For any rings you found at the beach, how much were they worth?

[OBXmetalDet]

Yes that is pretty close, now the only problem is finding a 4 oz gold ring.

The website in the attached pic says most gold rings are 3 to 7 ounces. When you consider the dimensions of a 5 oz gold bar I find it hard to believe that an average gold ring contains anywhere near that much gold. What am I missing?

 

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[Treasure_Hunter]

Not sure where you got that website but they don't know what they are talking about, it is extremely rare to find a gold ring that even weighs a half ounce, average size would be closer to 10 grams and unless it is 24 k it is less gold, a 10 gram 14k gold ring has about 5.7 grams of pure gold, Troy oz of gold is 31.1 grams.

 

[pepperj]

Not sure where you got that website but they don't know what they are talking about, it is extremely rare to find a gold ring that even weighs a half ounce, average size would be closer to 10 grams and unless it is 24 k it is less gold, a 10 gram 14k gold ring has about 5.7 grams of pure gold, Troy oz of gold is 28.3 grams.

Troy oz. Is 31.104 grams
Oz of pot is 28.35 grams.

 

[OBXmetalDet]

Not sure where you got that website but they don't know what they are talking about, it is extremely rare to find a gold ring that even weighs a half ounce, average size would be closer to 10 grams and unless it is 24 k it is less gold, a 10 gram 14k gold ring has about 5.7 grams of pure gold, Troy oz of gold is 28.3 grams.

I thought it was too good to be true. What you're saying sounds far more realistic. Thank you.

 

[ARC]

Troy oz. Is 31.104 grams
Oz of pot is 28.35 grams.

Actually... One troy ounce (oz t) equals exactly 31.1034768 grams.

:P

 

[Treasure_Hunter]

Troy oz. Is 31.104 grams
Oz of pot is 28.35 grams.

Oops, busted...... Stand corrected.

 

[pepperj]

Actually... One troy ounce (oz t) equals exactly 31.1034768 grams.

:P

So if one rounds up 31.1035, I stand corrected as well.

 

[TORRERO]

Thank you for your reply. I'm surprised they only offered $700 for that. I know they have to make a profit but I would have expected more.

I think the reality is that when you find an item you may expect jewelry store type prices but these will never be realized because a jewelry store will mark it up 2 or 3 times actual melt value. I have found jewelry store don't want to pay for diamonds that are small, and will only pay you for the content of the gold. Midwest Refineries is good for gold melting but really, what do you do with the stones that come out, real diamonds that are small, they don't want, 1/2 carrot or bigger maybe they might offer you something so they can mount it sell it... I have dug many items but I think if someone offered me $700 for anything I have found minus a few of the heavier gold items I would jump at the chance.
And go figure, a SILVER RING in a jewelry store will cost you $65-$100 but the SILVER content ($26 OUNCE) is maybe $5 (7-8 grams) for melt value so if you dig even a nice Silver ring, scrap value isn't much..

 

[Treasure_Hunter]

Jewelry stores are in the business to sell new jewelry, not buy used jewelry, the markup on new jewelry is quite high, used jewelry does not have a lot of room for markup and take up space.

Take a ring to a pawn shop and see what they offer, look at the pawned jewelry they have for sell.

 

[ole miss rebel]

Great discussion! Couple of years ago I took 3 solitaire diamonds to a dealer to see what he'd give me for them. I actually had the appraisal he did on them for my mother years ago. He said he couldn't offer anything, then went to a back room and came out with a platter full of single diamonds. He said he takes them out of rings and sells the gold or platinum bare rings. Market is flooded with single diamonds.

 

[smokeythecat]

I have never seen anyone get much for used jewelry. The 2nd hand shops have more realistic prices on it, but as such you get a percentage of a percentage of a percentage. Just how it is.