Please contact us via phone or email and provide us with the item(s) information. Once we have sufficient information, including purity, weight, and any hallmarks, we’ll provide you with an initial quote. If this quote is acceptable, and you’d like to send your items in for testing and final approval, we’ll provide you with a free kit to ship the item(s) to us. Once received, all packages received will be opened under video recording in our metals testing facility to protect the customer. Once packages are opened, each item will be tested for purity, grade, and karat, and then weighed. We will then reach out to you with the finalized weights and offer, which will be based on the market on that day. At JM Bullion, we use the same process to determine the value of gold and other jewelry item, such as coins, bars, or other bullion. This ensures a fair and accurate market value for your jewelry.
How are gold offers calculated?
Our gold offers are calculated using the following process:
- Purity: Gold purity is measured in karats (K), with 24K being pure. Gold items often contain alloys, so purity testing is necessary. Methods include electronic, acid, or X-ray fluorescence (XRF) analysis.
- Weight: Gold items are weighed in pennyweights (1/20 of a troy ounce), or grams. Only the gold’s weight is considered, excluding other materials or stones.
- Market price: Current gold prices, which fluctuate daily due to various factors, are crucial for valuation. Evaluators use up-to-date pricing data, refreshed every 60 seconds.
- Evaluation: Item value is calculated using purity, weight, and market price. For example, an 18K gold item weighing 10 grams contains 7.5 grams of pure gold. The value is determined by multiplying this weight by the current price per gram.
Once your gold has been appraised, you will receive an offer based on the value determined by the process mentioned above.
