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Question: What is the retail value of a 24 inch, 18 karat, 7.5 gram gold diamond cut chain necklace?

(Posted by: Jason on 2008-09-15 09:57:21)

I bought a gold chain some years back, and with the high price of gold now- a- days pushing 1000 a ounce.I was wondering what my gold chain is worth now retail. And what could expect to get for it if I tried selling it.

Posted by: Keith W on 2008-09-16, 06:51:03

The truth is that selling your necklace right now would mean you were selling it for the gold value. When you bought it, you paid for the gold value and the labor to make it and some profit. So, you probably are not going to make any money on it. While it is true that with gold up to $779 for an ounce, and you have 7.5 grams, take the $779 and divide by 31.3 and that gives you the per gram price of MELT value. That is without labor or profit. A person who will buy this from you to melt it, will pay you LESS than that price so they can make some money. For instance, a pawn shop or jeweler might try to make as little as a 5% profit. So, take $779 x .75 (it's only 18KT) x .95 and then divide by 31.3 and that gives you the per gram price of $132. I would expect this to be the MOST you might get from someone who wants to melt you necklace. The best thing you can do is try and RETAIL your necklace on eBay or to a friend or some place where you can not only capitalize on the increase gold value, but also not loose the labor and profit you paid. Retail value for this necklace (assuming it is in good shape) is considerably more. gemaffair.com/ content/ Karat_vs_Carat.htm they explain what standard retail pricing can be. 7.5 grams x $30 is $210, almost 50% more. Hope this helps!

Posted by: Computer Guy on 2008-09-15, 21:13:55

18K gold is worth $18.79 a gram at the moment, so the gold in your necklace is worth about $140.92. You should be able to get that much for it. By the way, spot price of gold is $779.20 / troy ounce at the moment, not $1000. kitco.com/ Grandpa