The purpose of this article is to give you insights about the proper and appropriate process of selling gold and diamonds (when you are the ones that are selling old gold and diamond jewelry to the trader). The need in this guide is due to the great gap between professionalism of the buyer and the high probability that the salesman is not sharp in the area. Dominating a few terms and processes will help you to maximize your profit.
Important to know!
- It is very important to get real price offers that are given after a physical evaluation of the gold and diamonds and not to relay on over the telephone offers.
- For diamonds (big and not little dots) you could get more money if the diamonds are disassembled from the jewelry.
- Its funny to mention but there are few that keep falling for that- its recommended not to let people to your homes for the purpose of selling gold and diamonds.
- Do your best to get at least two different offers (not by telephone but real ones)
First step- telephone inquiry
Call some of the places and ask challenging questions. For instance, how they evaluate their diamonds. Places that would say that they have the option of disassemble big diamonds on the spot are more professional – estimating the diamonds while they are inlayed is tricky and will always be for the worse. If the diamond’s size justifies it, it’s always better to disassemble it in advance.
We kindly offer you to skip the unproductive question “how much do you pay for a gram of gold?”. Via the telephone its easier to throw on any number but realistically when the offer is higher, you will probably fall harder. It is very recommended to get concrete offers instead of relaying on phone talk.
Second step- scheduling meetings
Please schedule a meeting in an organized place with an address. In the store, in the office etc. but not on the street, coffee shops, cars and surely not at your home. Prefer a secure place that not every man can go in and out of as he pleases.
If its possible and according to the amount of gold and diamonds, schedule a couple of meetings on the same day so you can get at least two offers. There are areas that gather people who are purchasing gold and diamonds, the main one is the diamond exchange buildings. The advantage of the diamond exchange area is the level of security that the buildings hold which is great for making big deals.
Third step- the course of the meeting
Pay attention that the evaluation of the gold is done with your presence. Make sure to see that the person evaluating the gold is separating the gold according to its purity ranks (every alloy of gold is mixed with other metals, but the concentration of the metals changes). The evaluation needs to be done by purity groups – 14 karat, 18 karat etc.
As it was mentioned, in case of big diamonds (approx. 0.2 carat and higher), ask for their disassembling and cleaning in order to give an offer. Make sure that the person evaluating is doing it professionally – proper scale, acids for examining the gold, magnet (gold is not being magnetized), disassembling tools and so forth. Ask for the disassemble of everything that is considered as waste – mechanical systems of watches, cheap gemstones, locks of jewelry and more.
The reason is to reduce the waste that can influence the price. In any sale, for any gold product, the waste calculations will be reduced – it is a natural and acceptable manner in the industry, but the waste measurements might change, and this is where the differences between the places come from. It brings us back to our warmest recommendation- get as many offers as you can.
Fourth step- the transaction
An organized place, that reports its incomes, will make you sign some forms, these forms declares that the items that are being sold are yours. It will allow you payment via check or cash (within the boundaries of the law). In higher amounts we recommend a check.
There are more than a few troubling factors in this field (of different types and levels) and so we believe that you must take responsibility in selling to organized sources. Good luck.
Why there are differences in price offers?
Needs: every business has its own expertise and selling the right products to the right place will be expressed with the price.
Opportunity: taking a chance – trying to offer small amounts for raw materials that their price in the market is fixed and known.
Knowledge in diamonds: if the buyer’s knowledge is richer, he will know to pay the real price.