With the value of gold recently reaching record-breaking highs, we at Marinelli Jewelers have enjoyed a surge of jewelry owners wanting to sell their broken and unused gold pieces, such as watches, bracelets, and chains. When we ask our customers why they choose us to buy their gold, they say it is because of our solid reputation here in the Long Island area. Unfortunately, not every gold buyer in Long Island is reputable or will offer you a fair valuation on your precious gold. Before you sell your gold to a gold dealer, here is what you should know.
Know Your Buyer
The first and most important tip we can give is that sellers of gold pieces know whom they are selling them to. Our customers feel comfortable selling gold pieces to us because we have had the very same location here on Eastport Manor Road for a number of years. We have established a great reputation within our community, and we are proud to deliver outstanding customer care to both gold sellers and purchasers of our fine jewelry.
Understand How the Weight of Gold Is Measured
When valuing a customer’s gold, we at Marinelli Jewelers use the weight of it to help us determine its value. It is important that gold owners understand that different jewelers or gold buyers will use different methods to weigh the gold.
* Standard scales here in the United States measure 28 grams per ounce
* Gold is measured by Troy ounce, which is 31.1 grams per ounce
* Some dealers and buyers use a pennyweight (dwt) to measure a Troy ounce. Others will use grams.
A pennyweight is equivalent to 1.555 grams. Ideally the gold buyer will weigh your gold by the pennyweight and pay you based on that, rather than by the gram. Buyers who pay you by the gram are scamming you and are actually paying you less for a greater weight of gold.
Make Sure Different Karats Are Weighed Separately
As most gold owners know, their gold will be measured by “karats.” One karat is equivalent to 1/24 of pure gold by its weight. This means that a 14 karat gold bracelet would be 14 parts gold and 10 parts other metals. An 18 karat gold bracelet would be 18 parts gold and 6 parts other metals.
Because the 18 karat gold bracelet has more actual gold in the piece, it is more valuable than the 14 karat gold piece of jewelry. This is why the gold buyer you take your gold jewelry to should separate each piece of jewelry into different karat categories before weighing it. Our professional gold purchasers here at Marinelli Jewelers will take care to examine each piece of gold jewelry. We make sure that it is weighed with its appropriate karat group so that you receive maximum value for your jewelry.