When you decide to sell your gold jewelry, understanding how its value is determined is crucial.
This calculator helps you estimate the cash offer you might receive by considering several key factors:
the jewelry's weight, its purity (karat), the current market price of gold, and any deductions for refining.
Key Factors Explained:
Gross Weight (grams): This is the total weight of your jewelry piece in grams, including any gemstones or other non-gold components attached.
Karat (K): Karat measures the purity of gold. Pure gold is 24 Karat (24K), which is very soft. Jewelry is typically made from gold alloys to increase durability. Common karats and their approximate gold content are:
24K: 99.9% gold
22K: 91.7% gold
18K: 75.0% gold
14K: 58.3% gold
10K: 41.7% gold
The calculator uses the numeric value of the karat to determine the percentage of pure gold.
Current Gold Price per Gram (USD): This is the live market price of one gram of pure gold (24K). This price fluctuates daily based on global market conditions.
Scrap Gold Deduction (%): Gold buyers often apply a deduction percentage. This accounts for the costs of assaying (testing purity), melting, refining, and the potential loss of material during the process. It also covers the buyer's profit margin. A typical deduction might range from 10% to 30%, depending on the buyer and the item.
How the Calculator Works:
The calculator follows these steps to estimate your cash offer:
Calculate Pure Gold Weight: It first determines the actual weight of pure gold in your piece by multiplying the Gross Weight by the gold percentage corresponding to its Karat.
Formula: Pure Gold Weight = Gross Weight * (Karat / 24)
Calculate Raw Gold Value: The weight of pure gold is then multiplied by the Current Gold Price per Gram.
Formula: Raw Gold Value = Pure Gold Weight * Current Gold Price per Gram
Apply Deduction: The Scrap Gold Deduction percentage is calculated based on the Raw Gold Value. This amount is subtracted to arrive at the final offer.
Formula: Deduction Amount = Raw Gold Value * (Deduction Percentage / 100) Formula: Cash Offer = Raw Gold Value – Deduction Amount
The final result represents an estimated cash offer. Actual offers may vary based on the specific gold buyer, their policies, and the condition of the jewelry.
When to Use This Calculator:
Getting ready to sell gold jewelry you no longer wear.
Comparing offers from different gold buyers.
Understanding the intrinsic value of your gold assets.
Estimating the value of gold in an estate or inheritance.
Remember to use the most up-to-date gold price for the most accurate estimate. This tool provides a helpful baseline for your selling decision.
function calculateGoldValue() {
var grossWeight = parseFloat(document.getElementById("grossWeight").value);
var karat = parseFloat(document.getElementById("karat").value);
var currentGoldPricePerGram = parseFloat(document.getElementById("currentGoldPricePerGram").value);
var deductionPercentage = parseFloat(document.getElementById("deductionPercentage").value);
var resultDiv = document.getElementById("result");
resultDiv.textContent = ""; // Clear previous result
// Input validation
if (isNaN(grossWeight) || grossWeight <= 0) {
resultDiv.textContent = "Please enter a valid Gross Weight (grams).";
return;
}
if (isNaN(karat) || karat 24) {
resultDiv.textContent = "Please enter a valid Karat value (1-24).";
return;
}
if (isNaN(currentGoldPricePerGram) || currentGoldPricePerGram <= 0) {
resultDiv.textContent = "Please enter a valid Current Gold Price per Gram (USD).";
return;
}
if (isNaN(deductionPercentage) || deductionPercentage 100) {
resultDiv.textContent = "Please enter a valid Deduction Percentage (0-100%).";
return;
}
// Calculations
var pureGoldWeight = grossWeight * (karat / 24);
var rawGoldValue = pureGoldWeight * currentGoldPricePerGram;
var deductionAmount = rawGoldValue * (deductionPercentage / 100);
var cashOffer = rawGoldValue – deductionAmount;
// Display result
if (cashOffer >= 0) {
resultDiv.textContent = "$" + cashOffer.toFixed(2);
} else {
resultDiv.textContent = "Error in calculation.";
}
}