Gold Buyers

The news today is talking about gold buyers since the price of gold has gone above $1,700.00 an ounce. We thought we'd take a moment to help demystify the process for you.

As a commodity, gold is the base value in all jewelry. The metal and stones make up the base price for all fine jewelry. The pieces are then marked up to cover labor, shipping, equipment, and in some cases exceptional craftsmanship and antique value.

Because of the financial upheaval metal prices are extremely volatile. Because of this volatility many places are offering to buy customers unwanted jewelry to turn it into needed cash. There are several points you should consider if you are going to sell your unwanted jewelry.

1) The buyer of your gold should separate your pieces into groups based on the karat quality of each piece. 10 karat is 41.7 % pure gold, 14 karat is 58.3% pure gold, and 18 karat is 75.0% pure gold. As you can see, karated gold is not pure gold so you will not get the pure gold price per ounce.

2) After the gold is grouped into same karat groups, the groups are then weighed. The buyer will weigh the gold in grams or pennyweights. Either system is accurate, and is the personal preference of the buyer.

3) The amount of pure gold in the jewelry is then calculated. If a buyer does not weigh and calculate your scrap gold, ask for your items back and leave.

To recycle your gold it needs to be refined before it can be reused. Because of these recycling costs, a fee is subtracted from your scrap gold. The cost to weigh, calculate, and test is also factored into your offer. Reputable jewelers will also deduct an amount for the volatility of gold and how long they have to hold before they can sell to the refiner. No one knows which way gold prices will move over the next week, 30, 60, or 90 days. Buying gold is one of many services we provide, and as a business we need to make a profit and not loose money while providing these services.

We will try to make a little money when we buy scrap gold. We try and offer a fair price up front. We want to be your jeweler the next time you buy jewelry, as well as when you sell.

Let us help you clean out your jewelry box, and put some cash in your pocket. Ridgewood Jewelers wants to pay you for your unwanted jewelry, gold, and diamonds. You can depend on us for the absolute highest offers. Paid immediately. No purchase is too large or too small.

Learn about Gold

Return to the Jewelry Home Page

Gold and other Precious Metals Market Prices Page

To learn more about GOLD, go to the Gold Information Page

Gold and other Precious Metals Market Prices Page

Other Education Page Page

Find a custom jeweler in Springfield, or internet jeweler.