View answers to frequently asked questions about the buying and selling process at Used Jewelry Buyer.
- Why don't you offer coupons like some of the other gold buyers?
- I really like your calculator link, but I have no idea how much my gold weighs. What can I do?
- I've called around and some gold buyers won't give prices over the phone. Why?
- How can you post your buying prices when the prices are constantly changing?
- Why do you want your customers to know what their gold is worth?
- I've been told that gold is a commodity and at any given time has a finite value. So why don't you pay 100%?
- Does it cost money to refine scrap gold in to pure gold?
- Are your buying prices negotiable?
- I paid a lot money for my gold jewelry. Why is it only worth scrap?
- A gold buyer scratched my gold and said it was less than the karat marked. How can that be?
- Is there fake gold out there?
- Your website says you buy gold bullion and coins. Are you really paying 98% of the spot price?
- What about United States gold coins?
- Do you buy silver bullion and coins as well as gold?
- I hear silver is very high now. Do you buy silver?
- I took an old diamond ring to a buyer but they wouldn't allow anything for the diamonds and offered to give them back to me. Why can't I get anything for my diamonds?
- Do you buy larger diamonds and estate jewelry that is resalable?
1. Why don't you offer coupons like some of the other gold buyers?
Well, we aren't selling pizza here. Your gold is worth exactly the same regardless of the buyer. So, if a gold buyer's coupon offers you $25.00 more than the value of your gold when you sell $200.00 worth — then what if you only have $195.00 worth of gold? Do you get $25.00 less than your gold's worth? My advice is to figure out what your gold is worth before you sell it. Then sell to the buyer who will give you the most.
2. I really like your calculator link, but I have no idea how much my gold weighs. What can I do?
You can use a common food scale that weighs in grams — it will get you close. Other options would be to buy a small scale at a hobby shop, or take it to a trusted jeweler who will weigh your items right in front of you. Don't forget the gram and pennyweight conversions.
3. I've called around and some gold buyers won't give prices over the phone. Why?
I don't know what the big deal is about giving out pricing. My best guess is that buyers that don't want to share pricing because they're worried you’re shopping around. If you call me, I will tell you what I am paying at that time. Keep in mind that until a buyer sees your valuables — it's just an educated guess. For example, if I give you a price on 14k scrap and you bring me gold plated scrap that will negate any previous verbal price.
4. How can you post your buying prices when the prices are constantly changing?
I update my buying prices at least every other day. It is no secret that my prices are set to pay 80% to 85%. As long as my posted prices are within that range my pricing is accurate.
5. Why do you want your customers to know what their gold is worth?
I want my customers to get the most they can for their gold. The only way they can accomplish that is to know what they have before they sell it. Sure, it hurts my business when someone uses my information to get more somewhere else. But I want them to know that offering 80% to 85% is at the very top of the market for gold buyers. If you check around there aren't that many of us. In the end, I've found that customers appreciate our straightforward approach. It usually leads to referrals — which are the vital to the buying business.
6. I've been told that gold is a commodity and at any given time has a finite value. So why don't you pay 100%?
Believe it or not I've been asked this question a lot — by some very smart people. The answer is the same for any business. After paying all the expenses associated with operating the business, we expect to retain a small profit. Paying 100% of golds value would put buyers out of business in one day.
7. Does it cost money to refine scrap gold in to pure gold?
Yes, it does cost. We don't get 100% for your gold either, but with the right volume and using an honest refiner we generally return about 98%.
8. Are your buying prices negotiable?
When bidding on larger estates of jewelry and coin collections we always negotiate. This is a competitive business that requires some flexibility. Show me what you have to sell, and we'll work out a fair offer together.
9. I paid a lot money for my gold jewelry. Why is it only worth scrap?
It might be worth more if you can find a fine jewelry store who can sell it as a piece of jewelry. But the reality is jewelry stores are buying gold to resell it just as we do. We lock in the gold price with our refiner right away allowing us to pay you the most for your old gold.
10. A gold buyer scratched my gold and said it was less than the karat marked. How can that be?
The jewelry industry is notorious for what is called “underkarating”. What that means is if it is stamped 14k it might only be 12k. Unless every piece of gold is tested at the time of manufacture — it gets sold on through with the manufacturer's stamp. You'd only discover that it's a lower karat than originally marked when it is refined at a much later time. It's a known problem in the industry that just hasn't been addressed.
11. Is there fake gold out there?
Let me put it this way, you don't want to be buying gold from a guy on a street corner. Gold buyers see fake gold with very good markings almost daily. Just because it says 14k on it doesn't mean it's gold.
12. Your website says you buy gold bullion and coins. Are you really paying 99% of the spot price?
I know what you're thinking, how can he work on a 1% margin. Let me tell you, it isn't easy. But one advantage is that I can sell it instantly, locking in a small profit. Plus, there are no refining costs. So we cut out a lot of expenses when trading bullion.
13. What about United States gold coins?
That's different from gold bullion. There are many factors that determine the value of a gold coin. Some have rare dates or mintmarks, and condition is certainly a factor. I am not a traditional coin shop but I can pay as much as anyone else since most coins that come through a shop get sold to dealers anyway.
14. Do you buy silver bullion and coins as well as gold?
Absolutely. Our buying prices are the same for silver and gold. United States silver coins are evaluated the same, too.
15. I hear silver is very high now. Do you buy silver?
I buy every form of silver out there including old jewelry, sterling flatware, silver art objects, and electrical silver contacts. Plus basically anything silver that was used in making coins, silver jewelry, and industrial items such as silver wire.
16. I took an old diamond ring to a buyer but they wouldn't allow anything for the diamonds and offered to give them back to me. Why can't I get anything for my diamonds?
We will pay you for your diamonds. Every diamond has at least some value. Small and low quality diamonds won't get you much but you should not have to give them away. Higher quality will bring more. Unlike gold, diamonds are not a commodity. So the supply and demand is a factor. Right now a glut of diamonds are on the used market so prices are weak. We will pay you for your diamonds, but unfortunately it's a secondary market so you won't get anywhere near what you paid for them. I suggest to my customers, even at the expense of losing business, to first take your diamond jewelry back to where you bought it to get a bid from them. But more often than not, we're still paying more.
17. Do you buy larger diamonds and estate jewelry that is resalable?
Yes I do. I have been in the jewelry business since 1975 in just about every way imaginable. During that time I have developed the knowledge to make legitimate cash offers along with assembling a network of contacts to quickly sell you items.