How is Gold Tested?

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Before approaching your local reseller or gold buyer with gold and jewelry wares, it’s important to know exactly how the value of your items will be calculated. Becoming a more informed buyer will prevent you from being ripped off by untrustworthy businesses and ensure that you get the best price for your items. While it’s hard to attain the same knowledge as an experienced gemologist or appraiser, this article will give you some insight into how gold is tested and valued on the resale market so that you can get the maximum cash for your gold.

Figures to Know

There are three figures you need to know in order to calculate the value of your gold accurately: the weight of the gold in troy ounces, the purity of the gold in karats, and the current gold spot price. The gold spot price is the price for one troy ounce of pure, 24-karat gold at that time. The spot price can vary day to day, and minute to minute.

Troy Ounces

Precious metals like gold are weighed in ounces. However, they are not weighed by the standard ounce (28.3 grams). Instead, they are weighed in a unit of mass used in the precious metals industry called the troy ounce. The troy ounce is equal to 31.1 grams, 9% more than a standard ounce. When weighing gold, it is essential that it is weighed as accurately as possible in order to get the best estimate of value. Our scales at Watch & Wares are certified by Orange County Field of Weight & Measure to ensure that all measurements are accurate to the industry standard.

Purity

Everyone’s heard the phrase 24-karat gold. But what exactly does that mean? 24-karat gold is the purest form of gold available on the market. Gold, especially in jewelry, is rarely 100% pure gold because it would be too soft to shape. Instead, it is often mixed with other metals such as zinc that result in a lower karat alloy more suitable for making jewelry. To calculate the purity of your gold for market value, first find out how many karats your piece is and divide that number by 24. If your item is 14-karat gold, for example, you would divide that number by 24 to get the figure 0.583. That means that your jewelry piece is 58.3% pure gold. The higher the percentage of gold in your item, the higher the value of your piece will be.

The Formula

Although gold jewelry and accessories will vary in price based on style, brand, condition, and a number of other factors, a formula can generally be used to calculate the price of the raw gold itself. This formula is (spot price / 31.1) x purity in decimals x weight of the item in grams. So, for example, if you had 1 gram of 14-karat gold, and the current spot price was $1300, you could calculate the value of that gold by doing the following calculation: (1300 / 31.1) x 0.583 x 1 = $24.37.

However, as stated, this value only applies to the gold itself, not the overall item or piece of jewelry. For full appraisals, visit a reputable jeweler or pawnbroker and have your item evaluated. Here at Watch & Wares, we always offer a fair and honest price to customers. Call us at (714) 633-2030 or come into one of our stores to get cash for your gold today!

 

How to Spot a Fake Rolex

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Since 1905, Rolex has been mastering the craft of luxurious, elegant, and reliable wristwatches. Rolex watches are made to stand out from the crowd and are a top-of-the-line brand that is extremely desired, so many people try to mimic and counterfeit their style to take advantage of consumers looking for a Rolex. No matter how well a copycat Rolex is crafted though, the fake Rolex and the real one will still have many differences. If you’re hoping to invest in a Rolex, here are a few things you can check for when purchasing your timepiece, so you can be confident that the watch is authentic.

Price

If a seller is trying to sell a Rolex for less than $1,000, it may be counterfeit. Most used certified Rolex watches can still cost upwards of $1,500 to $50,000, depending on the model and quality. It’s possible to find a real Rolex for less than $1,000, but in those cases, we’d recommend being more cautious about the quality and looking for other signs to validate the authenticity of the watch.

Cyclops

The Cyclops is the magnifying lens above the date window, which magnifies the date by 2.5 times. It’s important to check if the Cyclops is centered as Rolex watches will always have it perfectly centered. If the date is not centered perfectly for the Cyclops and is a little off or isn’t appropriately magnified, the watch may be a fraud.

Material

Rolex only uses the finest metals and materials to make their watches, including stainless steel called 904L steel, 18k gold (not 14k), and platinum. The company takes great pride in crafting each watch to absolute perfection in style, quality, and durability. Getting the Rolex appraised by a third-party jeweler to verify the metals used in the watch will help you determine if it’s genuine or not.

Weight

Because authentic Rolex watches are made of precious metal and the finest materials, this means it should heavy and solid when you hold it in your hand. Whereas counterfeit Rolexes are lightweight because it lacks quality materials.

Stamping

Rolex is notorious for its perfection in every aspect, including the stampings on the face watch and the serial and model number. The lettering and spacing are always precise, clear, and clean. There will never be any errors in the stamping, and if you notice that there is, it means that the Rolex you are looking at is not authentic.

Serial and Model Number

As previously mentioned, the imprints are perfectly marked. The serial and model number are solid, fine lines that are deep and clean. Replica Rolexes often look rough and sand-blasted, and they do not reflect light the same way as the diamond-cut edge of authentic Rolexes.

Case back

Most authentic Rolex have a plain metal case back. Some fake Rolexes will have a clear case back where you can see the movement inside; however, only the rare vintage 1930s models have a clear case back. Additionally, Rolex also does not typically engrave on their case back with their logo, words, or other pictures. There are only a couple Rolex series with engraving on the case back, such as the Sea Dweller and Milgauss.

Movement

Rolex watches are built to be smooth, cohesive, and meticulous. If one were to unscrew the case back, they would see that the inner workings of the Rolex have different colors with perfect wheel movement and engraving on the inside of the case back.

Ticking

When it comes to the movement of the hands of a Rolex, each second is broken down into eight steps, which allows the second hand to be smooth and glide around the face instead of ticking. Fake Rolex watches move with a ticking motion for the second hand, as well as make a ticking noise. An authentic Rolex will never make that ticking noise, so if you notice the Rolex you are thinking of purchasing is making that noise, it means it’s fake.

Water Resilience

All authentic Rolex models are waterproof, due to its tight build. Although there are specific models made for deep sea diving, all Rolexes are made to be leak-proof. Many counterfeit Rolex watches are not waterproof, so if the seller allows, you may test the waterproof integrity of the Rolex to verify it is genuine.

Seller

It’s vital to know who you are buying from and their reputation. Trustworthy dealers will be able to provide you a guarantee of authenticity for proof and are likely to have positive reviews and recommendations from previous customers on Yelp, Google, and even Facebook.

Here at Watch & Wares, our reputation precedes us, and we always put our customer’s values first. If you’re looking to invest in a used Rolex watch, we are the place for you! Our vintage watches are restored to original manufacturer specs, and all of our watches come with a warranty.