90k in transit to this firm, got the check as normal with no loss or other problems. >>
You buy at 20% of spot? Does that imply that if I try to sell you a 14kt chain that weighs 53 grams, you will offer me just $320?
Or, did you mean you buy at 20% of spot on 10kt items? Meaning that you pay $10.29/ gram of total weight on a 10kt item? That would equate to about 50% of actual melt value.
Please elaborate on this "20% of spot" comment.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Lets face it most class rings need to be smashed with a big hammer anyway.
for example :
1600.00 gold 14k 53 gram chain = 1276.00
<< <i>actual gold content minus 20%
for example :
1600.00 gold 14k 53 gram chain = 1276.00 >>
Ok, so you buy at 80% of melt......not 20% of spot as you claimed earlier.