Suppose you’re on the lookout for a brand new gold necklace and you’d like to determine how much it will set you back. The cost of a gold chain is determined by the karat of the gold chain, its weight, as well as the market gold price at the time of purchase. The purchase of a chain is a substantial financial commitment or you want to guarantee that the piece you select is of great quality and durability so that it can be worn daily.
It is important to understand the market value of gold chains and to consult with expert jewelry professionals before making a purchase. This will assist to ensure that you receive the best value for your investment. Here’s all you need to know regarding evaluating the cost of chains so that you can choose the best piece for the collection and save money in the process.
Why Do Gold Chain Prices Vary?
The fact that a $1,000 tag is attached to a necklace with a melt cost of $648.63 may take you by surprise. Several factors are responsible for gold chain retail price. The most important factor is the gold price when you are buying the chain, the price of gold changes everyday. The amount of labor that went into producing the chain must also be taken into consideration because this contributes to the overall cost of jewelry. It is also important to consider the style of the gold chains such as cuban link chains which are typically hand made. The addition of diamonds can also increase the cost due to the time and labor it took to place the diamonds on the chain.
How Does Karat Purity Affect The Chain Value?
Gold is determined by its purity, which is stated in karats. This is not to be mistaken with the other carats, which are used to indicate the weight of precious stones. 24 karat gold (24k) is the purest kind of gold available, but too soft to be used in most jewelry making applications since it scratches readily. Other metals, such as copper or zinc, are combined with gold to form a stronger alloy that is less malleable and therefore more durable. The word karat comes from an old Medieval coin known as a mark, which weighed approximately 24 karats and was made of gold. The greater the number of karats in a piece of gold, the fewer extra alloys are found in it.
Even though 24k gold is the purest form of gold, you’ll commonly see chains available in a variety of purity levels, such as 10k, 14k, 18k, 22k, or 24k. You should seek a 14k or 18k chain instead of a 24k chain because the latter will be too delicate, especially for everyday wear. When it comes to jewelry that will be worn frequently, chains with this quantity of karats make an excellent choice due to their high resistance to scratches as well as other types of damage.
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Grams vs. Ounces: What’s The Difference?
When determining how much a necklace should cost, a little amount of math is essential to make the decision. If you want to figure out how much a chain or other item of gold is worth, you’ll need to figure out the price of gold per gram. The way it works is as follows: one Troy oz of gold is equal to 31.1 grams. Considering that the current gold price is $1,739 per ounce, one gram of gold will be worth $55.91. To figure out how much a chain is worth, you must first determine how many karats it is made of and how much it weighs. If you have got a 20g chain that is 14k gold, you must figure out how many gold grams of that 20g are pure gold before you may wear it. Only 58 percent of a 14k gold chain is made of gold, which equates to 11.6 g of the chains’ total weight of 20 grams. Using the current market price of gold, which is $55.91 per gram, the gold fraction of the chain will be worth a total of $648.63. This figure, which represents how much the pure gold part of the chain is worth, is referred to as the melt price, and it represents the amount a jeweler would receive if they sold the chain to a refiner. This price may change as a result of the fluctuating gold price. In the store, a chain will be more expensive than the melt value due to extra costs of artistry and labor, as well as retail markup.
Shop Gold Chains
Now that you are aware of how to calculate the exact cost of your new purchase, it is time to go out and buy a gold chain. The purity of the chain and the weight are important factors in determining the cost of gold chains but keep in mind the labor and retail mark up. Knowing this information can help you determine if you are being offered a gold chain for a fair price. If you have any questions comment them below.
Sell Gold Chains Online
If you have a gold chain that you no longer wear or want than why not sell it while gold prices are near all time highs. Gold Buyers USA buys gold chains in all conditions whether it is new, used, or broken. Call or email us today to get started on selling your gold, our expert buyers are here to answer any questions you may have.