Have you ever sold any Gold or diamond jewelry and wondered if you got the best price for your items? Many of us have sold off jewelry items for extra cash or simply because the price of gold is at all time highs and we want to sell all the pieces we don’t wear anymore. But when you walk out the door of the jewelry store the question remains, “Did I get a fair price?” Chances are you may never know if you enter the transaction without any information about how the buying process works and what the true market value of your items are, or just how much will the buyer make on my items?
It goes without saying that many of the companies that buy these items are nothing more than pawn stores or high profit jewelry stores that have no problem paying you a small fraction of your items value only to resell or melt the items and sell them to a refinery for an enormous profit. That being said, there are reputable companies in your city that will buy your valuables at a fair price and treat you with the courtesy you deserve.
This article is designed to help you identify those companies and to help ensure you don’t have “sellers remorse” once you exit the buyers store.
Best steps to make certain you get the best price for your item.
1. Make certain you are dealing with a licensed Precious Metals Buyer that reports directly to the local Police Department. This license offers state protections to you as the seller, and should be readily displayed within the business and should be offered for your examination if asked. Without this license, you have no recourse if something goes wrong with the transaction. And the buyer is probably breaking state laws governing metals sales and facing criminal penalties as a result.
2. Gold Karating – Sort all items into the correct gold karat piles. Ex.10k, 14k, 18k…
This is usually stamped somewhere on the item and can be easily identified using a magnification tool. Look on the clasp, interior of rings or back of charms.
3. Item Weights -Very important!! Get exact weights for each of the allotments you are trying to sell. Make sure to get this weight in grams from every store you go to for each group of items. Make certain to look at the scale for yourself and do not take the word of the clerk!! If they will not let you view the scale, this is probably not the place to sell your items, regardless, get a price for investing your time.
Less ethical shops will not even offer you the weight or will give you an inaccurate weight. Please do not assume that when I say ‘less ethical’ I am referring to the small gold buying stores with only a few employees. Bigger and more recognizable stores with a large marketing budget by no means equals ethical. We have consistently documented unethical and outright fraudulent practices from some of the largest high end jewelry stores in every city where our pricing research has been conducted. In reality, the smaller retail establishment may offer a considerably higher price due to the lower operating costs.
3.Diamonds – Generally speaking, stores that do not buy diamonds will not give you the highest price on the gold either. Any items with small diamonds may be worth additional money depending on their quality and size. Generally speaking, a.25 karat diamond and larger should bring additional money, specifically if they are a higher quality stone (SI, VS, or VVS diamonds). If the buyer is not offering additional money for diamonds, you must insist that the diamonds be removed and returned if you decide to sell just the gold to the buyer. Just remember that loose diamonds can be very hard to sell and will bring a lower price when removed from the item. We have found that many buyers that would have purchased your diamonds before removal will not purchase them as loose stones unless they are a custom jewelry manufacturer. I would encourage you not to sell the items with larger diamonds until you find a local buyer that will buy the entire item with diamonds in tact.
4. Pricing – This will does vary slightly depending on the region of the country you are in. But as a rule of thumb, you should never accept anything less than 80% of your gold items karat value.
At the time this article was written this would translate to $15.05 per gram for 10K and $20.89 per gram for 14K and $25.18 for 18kt. If you are offered substantially below these prices with the buyer’s first offer, it may be worth collecting your items and moving to the next store on your list. Also, these prices should serve as a starting point for your negotiation, but if you have to sell at these prices you have done fairly well with your shopping.
You must also keep in mind that the buyer will not sell your item at 100% of gold value. He may ultimately sell them at 85%-95% of gold value depending upon his pre-negotiated rate with the refinery and other large volume buyers that deal with licensed buyers in your state.
You will also want to bring a notebook with you on your quest for cash to take detailed notes regarding each buyers offer along with your own calculator to ensure the accuracy of the transaction. This will probably make the buyer a bit nervous, but that is exactly what you want to keep him/her on their toes and to validate that you are an informed customer who expects a fair price for all your items. Never hesitate to ask questions if something doesn’t make sense. If you are not satisfied simply collect your items and come back later especially if you need time to consider the offer.
If put to use properly, these tips should give you a good glimpse into the gold, silver and diamond buying business, and should help you receive the maximum compensation for your items. Additionally, you are now armed with inside information from a licensed precious metals buyer which will give you a decisive advantage entering the negotiation and additional confidence before entering any buyer’s place of business.
Just remember you are in control of this transaction and nobody can make you sell your items until you are completely satisfied. Have fun with the selling process and keep shopping until you get what you deserve.
If you have additional questions please contact http://www.piedmontjewelryandgold.com in Mooresville, NC (704) 277-4060.
Source by Rob A Builder
How Do I Get the Best Price For My Gold, Silver and Diamonds?
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