We Buy Gold… Too
By Nick Dellaquila
General Manager, Jewelry Exchange Of Delaware
It seems you can’t get very far today without seeing those three little words… From signs, houses and cars painted bright colors, radio and even television ads… Those three little words surround us all day long.. So what does it all mean? How does it work? What do they do with it? How do they profit from it?..(How can I profit from this). These are all common questions and also questions that are all too easily misunderstood.
The “We Buy Gold” phenomenon:
With the recent global economic shift in markets in the past few years the Value of Gold has skyrocketed to unimaginable levels. This means that nearly everyone has gold Jewelry both worn daily, lying around, unwanted, or even broken that is worth several times what was originally paid for it. Gold and Silver Jewelry and household items are very unique in that they are the ONLY item that a consumer can have that regardless of condition is APPRECIATING in value and at wild rates. This rise has produced an extremely popular and profitable business of buying precious metals at prices that seem great to the public and then take it to a refiner to be melted, all while reserving a substantial profit. Now as you can imagine not all establishments are created equal when it comes to this new business…
So what does this all mean?.. You have some gold at home and like most people these days could use some extra cash… Where do I go? Who can I trust to give me a fair Price?
Many people are simply unaware that the safest, most reliable and most beneficial place to go to sell your Gold and Silver is at your favorite local Jewelry store. Most Jewelry stores are willing and able (there is some profit of course) to buy your unwanted Gold and Silver. Why not go where you have comfortably shopped in the past? Why not go somewhere you are confident that they will not be “gone tomorrow”?… Why not go where you have a choice to either sell your items or in many cases receive a trade in value that is even more?… Why not go somewhere where your good condition jewelry can be purchased as Jewelry and not as scrap?… Simply put your local Jewelry store is the smartest place to take your unwanted Gold and Silver!
Unfortunately most people unwearyingly go to one of the dedicated gold buying places and simply do not get all out of their transaction that they could… Let’s review a few of these places:
Brightly painted “We Buy Gold” newly opened store front.:
• These are an option of convenience only.
• Most of these establishments are newly opened, and have one source of income… Your Gold and Silver.
• Usually these establishments have well trained clerks that are well versed in making you feel like you got a great deal. They will often use the Penny Weight unit of measure to confuse you and when asked for clarification or breakdowns are unable to provide you any clarification.
• Also they are only interested in your jewelry as “Scrap” so if you have nice wearable pieces you are only getting paid for the weight of the metal… To add insult to injury they will even deduct for the weight of the stones, which they will later remove and make additional profit on.
• Again keep in mind that the profit from the refining of your Gold and Silver pays for everything you see… The rent, the clerk, and even the bright paint on the exterior of the building… Their margins MUST be high or they would not be able to stay in business.
• Basically the little cousin to the big bright store described above… Only difference is you will certainly have less privacy and safety as your transaction is in plain view to hundreds of people.
Hotel “Gold Party”
• These are very similar to the two above only difference is that you enter a marketplace which creates an exciting atmosphere which will entice you to make a quick sale. These types of sale tactics are much like a pop up Super Used Car Sales where many people quickly fall into the excitement of the masses and make unwise decisions due to the frenzy of it all.
Sell your Gold by Mail
• This option is one that defiantly carries the greatest risk…
• These companies expect you to mail them your jewelry and then wait for them to give you a price..
• Of course they claim that it is your choice whether to accept payment or have them mail your items back, but something tells me there is a little more to it than that.. If they have your items you are at their mercy… Period.
At the Jewelry Exchange of Delaware we pride ourselves in taking our time with each and every client and making sure they understand all of their options when selling their Jewelry.
• First we invite you into a private office.. To us the sanctity of your business is paramount.
• We then evaluate your items often finding hidden value both in monetary and or sentimental.
• Next we show you what the current price of Gold is and explain how that is broken down by the different purities (10kt, 14kt, 18kt, etc) that you may have and also clearly show you how it is broken down.
• We then show you a sheet that gives you a breakdown of what we will pay you today in cash, what we will offer you in trade and thirdly what we would be willing to consign you item for. ***Keep in mind that unlike the places described above we do distinguish between “scrap/ broken gold and silver” and actual pieces of re saleable Jewelry with precious gems and offer you additional value accordingly.
• From there you are at your own discretion whether to sell, trade or consign with us.. Or if you just not ready yet you are of course free to keep you items…
• Often times upon listening to you recall your memories of certain items we will recommend and offer to redesign a sentimental piece to either suit your current style or needs. Some pieces are worth more than their weight and we feel that as a family business it is our duty to help point that out when we feel it necessary.
“The Jewelry Exchange has the most unique and beautiful jewelry; every item is of the highest quality. I love each piece that my husband and I have bought so much that I get as excited each time I wear them as I did the day we purchased them.”
-C. Ciecierski, Washington, D.C.