How do I sell scrap gold jewelry and get a fair price?

Broken chains, single earrings, class rings and dated jewelry are all scrap gold, and they can add up. Start by sorting pieces by karat stamp, such as 10k, 14k and 18k, because buyers pay based on the pure gold content, and each karat is priced separately. Set aside anything with a designer name, an unusual antique style or real stones, since those may be worth more as jewelry.

A fair buyer will test each piece in front of you, weigh it on a certified scale and tell you the weight and karat of every group. You can then multiply the pure gold content by the current spot price to see what melt value is, and compare that to the offer. Buyers always pay some percentage below melt to cover refining and their costs, but the gap varies a lot from one buyer to another.

Look up the day's gold price, get at least two offers, and avoid mail-in services that will not tell you weights up front. A local gold buyer or coin shop is usually your best bet.