How many people have a growing activity for gold buyers? We are required to process the report when we bought the jewelry from the public and the cost to the city of Lansing files. At current levels, in which we filed with the police so far in 2010, our annual total to almost seven times the number of our reports filed for 2007 and nearly 30 times the number of reports which we made in 2002!
In a survey conducted by a number of staff early last year I, we found that approximately 15% of people are under the impression that any person who advertises to buy gold to pay the same price, so believe that no matter what to bring to do. Beginning in April 2009, we had people in my company to contract out an anonymous survey of all companies in our market that are advertised on television, in newspapers or in the yellow pages and gold jewelry.
jewelry used in this study do not have clearly marked with stones and leading manufacturer of purity, so there's no question about what is being offered for sale. For three days, every buyer visited three times, with different merchandise, by different people each time. We then converted into the value exchange offer gold or silver with a suitable spot price.
The results of this survey is truly eye-opening. My own company is not only the highest purchaser of any items that are tested, but the closest competitors who come to us is about 14% lower. It offers the lowest about 85% less than that of my business comes from out of town buyers and hotels are known jewelry stores in our area! One of the jewelry store has much to offer variation, ranging between 20-85% lower than my company offered. In their assessment that the survey, they believe that employees at the store with a variety of ordering tailored to the customers to measure how cheap they might be willing to sell their goods, and then make your bid accordingly.
Gold and silver jewelry purchased by weight and purity. Precious metals are traded in troy ounces, or about 31.1 grams. It is about 10% heavier than avoirdupois ounce (28.35 grams) using a banana and men to weigh. Pure gold is 24 carat (.999 fine or higher), so 18 carat pure 18/24, 75% weight, 14 karat is 14/24 or 58.33%, and 10 karat is 10/24 or 41 purity, 67 %. Sterling silver is 92.5% pure.
To try to assess the value of your gold jewelry (not including the weight of the stone or the non-gold) to find, given the gross weight of the object. Suppose you have a ring of 14 karat weight of 5 grams, and that the gold price is $ 1,250. Calculation times troy ounce = 5.0/31.1 = 0.5833 0.16077 0.093778 oz gold $ 1,250 times the price of gold = $ 117.22 (also known as intrinsic value or melting).
September 2009 issue of Consumer Reports, including discussions about the companies that buy jewelry from the public and is recommended only sell if it is possible bid to get at least 50% of the metal. In the example above five grams of gold rings, indicating that a good offer that meets at least one will be $ 58.61.
In a survey in April 2009, the company we found only three of the fourteen local buyers are offered consistently at least 50% of the value of gold for jewelry. None of the e-it-on the farm contacted by phone or buy online price they offered nearly 50% of the value of gold, because they only varied between 11% to only 27% of the value of gold.
National currency showed a few months ago, we asked dealers across the country about their customers pay formula for gold jewelry. Most of the responses ranged between 60-65% of the value of gold. Each dealer will offer the highest 70% of the value of gold, but only for special customers or a very large number.
Recently, Sears and Kmart announced that they are working with the mail-it-in a business envelope can be taken at any Sears or Kmart store. merchandise is not the price after the goods are delivered to the company, so there is a risk of falling prices. However, unlike so many mail-it-about the company, putting the buyer's purchase price is currently at the location. When I last checked them, they provide approximately 61-62% of the value of gold. The price offered by buyers for Sears and Kmart may be 12-15% less than what I paid for a public company, but a good reference point for quotes from local buyers in your area to compare.
When trying to sell your gold, we have seen all sorts of tricks and scams used by some buyers of gold, in an effort to take advantage of the lack of knowledge about the seller. Of all the horror stories we have heard for decades, here are some tips on how to protect yourself against them and help you get the highest price for gold and silver jewelry.
To get at least two bids for the purchase. Sometimes while driving in the streets of a commercial district, there seems to be at least one block of each picture window that states "We buy gold." If you compare the price, you will at least prevent buyers the lowest. In every store, ask the buyer weight and purity and price per gram they think. If you have only a few items, be prepared for each part individually. If you have a larger amount, it is possible that all the pieces for a total of 14 lots of rust, then 10 carat, like many others, so consider. Get more than two offers, if practical, especially if you are the first two are very different. If you need information about the weight and purity, use that information to calculate the percentage of the value of your gold will be offered. Before leaving, you might want to check out the website for free as fresh www.thebulliondesk.com spot price, so you will be able to give weight and value of the metal to calculate profits.
Do not always believe what you hear quoted on the phone. A number of potential vendors trying time and gas money by calling around to check what buyers will pay a per gram. Many smart buyers and would refuse to quote over the phone, often because their purchase price was not competitive. Some will tell the caller to get their best rates elsewhere, and then ship the goods to them for a better bid. Some of our customers have told us that they have a price on the phone, but when they go to the store buyers, the participants try different tactics outlined below offer a lower price than was quoted over the phone. We have examples of some local customers, while customers stood in front of them, have called our store to check our current purchase price, customers say they match our price, but then told the customer a lower rate than we have just quoted on the phone.
Be careful to offer to buy jewelry at a lower purity than is indicated. There are a number of false signs in jewelry, where purity is actually lower than indicated on the document. We have seen hundreds of pieces of jewelry that is marked either 10k or 14k, which was tested only as a 6K to 8K purity. There are also components of gold jewelry and gilded fully passed on to the market as pure gold, some with signs of false purity. So, just because the buyer said he could be offered on items such as the purity is lower than it was marked not automatically he or she was deceived. However, comparison shopping can protect against this practice. If every buyer of goods from the same action, they can be the same.
cautious buyer claims not to buy jewelry metal. A recent example will suffice. A woman shows us a set of jewelry she had inherited. We offer more than $ 500 for the value of gold, but he was angry because we do not offer to purchase jewelry for resale like that. He called around and found a buyer who claims he will pay the value of jewelry, but only offering her $ 175 for the set. What is important is the actual amount that they offer to pay, not as a reason that the buyer claims to calculate their bids.
Try a quote from coins or gold dealer to get. Old, established coin and bullion dealers are used to working on much smaller margins than jewelry and antiques. From what customers have told us, coin dealers often offer the highest price than buyers in other industries. This does not apply to coin dealers, but you do not know until you check them out.
Show your stuff from your face! Customers have a statement of us have at least one jewelry store in our region, where the practice is to take the jewelry buyer is not seen customers because buyers even have to remove the stone (without first being "I have a tool on my bench" permission. Request from a client!) For only accurate weight of gold, with some customers saying that they believe the diamond was transferred to a less valuable as jewelry is not visible. Technology digital scales cheap and very portable, with many models that fit in your pocket. If the buyer wants another table to check your items, they must be willing to let you accompany him. If not, then maybe you just need to walk away and get their bid to spend.
Beware of scams are widespread. If you visit two or more buyers, you should be safe from buyers who have rigged the scale to weigh your item. Here is a simple check on the weight of 5.0 grams cents U.S., even those with a circulation a few. Please nickel with you and ask buyers to weigh. If you read 4.9 g, which is probably pretty close. If the weight of 4.8 grams or less, no matter the buyer.
Watch out for prices in pennyweights. There are 20 pennyweights in a troy ounce. That means that every pennyweight equal to 1.55 grams. The purchase price of their high-quality voice for traders and buyers pennyweights blind quotations. Where have we seen that practiced in our area, pennyweight buyer pays less than we do. For example, if the buyer is charged $ 12 per gram for 10 carat jewelry, which means that other buyers use pennyweights should offer $ 18.60 per pennyweight match the offer. But almost always, buyer pennyweights offering price may only offer $ 14-15 per pennyweight in this particular case. Dollar amount is higher than the price of grams, but the total price will be far less than that offered by the buyer mentioned in grams.
Note the severe reduction in stone. non-precious stones and weigh something. A few buyers use a very low purchase price, but they claim that they offer a higher price because they are not reduced by heavy stones. Some buyers, because of lack of experience or fraud, are routinely too much with weight reduction in stone. This is why it is important to offer an actual item rather than the level of charge per gram or pennyweight compare. Some buyers, like my business, too often remove and restore the stone, often at no cost. Unfortunately, very small diamonds has little value, so they are more expensive to obtain than they are worth in the wholesale market. Do not expect buyers to pay extra for them unless they have so little to pay for the gold that they seem to do.
Questions coupons or program to temporarily pay the high price of an extra or a bonus. With one exception, our experience with this gimmick is that buyers and sellers still lower prices, even after the "bonus" added rather than the usual price on my business now. Strong buyers do not have to resort to such gimmicks.
Do contact your local buyer who is willing. This may seem obvious, but many people who get paid by selling to buyers who are here today and gone tomorrow. Without meaning is always knocking on every buyer that, amazing stories we hear buyers hotel close to 1), 2) persons with temporary classrooms at flea markets and antique malls, and even 3) people who have a career to go around to garage sales to try make some people with their jewelry in place, all the low pay much lower prices compared to a company incorporated in the local community. Think about this. A company that has for decades had a reputation to protect and repeat business depends on their success. Although buyers do not have the same incentive. Again, comparison shopping is the key.
Hold high pressure tactics to sell direct. Buyers are offered a lower price for the seller has an incentive to part with their goods before they have a chance to compare prices with competitors. Any buyer who starts with a higher price when you walk out the door certainly is not a serious buyer. In addition, each buyer who said they offer only lasts as long as you are in a place they only use high pressure tactics. True, the price of gold fluctuates a little when you get back (and actually could be higher!), But there are many potential buyers in the world, many of them almost certainly vendor to offer a higher price. You do not today or even sell at all!
Be careful with the victims of extra high-value jewelry trade for the purchase of new merchandise. Our price survey, we found the jewelry offered by about 25% of the value of gold to purchase jewelry for cash, but will double that amount as a trade-in purchase price of jewelry sold at least double the trade price. Even the market value far below what the cash price to buy my business, so the seller would be better than selling jewelry to us (it happens), then returned to the jewelry and pay the full price of the new jewelry. Some jewelry can offer a very good trade in credit on merchandise that you really want to buy, but you have nowhere else to check to see what you could be paid in cash.
Check whether the purchaser is properly licensed and in accordance with state laws and local regulations. Michigan, like many countries, require that buyers of jewelry and gemstones for a separate permit from the local police or Sheriff's Office to legally purchase the item from the public to obtain. Michigan law also requires that the buyer is licensed "prominent" this permit and submit a written report for each purchase of jewelry and gems from the audience. Not registering with police or giving police to report crime in Michigan. A buyer who take shortcuts by not following the law, which is far more likely to try to take advantage of blind vendors.
Some buyers try to argue that their VAT license, jewelry license, the license owner of the house, and the license is adequate for this purpose. In Michigan, they are not in accordance with national law on setting up a business to buy jewelry and gems from the public. It may be necessary to examine specifically applicable to your country.
It does not directly exhaust the list of gimmicks and scams, but hopefully your hands to prevent the sale to the buyer is lower. The main protection is to compare the prices of at least two or three buyers.
To try to ease the reader, the following is a summary of the way up to 50% (minimum suggested in the article Consumer Reports) or the calculation of 61% (provided by e-it-on the buyer to work with Sears and Kmart) from the value of gold or silver , whatever the severity of the buyer to use.
50% of the value of the metal per gram pennyweight per troy ounce
10 Karat Gold Spot Spot x 0.0067 x 0.0104 x 0.2083 Spot
14 Karat Gold Spot Spot x 0.0094 x 0.0146 x 0.2916 Spot
18 Karat Gold Spot Spot x 0.0121 x 0.0188 x 0.3750 Spot
Sterling Silver Spot Spot x 0.0149 x 0.0231 x 0.4625 Spot
61% of the value of the metal per gram pennyweight per troy ounce
10 Karat Gold Spot Spot x 0.0082 x 0.0127 x 0.2542 Spot
14 Karat Gold Spot Spot x 0.0114 x 0.0178 x 0.3558 Spot
18 Karat Gold Spot Spot x 0.0147 x 0.0229 x 0.4575 Spot
Sterling Silver Spot Spot x 0.0181 x 0.0282 x 0.5642 Spot
Remember, you can check the current spot price on the internet by going to get www.thebulliondesk.com. Maybe you want this table to take when you check your price. Good luck.
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