A gold offer is fair when you can rebuild it yourself: the buyer tells you the weight, the karat of each group of pieces and the spot price used, and the offer works out to a sensible percentage of the melt value. If you cannot get those three facts from a buyer, you cannot judge the offer, and that by itself tells you something.
Comparing two offers is the same exercise done twice. Convert each one into a percentage of melt value, make sure both buyers weighed and tested the same things, and then look separately at anything that should be worth more than its metal: diamonds, signed pieces, coins and watches. This guide walks through each step with round, hypothetical numbers you can swap for your own.
Put every offer in the same unit
Buyers quote in different ways. One gives a lump sum for a bag. Another quotes a price per gram, another per pennyweight. One says “we pay 80 percent.” None of those can be compared until you turn them into the same thing, and the most useful common unit is the percentage of melt value.
Melt value is the market value of the pure gold inside your jewelry. It comes from three numbers:
- Weight, ideally in grams.
- Purity, the share of the alloy that is gold, which the karat tells you.
- Spot price, quoted per troy ounce, which is 31.1035 grams.
The full method, including pennyweights and why buyers quote the way they do, is set out in our article on the arithmetic behind a gold offer. For comparison purposes, the table below is all you need. It shows the gold value per gram of jewelry at each karat, assuming a hypothetical spot price of $2,000 per troy ounce. If spot is different on the day you sell, scale the numbers in proportion.
| Karat | Common stamp | Gold content | Melt value per gram if spot were $2,000/oz |
|---|---|---|---|
| 10K | 10K, 417 | 41.7% | about $26.81 |
| 14K | 14K, 585 | 58.5% | about $37.62 |
| 18K | 18K, 750 | 75.0% | about $48.23 |
| 22K | 22K, 916 | 91.7% | about $58.96 |
| 24K | 24K, 999 | 99.9% | about $64.24 |
With that table, a quote of “$33 a gram for your 14K” becomes “about 88 percent of melt,” and a lump sum becomes a percentage once you add up the melt value of the whole lot.
Check that both buyers weighed the same thing
Weight is where most offers quietly diverge. Look for these problems:
- Units that do not match. A pennyweight (dwt) is 1.555 grams, and 20 pennyweights make one troy ounce. A troy ounce is 31.1 grams, while the ordinary kitchen ounce is about 28.35 grams. A quote “per ounce” means little until you know which ounce.
- Stones weighed as gold. A ring with a large stone or a pendant with a glass center weighs more than the gold in it. A careful buyer either removes stones before weighing or deducts an estimate and tells you what was deducted.
- Non-gold parts. Steel pins in brooches, steel clasp parts, pearls, cord and enamel all add weight that is not gold.
- Scales you cannot see. In New York City, a business that buys precious metal must inform the seller of the troy weight, and the city’s inspection checklist for secondhand dealers says the scale must be a type approved by New York State, read in divisions of 0.01 troy ounce or finer, and be marked Class II or III. You are entitled to see the reading.
If two buyers report different weights for the same lot, ask each to show you the scale display. A difference of a gram or two on a large lot usually comes down to stones and attachments, and you want to know which buyer deducted what.
Check that both buyers agreed on the karat
The second place offers diverge is purity. A buyer who calls your 18K ring 14K has cut the gold value by about a fifth before any percentage is applied. Common ways karat gets shaved:
- Mixed lots priced at the lowest karat. Everything in the bag is treated as 10K because a few pieces are.
- Unstamped pieces assumed to be low karat without a test.
- Stamped pieces “testing low” with no reading shown. Underkarated jewelry does exist, especially older or imported pieces, but a test result should be something you can see.
The two common tests are acid, where a small streak on a touchstone is checked against reagents for each karat, and XRF (X-ray fluorescence), where an analyzer reads the surface composition and shows percentages on a screen. Both have limits: acid reads only what it touches, and XRF reads the surface, so heavy plating can mislead either one. What matters for a comparison is that each buyer tells you the karat they assigned to each piece and shows you how they got there. If you want to check stamps before you go, see our guide to reading gold karat stamps.
Check which spot price was used, and when
Spot gold trades nearly around the clock on weekdays and moves through the day. Two quotes taken several hours apart can differ simply because the market moved. To compare fairly:
- Note the time of each quote and look up spot on your phone at that moment.
- Ask each buyer which spot figure they used. Many work from the bid side of the market, the price at which dealers buy, which is a little below the ask.
- If spot has moved noticeably between quotes, adjust one of them by the same proportion before comparing.
A buyer who refuses to say what spot price they used is asking you to accept a number with no anchor.
Lump sums, itemized offers and pressure
An itemized offer lists each group of pieces with its weight, karat and price. A lump sum gives one number for everything. Lump sums are not automatically unfair, but they make it impossible to tell whether a low offer came from the weight, the karat, the percentage or a stone that was ignored.
Ask for an itemized breakdown and, ideally, for the offer in writing. Then watch for these signs at the counter:
- Testing or weighing done out of your sight, in a back room.
- An offer that is only good “right now,” with no reason given.
- A first number that jumps sharply as soon as you stand up to leave, which tells you the first number was not a real offer.
- Stones described as “worthless” without being looked at under magnification.
- Reluctance to hand back your items so you can get a second quote.
A buyer with a fair offer has no reason to stop you comparing it.
A worked comparison with round numbers
Suppose, as an illustration only, that spot gold were $2,000 per troy ounce and you brought the same lot to two buyers:
- A 14K chain weighing 15 grams: melt value about 15 × $37.62 = $564.
- An 18K ring with no stones, 6 grams: about 6 × $48.23 = $289.
- A pair of 10K earrings, 4 grams: about 4 × $26.81 = $107.
Total melt value: about $961.
Buyer A offers $720 for the lot, no breakdown. That is about 75 percent of melt.
Buyer B itemizes: $33 a gram for the 14K ($495), $42 a gram for the 18K ($252) and $23 a gram for the 10K ($92), for a total of $839. That is about 87 percent of melt.
A third buyer might say “$30 a gram for all of it,” which sounds strong against the 10K but is only about 62 percent of melt for the 18K ring. Flat per-gram pricing across mixed karats always favors the buyer on the higher karat pieces, which is why the karat-by-karat breakdown matters.
The difference between A and B is about $119 on a small lot. Scale it to a jewelry box full of heavy chains, and the same percentage gap is worth real money.
Things that should be priced above melt
The percentage-of-melt test only works for pieces being bought as scrap. Some items deserve a separate conversation, and a lower number for them is not a fair offer just because the metal math looks right:
- Diamonds and colored stones, which should be graded and priced on their own rather than weighed along with the setting.
- Signed designer pieces, where the maker’s name and condition drive resale value.
- Antique and period jewelry that sells to collectors as jewelry.
- Gold coins, especially older or graded coins with collector value.
- Watches, priced on brand, model, reference and condition.
When comparing offers on a mixed lot, split it into two parts: scrap gold, compared by percentage of melt, and everything else, compared item by item. A buyer can be strong on one part and weak on the other.
When the higher number is not the better offer
Once both offers are in the same unit, look at the terms around them. Two offers of the same size can be worth different amounts to you:
- Cash or credit. Store credit is only worth its face value if you were going to spend that amount at that store anyway.
- Paid now or paid later. An offer paid at the counter is not the same as one paid by a check that arrives in a week, or one that depends on the buyer’s own test after you have left.
- Firm or conditional. A quote over the phone or from photos is an estimate. Only an offer made after the buyer has weighed and tested your actual pieces is firm.
- Whole lot or cherry picked. Some buyers bid high on the easy pieces and low on the rest. If one buyer wants only your heavy 18K chain, price the leftovers before you agree.
Write the terms next to each number. A slightly lower offer that is firm, itemized and paid on the spot can be the better deal.
What a transparent counter looks like
Buyers of New York describes its process on its own pages in terms that line up with the checks above. According to the business, items are tested by XRF and acid in front of the seller, weighed on certified scales with the reading shown, and the offer is built from the live spot price, the certified weight and the purity reading, with the calculation shown before any offer is made. Its pages say signed designer pieces, diamonds and watches are evaluated separately rather than melted by weight, and that you can decline, take your items back and compare elsewhere. The process page goes further and recommends getting quotes from multiple buyers, and the business’s Midtown South page says that if you bring a written offer from another buyer, it will beat it or come within a few dollars.
You can read each step on how Buyers of New York evaluates and pays for gold. Whoever you deal with, the same rule applies: you should leave the counter knowing the weight, the karat and the spot price behind the number, whether or not you accept it.
A short checklist to take with you
- Sort pieces by stamp and set aside anything with stones, signatures or collector value.
- Weigh each group at home in grams so you know roughly what to expect.
- Look up spot on your phone at the start of each quote.
- Ask for an itemized offer by karat, with weights, in writing.
- Convert each offer to a percentage of melt with the table above.
- Compare stones, signed pieces and coins separately from the scrap.
- Take the stronger offer, or bring the written one back to the other buyer.
Bring it in and check the math
Bring your pieces sorted if you can, any certificates, boxes or receipts for diamonds and signed jewelry, a written offer from another buyer if you have one, and a valid government photo ID. Buyers of New York is at 30 W. 47th Street, Suite 8006, in the Diamond District, open Monday through Friday from 10am to 6pm with the elevator to the 8th floor, and no appointment is needed for most items. For an estate or a large lot, call (212) 642-4345 ahead. You will see the spot price, the weight and the purity reading before you hear a number, and you are free to walk away with your items. See the full step-by-step process at the counter before you visit.
More questions sellers ask
What percentage of spot should a gold buyer pay?
There is no single fixed figure; it varies with the buyer, the size of the lot and the karat. What matters is that you can calculate the percentage for each offer and compare them. A buyer who will not tell you weight, karat and spot price makes that impossible.
Is a written offer binding?
A written offer records what the buyer proposed after testing your pieces, which makes it easy to compare. How long a buyer will honor it depends on the buyer and on the spot price, so ask how long it stands.
Why did two buyers give different weights for the same jewelry?
The usual causes are stones or non-gold parts weighed with the gold, different units such as grams versus pennyweights, or one buyer deducting for stones and the other not. Ask each buyer to show you the scale reading and what was deducted.
Can I sell part of my jewelry and keep the rest?
Yes. You can accept an offer on some pieces and take the others home or to another buyer. Get an itemized offer so you know what each piece is worth before you split the lot.
How do I check the spot price at the counter?
Look it up on your phone from any live precious metals price page at the moment you receive the quote. Note the time, because spot gold moves through the trading day.