Selling gold is a great alternative to get the hard cold cash in your hand instantly. But, nothing in this world is risk-free, thus selling gold is not an easy nut to crack. Nowadays, selling & buying gold or gold jewelry is surrounded by various scams and foul playing that may mislead the seller of gold for cash or even rob him or her of his or her money in several ways.
In today’s world of scams and foul plays, many people are trapped in the web of gold weights. We have brought you a complete guide for you to prevent and verify such scams. To get the fair value of your gold jewelry, you need to command your knowledge of how gold is weighted.
One often hears people saying that they are not really aware of the terms used in measuring their gold jewelry. The popularity of gold has made its market so large that even some traders have a mistake with their measurements. The biggest problem with this is that buyers do not know what it means when buying jewelry or getting appraised for insurance purposes.
Troy Ounces Trick
When buying gold, it is important to be aware of the various ways in which gold buyers may attempt to mislead you. One such way is by using the Troy ounce trick.
What is the Troy ounce trick? It is a method used by some unscrupulous gold buyers to make you believe that you are getting more gold than you actually are.
They do this by quoting prices in Troy ounces, which are a unit of measurement used for precious metals, instead of in standard ounces. One standard ounce is equal to 28.35 grams, while one Troy ounce is equal to 31.10 grams.
So, if a gold buyer quotes you a price of $1,000 per Troy ounce, they are actually only paying you $917.24 per standard ounce – meaning you would be losing out on over 8% of the value of your gold!
Always make sure that you know what units of measurement are being used when buying gold so that you can avoid being tricked by unscrupulous sellers.
When you’re looking to buy gold, it’s important to be aware of the various ways that gold buyers can mislead the public. One common way is through the use of gold weights.
Gold weights are used to determine the value of a piece of gold jewelry. However, there are no standard measures for gold weights, so they can vary significantly from one buyer to the next. This means that you could end up paying more or less for the same piece of jewelry depending on who you buy it from.
To avoid being ripped off, it’s important to know how much your gold piece should weigh before you go shopping. You can find this information online or by asking a friend or family member who knows about such things. Once you have a general idea, you can then compare prices between different buyers to ensure that you’re getting a fair deal.
Pennyweight (DWT) and Grams Explained
Pennyweight (DWT) is a unit of measurement for gold and other precious metals. One DWT equals 1/20 troy ounce or 1.555 grams. There are 24 grains in one pennyweight and there are 20 pennyweights in one troy ounce.
Grams is a unit of measurement for weight. One gram equals 0.001 kilograms or 0.035274 ounces. There are 1000 grams in one kilogram and 28349 grams in one pound.