This article is going to answer a lot of common questions most people have when it comes to selling their gold to a gold buyer. Let’s start by talking about diamonds. This question always comes up and it’s understandable why people have questions about diamonds. People have so many questions about this because: number one, most likely you paid a pretty penny for them. And number two, our culture, marketing and Hollywood make a big deal about diamonds.  But there is an ugly truth to diamonds and here it is…diamonds are worth squat! I know it’s sad, but it’s true.

Of course this statement isn’t true for every single diamond in the world. You’ve seen the movie Blood Diamond right? But this statement is true for the common person out there with a common ring. If you are confused now, don’t worry I was confused to when I first learned this. We had a client that had some nice diamonds from Africa in a bracelet. We purchased the bracelet but she wanted to keep the diamonds. No problem. We popped the diamonds out for her and asked her if she wanted us to help her find a buyer for them.

This was an extra service we offered at the time. So I had five quarter karat beautiful African diamonds in my hands that were supposed to be worth something. So I got on the phone and started calling all the local jewelers that marketing they bought diamonds. Then I called diamond brokers. I called everybody I could find. And this is always how the phone conversation went. Hello, I have some really beautiful diamonds I’m trying to find a buyer for. The other person would respond the same every time. How big are they? There are five of them and they are each a quarter karat.

Then the same response followed every time. Well I’m sorry, we can’t help you; we only purchase diamond that are individually a karat or more; not even half karat diamonds. This confused me so I would say; you don’t even want to look at them? The owner of the diamonds swears they are real and supposed to be very valuable. And no one was interested. They all told me the diamond market was flooded and they just couldn’t use any more diamonds. So there you go, if you don’t believe me, then get on the phone and start calling around to see if you have any more luck.

In fact, I have gold buying friends in a lot of different states, and none of them purchase the actual diamonds. You can find jewelry stores and pond shops that might purchase the ring with the diamond in to resell at their store, but good luck with actually just buys the diamonds only. But if you want to keep the diamonds, then most gold buyers can get them out for you. Just understand that a diamond can be broken during the removal process; even by an expert jeweler. But that is rare.

Sell Gold Oklahoma City

This article is going to answer a lot of common questions most people have when it comes to selling their gold to a gold buyer. Let’s talk about retail price versus market value price. This question comes up a lot and it’s good for the seller to understand the difference of these two prices so you have a better idea of what you’re getting for your gold. Let’s first talk about the retail price of jewelry. Ever since I’ve been buying scrap gold at real market value price, I have been blown away by how much jewelry cost the average consumer.

Let me explain. Through a friend of a friend, I met a gentleman who used to have some successful jewelry stores around our area. We got to talking about the business model of the jewelry store and the things he sold and how he made his money. Then he slipped an “insider” secret to me that I had never heard before. He explained to me the reason he was making so much money is because he was able to mark his products up five hundred percent! Easy example; if he got the product for one hundred dollars, then he was selling it for five hundred dollars. That’s what I call profit!

A good general rule of thumb for a business owner is this: if you can mark up your product one hundred percent, then you are in a good market. So you buy something at fifty dollars and sell it at one hundred dollars. That’s a good business model. Now am I trying to “expose” the jewelry business and tell you to stop buying jewelry? No I am not, I am just educating you on what I have learned on the back side of the gold business and I hope you can use it.

Here’s how this information applies to our business. Let’s say you buy a hundred dollar pair of shoes at a retail store. How much do you think it cost to put those shoes together? I am thinking it cost probably around four to ten dollars depending on the materials the shoes are made out of. That makes sense to you right? You wouldn’t expect to then take your shoes and sell them to a materials dealer for very much money because they’re not worth much money just as the material alone.

What gives them their worth is the style, make and model if you will. Well, the gold business is very similar. Gold buyers are just buying the materials in the jewelry. For us, this is the gold, silver, or platinum. So we base the pricing for these items off of the spot price of each of those three precious metals. Pulling it all together now. If you purchase a ring or bracelet, etc. for one thousand dollars on the retail market, then you’re not going to get that money back out of when you sell because the price you paid was inflated by the retail market. But there is good news. The prices we gold buyers pay off of (spot price) are very high, so it’s still a good time to sell these old items for extra cash.

Gold Buyers Oklahoma City

This article is going to answer a lot of common questions most people have when it comes to selling their gold to a gold buyer. Today, let’s talk about how gold gets it value. A question almost every seller has is how much do you pay for gold? Or what is the percentage you pay for gold? Or the question I get over the phone that I just want to slap people for is this: I have a 14k ring (bracelet, necklace, etc.), how much do you pay for it? Come on man! The real answer I don’t say is, I have no freaking idea because I have never seen your item.

So seriously, don’t ask that question; and this is why. We’ve paid anywhere from fourteen dollars to four hundred dollars for a 14k ring. Now you see why I can’t answer that question? And if I give you that number range over the phone, it doesn’t help you out either. The best thing is to always just take your gold in and let the person offer you a price for it. If you don’t like the price, then you can politely say you would like to get a second opinion and leave. A good gold buyer will respect that and not pressure you to sell something.

Value number one. The value of your gold comes from two numbers. The first number we look at is the karat or karat weight of the gold. Most American jewelry is somewhere between ten and eighteen karat. Sometimes more, some times less. Jewelry from Europe is almost always nine karat. Jewelry from Mexico is usually eight to fourteen karat and jewelry from the Middle East is usually fifteen to twenty-two karat. Buyers tip, if you’re in the Middle East, then pick up some gold cheap and come back here and sell it. On the scale, twenty-four karat gold is pure gold.

Almost no one has twenty four karat gold jewelry. And even if you think you do, then you probably don’t. The only twenty-four karat gold mainly exists in the form of gold coins and I’ve only seen a few of them.  So the higher the karat weight of gold, the more valuable it is. Side note one: if you’re jewelry is marked, it’s usually wrong. Side note two: if you have a rope necklace, then refer to note one. Rope necklaces are terrible at melting down into what they are stamped. Value number two is actual mass weight.

After we find out the karat weight, we will put your gold on a scale to get the mass weight. Personally, we weigh in troy ounces because that is what the market is based on. But some people will weigh in grams or pennyweights. Mass weight is the more important value and is the reason we can pay between $14 and $400 for the same karat weight. The more your gold weighs the better. As far as percentages go. For us, every day is different because of the market price always moving. Plus, we pay a higher percentage for higher valued items that we really want. So if a gold buyer tells you it really depends on the item you have, then he is not lying. This is true. And the buyer must see it in person to determine what he or she will pay.

Sell Gold Jewelry Oklahoma City