How To Sell Your Gold, Silver, Diamonds & Luxury Watches
and What to Look Out For.
1. The process:
First, bring your gold, silver, gold coins, gold bullion, silver coins, silver bullion, jewelry, diamonds or luxury watches to our store located in beautiful downtown Brighton Michigan. You do not need an appointment, we work on a first come first serve basis. For gold & silver, we will weigh and test every item you have for the exact amount of gold or silver content. We weigh all of your items right in front of you so you can see the scale. We initially test your items with an acid scratch test. If we are in question about a particular item, we have a state of the art X-ray spectrometer which will tell us in about 30 seconds the exact amount of every metal in your item. We will then calculate the amount we will pay you based on the current prices that are always posted on our website. If the total amount we tell you is agreeable, we will write you a check.
2. What to look out for:
While we are always checking our competition, we do a thorough survey of our competitors including having a secret shopper sell gold and silver to them and seeing not only how our competitors do business but what they are really paying. While we make sure we are always the highest payer, most of our competitors are doing business in a fair and honest way. However, we have found a few that have some disturbing practices that we want to make you aware of. This way if you decide to go someplace else or you are comparing us to others, you will know what to look out for.
A. Quoted Pricing
If you were quoted a price over the phone at another gold buyer and chose to go to that store, be sure to verify that the price you were quoted is the price you will be paid. There are a few steps you can take to assure you are getting exactly what you were promised.
- Make sure the scale is in plain view and you can see the weight for yourself
while the jewelry is on the scale.
- Make sure that the scale is to weigh in grams (g).
- Verify the math before you sell.
For example, if you called and were quoted a price of $28.00 per gram, then 9.5 grams of gold at that price would be $266.00 ($28.00 x 9.5 grams = $266.00).
By following these simple steps, you are protecting yourself from dishonest stores using bait and switch tactics.
B. The Scale:
This has been one of the worst of the bad practices we found. When an items like gold or silver is being quoted to you in grams, it needs to be weighed in grams. We have found that a few of our competitors are telling customers the price per gram that they will pay them, but they are weighing the item in pennyweights (DWT).
Here is what this means to you. A pennyweight is another unit of measure used mostly in the jewelry business. There are 1.555 grams to the pennyweight. The example we show in one of the pictures below is of one pendant that weighs 6.92 grams. As you can see the scale is set to grams. The other picture shows the same scale with the same item on it but the scale is set to DWT or pennyweights and the amount is 4.55 pennyweights. What we found when our secret shopper sold items was we were told a price per gram they were paying, but we were paid based on the amount in pennyweights.
To help illustrate what this means to you, we will use the pendant pictured below as an example. If a gold buyer says they are paying $28.00 / Gram and the piece weighs 6.92 grams, then you should receive $193.00. What we found is that the companies in question were weighing the items in pennyweights and saying it was grams. This means they would pay you based on 4.55 at $28 per ? which comes to $127.00. Since the customer often does not know the exact weight, they think they were paid at $28/ gram when they were actually paid $18.35/gram.
So here is how to make sure this is not happening to you. Make sure you can see the scale and read what it says. Make sure it is set to G or Grams and not D, DWT or Pennyweights. You can ask the buyer to test the scale with the coin method in front of you so you can see that you are getting the right reading. The easiest way is if put a Nickel on the scale. One Nickel weighs 5.0 grams. However, most nickels in circulation are worn down some from use and will weigh slightly less like 4.90 – 4.99 grams. This is a good way of telling that the scale is accurate. If when weighing the nickel the scale says approximately 3.2, then it is being weighed in pennyweights.
There are some stores that do weigh your items in pennyweights but they tell you it is in pennyweights and pay you accordingly. The only issue we have with this is that sometimes the customer goes to multiple stores and gets prices in grams. The store that gives prices in pennyweights will say pennyweights but the customer does not really understand the difference. If Andre's price for the day is $28/gram, that is equalivelent to $43.54/DWT (pennyweight). If another store says they are paying $29/DWT (pennyweight), it may sound to some that they are beating our price by $1 but in reality they are only paying $18.65/gram.