Www.wholesale-jewelry-lots.com Tell You Watch Out For Gold Jewelry Buying Tricks And Scams
When trying to sell your gold jewelry, we have seen a wide variety of tricks and scams used by some gold buyers, trying to take advantage of the relative lack of knowledge of sellers. From all of the horror stories we have heard over the decades, here are some tips on how to protect yourself from them and to help you get the highest price for your gold and silver jewelry wholesale.
1.Dont always believe quotes that you hear on the phone. Several potential sellers try to save time and gas money by calling around to check on what buyers will pay per gram. Many buyers are cagey and will refuse to quote over the phone, often because their buy prices are not competitive. Some will tell the caller to get their best price elsewhere, and then bring the items to them for a better offer. Several of our customers have told us that they were quoted one price over the phone, but then when they went to the buyers store, the competitor tried some of the tactics described beloweffectively offering a lower price than quoted over the phone. We have instances of some buyers in our area who, while the customer was standing in front of them, have called our store to check on our current buy price, telling the customer that they would match our price, but then telling the customer a lower rate than we just quoted over the phone.
2.Try to get a quote from a coin or bullion dealer. Long time, well established coin and bullion dealers are used to work
ing on much smaller profit margins than jewelers and antique dealers. From what customers have told us, coin dealers frequently offer the highest prices compared to buyers in other industries. That does not apply to every coin dealer, but you dont know until you check them out.
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3.Do not let your items out of your sight! Customers have made allegations to us about at least one jewelry store in our area where the buyers practice is to take jewelry out of the customers sight because I have the tools at my bench. This buyer has even removed stones (without first asking the customers permission!) to get an accurate weight of only the gold, with some customers telling us they are sure that diamonds were switched for less valuable ones while the jewelry lots was out of view. Technology has made digital scales inexpensive and very portable, with many models that will fit in shirt pockets. If a buyer wants to go to a different desk to examine your items, they should be willing to let you accompany him or her. If not, you might be better off just walking away and skip getting their offer.
4.Watch out for prices quoted in pennyweights. There are 20 pennyweights in a troy ounce. That means that each pennyweight is equal to 1.55 grams. To make their buy prices sound higher to unknowledgeable sellers, some buyers quote prices in pennyweights. Where we have seen that practiced in our area, pennyweight buyers pay less than we do. For instance, if one buyer is paying $12 per gram for 10 karat jewelry, that means that another buyer using pennyweights would have to offer $18.60 per pennyweight to match the offer. But, just about always, the buyers who quote prices in pennyweights might only offer $14-15 per pennyweight in this particular example. The dollar amount is higher than the gram price, but the total price will be a lot less than offered by the buyer quoting in grams.
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by: liuyunjuan