Gold is worth about twice what it was in early 2024, and most of us have a drawer full of it. Here's how to decide what to cash in, what to remake, and how to do both, from a family jeweler that has been on Main Street in Southbridge since 1920.
Three days only · Next week
Gold, Jewelry & Diamond Buying Event
Bring your jewelry box to 409 Main Street. Every piece is evaluated in front of you, free, and you're paid on the spot if you choose to sell. Or take store credit and we'll add 20%.
Tue & Wed 9:30–5:30 · Thu 9:30–4:30 · No appointment needed · With National Rarities estate specialists
The short answer
- Sell what's broken, unmatched or has no story attached. Gold is still historically expensive, and scrap does nothing in a drawer.
- Redesign what carries meaning or holds good stones. You're reusing materials you already own, and the result is one of a kind.
- Do both. Turn the scrap into credit and put it toward remaking the piece you love.
Why your jewelry box is worth a second look
Spot gold set a record above $5,400 an ounce in January. It has cooled since, trading around $4,150 in mid-October, but that's still roughly double where it sat at the start of 2024. A chain that was worth a few hundred dollars in metal two years ago may be worth twice that today.
High prices are changing how people buy. Metals Focus, a precious-metals research firm, expects global gold jewelry buying in 2026 to come in more than a third below 2023, and the shoppers who are still buying are choosing lighter pieces and lower karats. At the same time, more people are opening their jewelry boxes, either to sell what they don't wear or to have it remade into something they will.
Find out what you actually have
Before you decide anything, check the karat. Look for a tiny stamp inside ring bands, on clasps and on the back of pendants. A magnifying glass or your phone's camera zoom helps.
| Stamp | What it means | Precious metal content |
|---|---|---|
| 10K · 417 | 10 karat gold | 41.7% gold |
| 14K · 585 | 14 karat gold, the most common in the U.S. | 58.5% gold |
| 18K · 750 | 18 karat gold | 75% gold |
| 22K · 916 | 22 karat gold, common in heirlooms from overseas | 91.6% gold |
| PT · PLAT · 950 | Platinum | Typically 90–95% platinum |
| 925 · Sterling | Sterling silver | 92.5% silver |
| GF · GP · HGE · RGP | Gold-filled or gold-plated | A thin gold layer over base metal, so little melt value |
No stamp? Bring it anyway. Older and handmade pieces often aren't marked, and a jeweler can test the metal in minutes.
How melt value works
Weight in grams × gold content × (gold price per ounce ÷ 31.1)
Example: at $4,150 an ounce, 20 grams of 14K gold (a heavier chain, or a handful of broken pieces) contains about $1,560 worth of gold.
Melt value is a ceiling for scrap, not an offer. Every buyer pays a share of it to cover testing and refining. Diamonds, signed designer pieces and watches are valued on much more than their metal, which is why an in-person evaluation matters. And don't pay to clean or repair anything before you bring it in.
Sell it or redesign it?
Most jewelry boxes hold both kinds of pieces. Sort yours into two piles.
Sell it if…
- It's broken or missing its mate: a snapped chain, a single earring, a ring that can't be sized.
- It's scrap by nature: class rings, dental gold, old settings whose stones are gone.
- It has no story for you, and it's a style you'll never wear again.
- You'd rather have the money. That's a perfectly good reason.
Redesign it if…
- It's sentimental but sits in a drawer: a grandmother's ring, a parent's wedding band.
- The stones are good but the setting looks dated.
- You own a lot of gold you don't wear and want one piece you'll wear every day.
- You want something nobody else has.
Where you sell matters
Sell to someone with a storefront to protect. A reputable local jeweler tests and weighs each piece in front of you and explains the offer before you decide. Mail-in envelopes and pop-up buyers in hotel ballrooms can't offer that.
Morin Jewelers buys gold, diamonds and estate jewelry year-round, with a GIA-trained gemologist on site. For more on how prices are set, read our Gold Buying Guide.
What your old gold can become
The best redesigns start with what you already own. The gold and stones you bring are materials you don't have to buy again at today's prices, and the finished piece exists nowhere else.
An old engagement ring
A modern bezel or three-stone ring
Bezel settings and three-stone designs are two of the defining looks of 2026. Your original diamond can move into either one.
Browse settingsInherited gold you never wear
A signet or pinky ring
Signet and pinky rings are among the season's most popular styles, and they're a natural way to wear family gold every day.
See signet ringsSingle earrings & loose stones
A one-of-a-kind pendant
A lone diamond or colored stone makes a beautiful pendant, especially set in gold you already have.
Necklaces & pendantsMismatched diamonds
An anniversary band or studs
Small diamonds from several old pieces can be matched and reset into a band or a pair of everyday earrings.
Anniversary bandsThe smart move: do both
Sell the scrap, redesign the keeper, and let one pay for the other. At our October 27–29 buying event, anyone who takes store credit instead of payment gets a 20% bonus, and that credit can go toward a custom design.
Example for illustration; your offer depends on what you bring. Custom pieces at Morin Jewelers start around $999.
How a redesign works at Morin Jewelers
Everything happens in our own shop on Main Street, and you approve the design twice before anything is made. Most pieces take three to four weeks.
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Step one
Consultation & sketch
Bring your pieces. We talk through style and budget, then put the idea on paper.
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Step two
3D rendering
The approved sketch becomes a 3D model you can see from every angle and adjust.
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Step three
Setting & finishing
Your stones are set and the piece is finished by hand, then checked against the design you approved.
“He recently created a custom ring from some heirloom stones that is so beautiful and everything that I hoped for and then some.”
Beth T., Google review · Read more reviews
Questions we hear every week
Is now a good time to sell gold?
Nobody can call the top. Gold set a record in January 2026 and has eased since, but it's still about twice its early-2024 price. If a piece has no sentimental value, prices are on your side. If it does, consider redesigning it instead.
How much will a jeweler pay for my gold?
Gold offers are based on weight, karat and that day's gold price. Diamonds, designer pieces and watches are valued separately. A reputable jeweler tests and weighs each piece in front of you and explains the offer. Call or text us at (508) 764-7250 to arrange an evaluation any time of year.
Can you use my own gold and diamonds in a new design?
Yes. Our redesigns are built around the stones and gold you already have. Bring everything in and we'll tell you what it can become. See our custom design process.
How long does a redesign take, and what does it cost?
Most custom pieces take three to four weeks. Custom work at Morin Jewelers starts around $999, with the final price depending on the piece, the metal and the stones. Financing is available.
Do I need an appointment?
No. Walk in Tuesday through Saturday. Booking a consultation means a designer is set aside just for you.
Family owned since 1920
Bring your jewelry box to Main Street
Whether you sell, redesign or do a little of both, you'll get an honest answer from people who will still be here long after the work is done.
- Visit
- 409 Main Street, Southbridge, MA 01550
- Hours
- Tue–Fri 9:30–5:30 · Sat 9:30–3:00 · Closed Sun & Mon
- Call or text
- (508) 764-7250
Sources: Associated Press, on gold's January 2026 record · Kitco, on Metals Focus's 2026 jewelry demand forecast · Mining.com, on buyers shifting to lighter, lower-karat pieces. Gold prices change daily; figures are as of mid-October 2026.
Morin Jewelers serves Southbridge, Sturbridge, Charlton, Webster, Dudley, Spencer, Oxford, Auburn and all of Worcester County, plus nearby Putnam and Thompson, CT.