Attending Gold Parties: Knowing the Price and Other Prerequisites

When you are attending a gold party, you cannot go just like that. Well, as a matter of fact, you can, but if you want to make the most of the party, then you should prepare a few things before you go. Here, we shall talk about those important things you need to consider before you go and attend a gold party with a view to converting your gold junkets into cash.

Know the Price

In any gold party, the guests’ gold is evaluated by an appraiser. This appraiser is a jeweler’s representative. They will first carry out some tests on the gold stuff that the guests have brought with them and then they will offer a particular price for each piece of gold. Here, it is absolutely necessary that the guests who have brought in the gold should know about the prevailing prices of the gold in the market. Before setting out for a gold party, make sure of this current price. You could find this from a jeweler near you or you could find it from the Internet. Also, remember that gold prices change on almost a daily basis. So, when you are checking gold prices, make sure you are checking out that day’s gold prices.

Know the Karat Weight

This is another thing you should know. Karat is a system used to measure the purity of gold. Gold that is of 24 karats is pure gold, but this kind of gold cannot be used to make ornaments because gold is basically a very soft metal. So, if the gold you brought in is 18 karat gold, then it means your sample has 18 parts by weight of gold in it and 6 parts by weight of another substance that is mixed with the gold to harden it. The lower the karat purity, the cheaper is the gold going to be. That is why you should make sure that you are finding out the karat purity of your gold at a local jeweler before setting out for a gold party. Also, remember that the minimum allowable purity of any gold jewelry is 10 karats.

When you know these two main characteristics of gold, you can find out a lot about the actual money value that you are going to get by selling your gold ornaments. You could sell the gold still, but it is good to be discerning. For instance, there are some unscrupulous people who mix all karat weights of gold while finding out their weight and then pay people according the lowest karat weight present. You should make sure this does not happen to you. It is best to sort out your gold right before you go for your gold party. This makes the weighting part much easier for you.

A better informed person is also a better expert when it comes to getting the best deal from gold parties. If you come with the knowledge of what gold costs, then you will certainly be able to understand whether you are being ripped off when they quote a price to you.