As the price of gold continues to hover near $1,300 an ounce, consumers have faced a barrage of flashy billboards, glaring electronic signs, and high-octane promises that they can make a mint by trading in unwanted jewelry.
Do know that gold buyers operate in a self-regulated industry, making it important for customers to understand how transactions work. Here are a few for consumers interested in selling gold to us or another dealer/buyer.
Understand that gold quality varies, and that most gold jewelry is 10k, 14k or18karat, and not pure 24-karat gold.Understanding how the dealer weighs the gold. There are two ways that the dealer is going to figure the weight of your gold. The first one is grams there are 31.1 grams per Troy ounce,. The other weighing measurement is called penny weight. Penny weight is abbreviated as DWT. There are 20 penny weight to a Troy ounce, and 1 penny weight is 1.55 grams. Many dealers when asked how much they are paying per gram will answer in penny weight to take advantage of the consumer. Example: if company “A” is paying $18 per gram for 14K, then when called company “B” says they are paying $22 per penny. This sounds like a better price, however that works out to only $14.19 per gram. Divide the penny price by 1.55 to get the gram price ($22/ 1.55= $14.193)
Shop around for the best price:
Don’t be afraid to obtain a couple offers from different dealers before agreeing to a sale. We recently went to three other gold buyers in Fayetteville NC to show you the difference in payment. Here is what the earrings cost new, and what the dealers offered:
Purchased for: $62
Assessed value of gold: $14.65
What did they fetch?
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