Conduct thorough research to identify reputable gold buyers in your area. Look for established jewelry stores or online platforms with positive reviews and a history of satisfied customers. Avoid dealing with random individuals or unverified online buyers, as they may be more likely to engage in unethical practices.

If you have gold in the form of bullion bars or coins, you'll get by far the best prices by selling them to a dealer that specializes in gold bullion. For gold watches and other brand name gold jewelry, you'll get the best price selling privately or through a company that specializes in this type of product.

As a general guideline, expect to get 55 to 75 percent of the total gold value (assuming the piece is in good shape). So, if your necklace contains about $420 worth of gold, a fair offer would be $231 to $315. Another way to calculate it is to reduce the per-gram value by 25-45 percent.

Gold is weighed using the troy measurement system, such as by the troy ounce or troy pennyweight. Weight-based value depends on the market; the current value of gold per troy ounce is known as its spot price.