How to calculate the selling price of gold jewelry and its cost

Nowadays, gold jewelry is not only used to decorate the body. but also as an investment tool The reason is that this precious metal is known as a safe investment tool, which is suitable for urgent needs and prices tend to rise too.

Investing in this precious metal can be done in a variety of ways, from buying simple gold jewelry to buying this precious metal too. Saving Mechanism. However, each method has its own characteristics. Therefore, as buyers and investors, it is imperative to know these characteristics. So that you do not lose when buying or selling this precious metal.

In this article, the author explains the process of calculating the selling price of gold jewelry. Selling gold jewelry is different from selling gold bars. The reason is that this product is made from a flexible material. Therefore, there are quite a lot of ingredients with other materials. compared to gold bars

You must remember that the carat level in the jewelry product also determines the size of the price. The higher the level, the more expensive. So here is the procedure for calculating the selling price of gold jewelry and its cost:

1. Track daily gold price

The first step you should take is to check the daily gold buyback price. This is important This is because the price of this precious metal will continue to fluctuate in the short term. Although in the long term, the price tends to be higher.

You can check the price of this precious metal on the official website of metalmulia.com Pawnshop official page or a digital pawnshop application Make sure you sell this precious metal when the price is high.

2. Know the Golden Code

When buying a necklace or other jewelry, there is a code that you need to pay attention to. Because this code indicates the level and type of gold in a commodity. Here are some jewelry codes you need to know and what they mean:

• Code 150: 15% gold and 3.6 karats
• Code 300: 30% gold content and 7.2 karats.
• Code 333: 33% gold content and 7.9 karats.
• Code 375: 37.5% gold and 9 karats
• Code 420: Gold content 42% and 9.6 karats.
• Code 585: Gold 58.5% and 10.08 karats
• Code 700: 70% gold and 14.04 karats
• Code 750: 75% gold and 16.8 karats
• Code 833: 83.3% gold and 18 karats.
• Code 850: 85% gold content and 19.9 karats.
• Code 875: 87.5% gold and 21 karats
• Code 916: Gold content 91.6% and 22 karats.
• Code 958: 95.8% gold and 22.9 karats.

3. Know the formula for calculating the price of gold.

Simply put, the price of jewelry is calculated by the formula:

jewelry price : Gold content in a single gem x current price

So you need to convert karats to grams first. The trick is to multiply the percentage of gold above by the gold price per gram when you buy or sell.

example:

You sell a necklace with the code 700 with 70% carats, while the current price of the precious metal is IDR 930,000 per gram, so the maximum selling price you can get is:

gold price : 70% x 930.000 = Rp.651.000

So, if your necklace weight is 5 grams, then you get all the money. IDR 651,000 x 5 = IDR 3,255,000

4. Know the cost of buying and selling gold.

The above selling price is the highest selling price you can get. Most stores will charge around Rp 20,000-Rp 20,000-Rp 30,000 per gram. In fact, sometimes stores will charge IDR 50,000 per gram to get your jewelry back.

According to Muhammad Adib Mawardi in his writings about Mojok.coThis gold shop is used by merchants to perform tasks such as washing jewelry as if it were resale. solving precious metal depreciation problems, etc.

So, let’s say in the example above. The discount value of the gold sale charged to you is IDR 30,000 per gram, so the amount you will receive from the sale is:

Pay home = IDR 3,255,000 (30,000 x 5) = IDR 3,255,000 – IDR 150,0000 = IDR 3,105,000

This means that the money you earn is more or less in between. 3,105,000 rupiah – 3,255,000 rupiah

In addition to the cost of sales in the above stores There are still a lot of things that can make your jewelry price lower than it should be. Infrequently, this reduction is written in the form of larger store fees. These factors include:

1. lost jewelry purchase certificate.
2. Jewelry is resold in dirty or damaged condition.
3. Especially earrings, the price will go down if the pair is lost.

Many stores will ask customers to sell their jewelry to hanging collectors or markets due to a number of factors above. Of course, this will cost you more because the prices offered are usually lower as well.

So how to calculate profit from investing in gold jewelry?

Here are the steps to calculate Jewelry Investment Benefits:

1. Know the total price when you buy jewelry.
2. Know the price of gold per gram you earn. You do this by multiplying the amount of gold in your jewelry by the general price of gold per gram.
3. Convert the unit of measure of gold to grams by dividing the result of the number 1 by the number 2.
4. Calculate the total gold purchase price you should receive. (not including fees)
5. Use the calculation result number 5 to deduct from the selling price.

Using the example of the selling price in the description 3 above, your profit is:

known :

• Total gold purchase price 3,200,000 rupiah
• The available gold price is IDR 835,000 per gram.
• 70% gold content
• Purchase cost 10%-30%
• Estimated selling price 3,105,000 rupiah – 3,255,000 rupiah

Then your jewelry purchase price is:

1. Total price is IDR 3,200,000.
2. Gold price per gram you earn = 70% x 830,000 = IDR 581,000
3. IDR 3,200,000 / IDR 581,000 = approximately 5 grams
4. 581,000 x 5 = 2,900,000. Then the fee charged by the merchant will be approximately Rs 295,000.

The profit you get is: -95,000 to 55,000 profit.