Before going to a gold scrap dealer, you should ensure you have a fair idea of the value of your gold so that you can calculate whether the price you get is fair. You will need a small set of jewelers or gem scales (inexpensive to buy in the gold district of Silom), and a X10 jewelers loupe. Heres how to calculate:
1. Separate the scrap into groups of the same karat value: Using the loupe look for a hallmark on the item:
10K is 10 out of 24 parts fine gold and will be stamped 461
14K (14/24) will be stamped 585
18K (18/24) will be stamped 750
22K (22/24) and will be stamped 916
2. Weigh each karat group and note down the weight in grams. (One troy ounce of gold weighs 31.1 grams)
3. Find out the current gold price in US$ per gram: check www.24hgold.com or www.kitco.com, or download the iPad App Gold Price which has live prices from www.BullionVault.com
4. Establish the *approximate fine gold content of each karat group of gold scrap: divide the karat value of each group by 24 e.g. 10K /24 =0.416. (For 14K you will come up with 0.585, 18K 0.750, and 22K 0.916). For example, 100gms of 0.750 (18K) gold =75g of fine gold (100 x 0.750 = 75).
5. Then multiply the fine-gold weight of the scrap by the current gold price per gram. If current price of gold is US$1,788.50 per ounce or $57.50 per gram ($1788.50/31.1), then the value of your gold is : 75gm X $57.50 = US$4,312.50 (i.e. US$57.50 x .750 = US$43.12 per gram).
OR better still, you could download the iTunes Scrap Calculator App by JHBC (Jack Hunt Coin Broker, Inc.), which will take all the hard work out of calculating the scrap value of gold of different karat value and quote you total value in the current US$ price.
6. After you have established the scrap merchants fee (it will be either a percentage or a minimum sum, quoted in Thai baht, and it pays to shop around) deduct this from the value of your scrap, after having made any necessary currency conversion. The remainder is what you should receive, but make allowance for a little gold loss. (*Often gold that is hallmarked 750 will prove on testing to contain not 75% fine gold, but a couple of percentage points less).
For the currency exchange you could use the iTunes App xe Currency. And for the current gold price in Thailand there is a simple i-Tunes App Thai Gold Price: currently only in Thai language, but not difficult to understand. It gives the range of the previous days trading, the current gold spot price per gram, and the US$ THB exchange rate.
Remember that the gold price fluctuates on a minute by minute basis, so before you settle on a price for your refined gold you should use your smartphone to check the current price on the Internet. And if you decide to sell gold or send gold scrap for smelting you will need to produce your passport to verify your identity.