How Much Can You Sell Your Wedding Ring For?
Wedding rings commemorate one of the most important occasions in your life and are often one of the most meaningful possessions you may have. However, not every relationship lasts a lifetime, and those that don’t will generally leave you with a wedding ring for which you have no use. If you’re wondering what to do with it, it’s probably crossed your mind that it could be worthwhile to sell it. The money would certainly benefit you more than holding on to a ring you will likely never wear. Before you sell your ring, you’ll want to understand how the resale price is determined in order to ensure you receive the best possible payout.
Determine the Weight
Gold jewelry is sold by its weight because it is the weight that determines the amount of gold present in the piece. Wedding bands tend to fall within a range of sizes, ranging between 3.5 to 6 grams. Local jewelers will have extremely precise scales that can calculate the exact weight of your ring down to the tenth of a gram.
Identify the Purity
Once you’ve figured out the weight of your ring, the next step you’ll want to take is identifying its purity. While some rings are solid gold, others contain a mix of gold and other various metals. Gold is available in four different categories and karats: 24k (24k/24k), 18k (18k/24k), 14k (14k/24k), and 10k (10k/24k). It’s unlikely that you’ll find wedding rings made from 24k gold. Not only is 24k gold quite pricey, but it’s very soft, meaning it’s like to scratch or catch blemishes easily, and wedding rings experience a fair amount of wear and tear. Wedding rings are most commonly made from 18k, 14k, or 10k gold.
Find Out the Current Price of Gold
Now that you know the weight and purity of your ring, you’ll next want to find out the current price of gold. Gold prices fluctuate on a daily basis, and though they may differ quite a bit from one day to the next, overall gold is considered a fairly stable investment. Before you sell your ring, check the rates so you can get the most accurate sense of its value.
Calculate the Value of Your Ring
Taking the weight, purity, and price of gold into account, you’re ready to calculate the value of your wedding ring. To get the melt value of your gold wedding ring, take the three aforementioned factors and multiply them. The equation should read as follows:
Weight x Purity x Current Price of Gold = Melt Value
For example, if your ring weighed 5 grams, was made from 18k gold, and the current price of gold is $2,000 per troy ounce (which translates to $64.30 per gram), your equation would look like this:
5g x 18k/24k x $64.30 = $241.13
In this scenario, the melt value of your ring would be $241.13.
Sell Your Wedding Ring at Gold Rush
When you’re ready to put the past behind you and sell your wedding ring, the team at Gold Rush is ready to help you receive the maximum possible payout. Our experts hold the highest certifications in precious metals, diamonds, and gemstones, and will help you with the process of selling your gold from start to finish, providing you with impeccable customer service along the way. At Gold Rush, we strive to create a comfortable and safe environment for our clients to sell their valuable pieces. Reach out to us to sell your wedding ring for cash today.
