Gold remains the most sought after metal in jewelry due to its rising value and unmatched aesthetic appeal. However, not everyone knows what to look for when buying gold. With proper care, a wearable piece of gold jewelry is an investment that can be passed down from generation to generation. Learn what you need to know to buy gold with these simple gold buying tips.
- Know Your Karats
It’s important to know that the higher the karat the more expensive the item. For example, 24k is pure gold, while 18k contains 18 parts gold and 6 parts other metals making it 75 percent gold. 14k is 58.3 percent gold, 12k is 50 percent gold, and 10k is 41.7 percent gold.
- Learn European Markings.
There may be times when you run across jewelry with European markings. These markings signify a percentage of gold. Instead of 18k, the piece is marked 750 to indicate 75 percent gold. Jewelry that is 14k gold is marked 585 and 10k gold is marked 417.
- Compare G.F. and G.P.
There’s a big difference between gold filled (G.F.) and gold plated (G.P.). The gold layer in gold plated jewelry is thinner and will usually wear away more quickly.
- Review the Market
While gold is currently on the rise, it hasn’t always been that way. It’s wise to research the current gold market before buying. However, know that most experts agree that purchasing gold is a reliable, long-term investment.
- Choose a Reputable Dealer
There are many dealers that buy and sell gold, some are reputable but many are not. Only work with an established business that you feel confident buying gold from and that offers some type of warranty.
While buying gold is usually always a good investment, it’s important to be informed about your buying decisions. Know what to look for in gold to get the best deal.