If you have a bunch of broken gold chains and necklaces and want to try selling them to a jewelry store, it’s important to know how much they’re worth first. Here’s how to calculate their value like the pros do.

1. Weigh it with a gram scale.
2. Get today’s price of gold from a place like Kitco.
3. Divide that price by 31.1 to get the gram weight. (The price of gold is listed in troy ounces, which is 31.1 grams)
4. Divide the karat by 24
5. Multiply the result of step 4 by the result of step 3 by the result of step 1.
6. Congrats! Now you know how much your piece of gold is worth if it was melted down.

Armed with this information you’ll be a lot better equipped to get a good price when you comparison shop selling your gold at several different jewelry stores.

How to Calculate the Value of Scrap Gold [WikiHow]

Want more consumer news? Visit our parent organization, Consumer Reports, for the latest on scams, recalls, and other consumer issues.