When you sell scrap gold there are some ‘Golden rules’ to remember.

The best way to get the highest price for scrap gold or old jewelry, is to determine the type of gold that it contains and how much it weighs.

Gold is graded according to its purity. Pure gold is usually found in coins like full gold sovereigns, gold half sovereigns or in bars aka gold bullion. The market price is based on 24-karat gold.

You will be rewarded with the best price for your scrap gold by following some simple tips.

The lower the karat fineness, the lower the amount of gold in a piece.

• 18k gold is 75 percent gold.

• 14k gold is 58.3 percent gold.

• 12k gold is 50 percent gold.

• 10k gold is 41.7 percent gold.