What Is The Difference Between Working With Gold And Other Metals
Not as much as you might think! Usually when we start working with metals as a jeweller we practice on copper first, move on to silver and then start working with gold. This is to practice with more affordable metals and hone your skills before moving onto the precious metals.
You solder gold in the same way as you solder other metals and it can actually be easier to solder than silver!
How Do Designer Jewelry And Custom Jewelry Prices Get Figured Out
Custom Made Engagement Ring
If you have a one-of-a-kind custom-made ring created for you, your price to be paid will be greater, than a ring of similar weight and style that was factory made. The cost of a custom made ring includes the time of t he designer to create it, as well as the wax carving or CAD/CAM creation, casting, polishing, setting and adding the special finishes or textures plus any engraving that make your ring unique.
A custom wedding or engagement ring has no economy of scale because it is one of a kind. So expect to pay more for the singular care that goes into its making.
Do These Four Things When Selling Gold
Once youre sure your items are worth no more to you no sentimental attachment or valuable appraisal as fine or costume jewelry than their value when melted down, heres a four-step process to get the most money when cashing in your gold:
Amount of Gold Per Karat Weight
|Type of Gold
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Purpose: What Is It Used For
Pure gold is very soft and is easily damaged. If you intend to wear it every day, then go for LOW-KARAT pieces. These range around 10, 12, and 14 karats. Low-karat pieces are made of gold and other metals that make the alloy stronger.
For rings and bracelets which are exposed to friction against hard surfaces, it is best to buy 10 and 12-karat pieces.
For necklaces and earrings which are safe from knocks and bumps, 14 18 karats are suited.
HIGH-KARAT pieces that range from 18-24 karats are best for special occasions, parties and ceremonial events for two reasons:
One, your gold is rarely used and when you use them, they are handled carefully avoiding unnecessary damage. Two, you get to low-key humble-brag about your elegance and wealth. Ok, that last isnt actually a reason.
Buying Gold Chains At Helzberg
Helzberg is similar to other mega jewelry retailers like Jared and Zales, but it’s one of the few jewelry companies that hasn’t been bought by Signet Jewelers.
When it comes to gold chains, Helzberg has a ton of them. They have over 100 different gold chain options, and that’s without any pendants. From unique byzantine chains to Miami Cuban link, they truly have it all.
Aside from the wide selection, Helzberg allows you to purchase a Lifetime Care and Jewelry Plan with their chains. This will cover broken or worn clasps, broken chains, and rhodium plating white gold chains. The cost of the warranty will vary based on cost of the chain, but here’s an example below:
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Whats The Cheapest Country To Buy Gold In
There are different markets for gold spread throughout the world, but the country you choose to buy your gold from will vary depending on the cost of gold in the country.
Generally, Europe and India are some of the biggest suppliers of gold in the world, and though you might hear that gold is sold very cheap in a specific country, you need to remember that gold is sold at more or less the same price across the world.
So, if you come across a recommendation for gold being sold at the lowest heard price in country X, you might want to question that gold.
But heres what happens when they say that country X sells gold very cheap often, it means that the price of gold in that country is going for a few dollars per ounce less in that country than the other country you are comparing prices in.
And when this happens, the gold traders in the cheap country will ship out their gold, meaning that the price difference is reduced to just about zero. Unfortunately, this happens all the time, meaning that you cant really find a country that always sells their gold very cheaply.
However, you could get a good deal by buying second-hand gold jewelry for a price lower than what gold is sold for at the time.
Now, if you wish to invest in gold, it is recommended that you settle on buying the gold ingots rather than a gold coin. While smaller ingots cost more, ingots are generally better investments than coins, and the ingots offer a higher return on investments.
Act Now To Sell Your Gold
If youre looking to make some quick money, turning gold bullion bars or rounds commemorative gold pieces usually into cash will yield more right now than it did even at the end of 2021. Even gold jewelry, coins or other antiques, which usually have less gold content, could net a good payout.
Patience may be even more important right now though, said Patrick Yip, the business development director for major gold seller APMEX. He and other experts are predicting the value of gold will more than double in the coming years.
I think that gold could make a move thats multiples of what we see today, if history repeats, he said, adding that in the past when the stock market struggled, precious metals excelled.
But if $2,000 an ounce right now sounds good, heres how to sell gold like a pro.
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Buying Gold Chains At James Allen
James Allen is an online jewelry retailer that sells engagement rings, wedding bands, loose diamonds and gemstones, and fine jewelry. They don’t have a lot of plain gold chains like our other picks, but they have a lot of unique gold diamond pendants and necklaces.
But as far as gold chains go, James Allen just doesn’t have many. Most gold chains found in the inventory come with a pendant and are on a box chain. They do have a Design Your Own Pendant using loose diamonds or colored gemstones. If we’re talking plain Jane chains, they’re going to come up short.
One of the best things about James Allen as jewelry retailers is they offer a free Lifetime Warranty.
Their warranty covers routine maintenance for your chains and pendants including rhodium plating, clasps and prong repair for those with gemstones.
Valentine’s Day Sale:James Allen, our #1 ranked online diamond retailer, is currently offering 25% OFF sitewide. to save hundreds on jewelry for that special someone.
- Few choices for gold necklaces and plain gold chains
How To Sell Gold Jewelry
This article was co-authored by Kennon Young and by wikiHow staff writer, Kira Jan. Kennon Young is a Gemological Institute of America Graduate Gemologist, an American Society of Appraisers Master Gemologist Appraiser, and a Jewelers of America Certified Bench Jeweler Technician. He received the highest credential in the jewelry appraisal industry, the ASA Master Gemologist Appraiser, in 2016.There are 14 references cited in this article, which can be found at the bottom of the page.wikiHow marks an article as reader-approved once it receives enough positive feedback. This article received 15 testimonials and 100% of readers who voted found it helpful, earning it our reader-approved status. This article has been viewed 292,170 times.
How can you sell your gold jewelry without getting ripped off? The world of buying and selling gold can seem intimidating, but well teach you how to sell your jewelry in a smart, savvy way. Well go over the pros and cons of selling to jewelry stores, pawnshops, professional gold buyers, and online services. Then, well let you in on how much much money you can expect to get from selling your gold jewelry and how to get the highest possible price.
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Find The Melt Value Of Your Items
Gold buyers weigh gold in troy ounces. One troy ounce is equivalent to 31.1 grams. If you have solid gold coins or bars, the weight will usually be noted on them.
Pure gold is too soft to be used in jewelry, so its mixed with other metals. If you have gold filled jewelry, the amount of gold will be about 5%.
To determine the melt value, the item is weighed and its karat-mark determined. For those of us just getting into the selling gold game and those who have been at it for a while the assessment of the value of the gold will be done by a professional gold buyer.
A karat is a unit of measure for the fineness of gold. For example, your 12-karat gold band is 50% gold. An 18-karat white, yellow or rose gold band would be 75% gold. Dont confuse carat with karat. A carat is a unit of measure for a gemstone, usually a diamond. So, you could have a 2-carat diamond in an 18-karat gold band.
A qualified jeweler or coin dealer who buys gold can help you figure out the weight and purity of the gold bracelet or that gold but gaudy brooch Grandma handed down. Then the cash-in price can be determined.
This Is The Melt Price
This value is what is known as the melt price of this particular chain. The melt price refers to the actual price that your jeweler would receive from a refiner if they chose to melt it down and just be paid for the value of the gold.
The melt price, like the gold price, changes on a daily basis, but as long as gold stays stable in price, it will pretty much remain the same for any given period of time. Keep in mind that the melt price does not take into consideration any other factors, such as labor to create the piece, any stones that may be set into the piece, or any margin for profit that will be added on at the point of sale. Well discuss these points below.
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Where Do Jewelers Buy Gold
Where Do Jewelers Buy Gold? Bet youve asked yourself and the internet this question. Sometimes, this happens out of curiosity, but there are cases where you ask this question because of quality vs. pricing issue, and you just want to make sense of things.
And if you are an entrepreneur, youd ask this question if you wanted to find a reliable source of gold should you decide to pursue the jewelers path later.
This article helps you find answers to this question. So, keep reading.
Three Reasons It Costs Way More In The Store
But wait! In the store that 20 gram chain is selling for $1,500.00 Whats up with that?1. Our calculations up to this point havent included the cost of the other metals.
2. We havent figured in the cost of labor to make the chain.
3. We havent bumped up the price to a retail level. So far, we’ve been figuring things out on a beginning level.
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Royal Canadian Mint Gold Bars
Gold bars minted by the RCM will have higher premiums than our assorted gold bars, many produced by private refineries. But the extra cost also comes with extra security. The Royal Canadian Mint has some of the most advanced anti-counterfeiting technology in the world and one of the most rigorous assay laboratories in the industry. Their advanced sampling and analyzing methodologies is behind the 9999 purity of their gold bars.
Understand The Purity Of Gold
The price of gold will largely depend on its purity . Im sure youve heard of 24-karat pieces! They are the purest form of gold which is measured in 24 parts, hence the name 24k Gold. Basically, 24 karat means 99.9% gold but since its too soft, jewelers hardly make pieces using pure gold.
So for example, alloys tend to strengthen the overall metal content, so 22kt , 18kt , are best for gold bracelets, gold bangles, or gold chains.
Personally, I stick to 14K or 18K for those pieces, especially if I’m wearing them frequently. Chains for women are pretty delicate as is and the softness of more gold could cause it to break more if it gets snagged.
Lower purities like 14kt gold are mostly used in stone-studded jewelry like diamond jewelry such as diamond rings, diamond necklaces, and diamond earrings. That said, look out for gold jewelry ranging anywhere from 14k to 22k.
That said, it’s also worth pointing out how to spot fake gold jewelry. Check the video below for help on that!
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Jewelry Buyer: Wp Diamonds
WP Diamonds is another big jewelry buyer in the diamond, luxury jewelry, handbag and watch resale space.
WP Diamonds has a solid reputation as an online jewelry buyer, and promises to get you a fair price for your diamond or designer jewelry, loose stones , handbags and watches.
However, theirs is a more traditional buyback platform, in that WP Diamond’s in-house expert will evaluate your jewelry, and then make an offer. Take it or leave it.
Their team of GIA trained gemologists and industry veterans have the necessary knowledge and expertise to accurately price your diamond goods based on the current second-hand diamond market.
WP Diamonds pros
- Reputable jewelry buyer with an A+ BBB rating and over a thousand customer reviews
- Clean, easy-to-use site for selling jewelry online
- Pays cash for your jewelry
- Easy process, including FedEx round-trip shipping, and $150,000 insurance
- Choose to do business via email or phone
- Sell in as little as 24 hours: WP Diamonds buys your jewelry directly, meaning that there are no online listings or auctions to wait for. No haggling or negotiating, simply their best price upfront.
- No fees are deducted from your final offer, the amount you hear is the amount you get paid.
WP Diamonds cons
- The evaluation is done by an internal appraiser, not a neutral third-party laboratory like GIA, which Worthy uses.
- There is just one offer, not a price set by a dynamic marketplace
WPDiamonds vs Worthy
WPDiamonds vs CashforGoldUSA
Using Gold To Diversify
While golds price can be volatile, gold prices tend not to move in tandem with stock and bond prices. And, in fact, during financial calamities when investors flee the stock market, gold prices often rally.
When the S& P 500 fell around 30% between November 2008 and March 2009, the price of gold was up by about the same amount.
This makes owning some gold, alongside stocks and bonds, a way to diversify your investment portfolio, smoothing your overall returns. Just keep in mind financial advisers typically dont recommend investing more than about 10% over your overall assets in gold.
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What Is The Best Place To Sell Jewelry
For most gold, silver, platinum and diamond jewelry, I recommend CashforGoldUSA which is accredited and rated A+ by the Better Business Bureau and guarantees you will get paid within 24 hours. Consider selling old jewelry now as gold prices hit record highs. Use CashforGoldUSA’s online gold calculator with today’s gold price estimates.
Are Their Ethical Concerns With Buying Gold
More and more investors are worried about the social and environmental impact of their investments, and gold mining can leave a significant toll on the environment and raises concerns around human rights and governance since gold mines are located in conflict-affected or otherwise high-risk areas.
In 2019, the World Gold Council took steps to implement guidelines for member companies, as did the International Council on Mining and Metals. Both require that participating mining companies publish information on their progress publicly, making it easier for consumers to find.
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Be Wary Of Extra Costs
The cost of purchasing gold jewelry goes far beyond the purity of gold and varies from seller to seller. If youre looking to cut costs, you should get familiar with a few services that hike prices:
– The gold bullion rate. This is the market price of gold, which changes every day. A good online jeweler has a section on the homepage displaying the daily bullion rates of 24kt pure gold. Non-pure gold is typically measured in grams.
– Designer stores: You may wonder why gold sellers affiliated with Bulgari, Cartier, or other top-tier brands sell gold pieces at exaggerated rates. Well, designer pieces fetch price tags up to ten times higher than normal gold jewelry. This is because the other costs cover the products quality, designers attribute, and the brand name.
– Custom pieces: Unless stated, most online sellers have extra charges for custom pieces since youll not just be paying for the jewelry, but the design too.
– Sales Tax: Jewelry is expensive, and most states levy a sales tax. We offer guides on how to avoid sales tax on Blue Nile and how to save sales tax on James Allen jewelry. Check those out to save a bit of money.