How to Know If You’re Getting a Fair Price for Your Gold

Gold prices have been strong in recent years, so you might be thinking about turning old jewelry, coins, or even broken pieces into quick cash. But how can you tell if the offer you get is fair?
At Gems N’ Loans, serving Oceanside, Vista, Escondido, and Temecula, we buy gold every day, and we know that transparency matters. Here’s a guide to help you feel confident when selling your gold—wherever you go.

Understand the Current Market Price

Gold is a commodity with a publicly listed “spot price,” which changes throughout the day based on global supply and demand.
Before you visit a buyer, look up the current gold spot price (quoted per ounce or per gram) on reputable financial websites. This gives you a baseline for what your gold is worth before any fees or margins.

Know Your Gold’s Purity and Weight



Not all gold is created equal. Jewelry is usually a mix of gold and other metals:

• 24k is pure gold.
  
  
• 18k is 75% gold.
  
  
• 14k is 58.5% gold.
  
  

The higher the karat, the more valuable the piece.
A trustworthy buyer will weigh your gold in front of you and test its purity with industry-standard methods. At Gems N’ Loans, our associates explain each step so you can see how we arrive at the offer.

Separate Different Karats Beforehand

If you have multiple pieces—say, a 14k bracelet and an 18k ring—keep them separate. Mixing different karats might lead to an evaluation based on the lowest purity.
Sorting them ahead of time makes it easier to get an accurate quote.

Get Multiple Quotes

You’re never obligated to accept the first offer. Visit at least two reputable buyers and compare.
Look for a shop with proper licensing, like a valid pawnbroker license, positive local reviews, and a transparent process. Shops like Gems N’ Loans encourage customers to shop around, because we know a fair deal speaks for itself.

Consider Condition, but Don’t Worry About “Perfect”

Unlike selling jewelry for retail, scrap gold buyers care about weight and purity, not style. A broken chain or single earring can be worth just as much as a pristine one of equal karat and weight.
That means you can turn even damaged items into cash.

Understand Fees and Deductions

A buyer’s offer is usually slightly lower than the spot price to cover refining and overhead costs. That’s normal—but hidden fees are not.
Always ask the buyer to explain their payout percentage. At Gems N’ Loans, we clearly state how we calculate offers so you know exactly what you’re earning.

Bring ID and Expect a Paper Trail

California law requires gold buyers to verify ID and document the transaction. A legitimate shop will give you a written receipt detailing weight, purity, and final price.
This protects both seller and buyer and is another sign you’re dealing with a reputable business.

Why Choose Gems N’ Loans

With 32 years in business, Gems N’ Loans has served North County San Diego with transparent, competitive gold buying. Whether you have a single ring or a collection of coins, our team:

• Tests and weighs your gold in front of you
  
  
• Explains current market pricing
  
  
• Pays top dollar on the spot
  
  

No hidden fees. No pressure. Just a fair, fast transaction.

Ready to Sell Your Gold?

Knowing the basics—spot price, karat purity, and buyer transparency—means you can sell with confidence.
Visit any Gems N’ Loans location in Oceanside, Vista, Escondido, or Temecula, or call ahead to schedule a free evaluation. Bring your gold and see how easy it is to turn unwanted pieces into instant cash—at a fair price you can trust.