Sell Gold Jewelry

From Sell Gold Jewelry

3 Steps to Sell Gold With Gemstones

Most people know that any gold jewelry can be sold off for its precious metal content value quite easily these days through a local cash for gold dealer. A solid piece of gold jewelry can fetch a price well beyond its aesthetic appeal due to the precious metal content or its “melt” value.

One question we get asked fairly often is whether we can purchase jewelry that has gems, and how much we pay for them. While we can purchase any type of gold, whether it has gems or not, we can actually offer a higher price for jewelry with diamonds. For other gemstones we simply deduct their weight from the total weight of the item, and can often remove the gems if you are interested in keeping them. (Scroll past the video to read further)

Small diamonds have very little value on the market, so we simply include them in the gold weight, but for diamonds over 1/4 carat, we can set up an appointment with our GIA Certified Gemologist, Rachel, and make an offer on the diamond separately.

Here are some simple steps to get cash for gold on your jewelry with gems:

  1. Determine the type of gem; if it’s a diamond, it can be added to the price of the item, if not it will be deducted from the weight.
  2. If you have a diamond we measure its size, if it’s larger than 1/4 carat, we can set up an appointment in our Vancouver or Surrey office to have it evaluated by our gemologist.
  3. We determine the precious metal content by deducting the weight of the gem and multiplying by the current market price of gold.

It’s as simple as that! Any gold or silver item can be sold through our stores, and if you’re lucky enough to have jewelry with a nice sized diamond, then we can make you an offer on that too.

Please contact us to set up an appointment if you have a diamond, or simply stop by your nearest location for an on-the-spot no obligation quote.

Carats vs. Karats

What is a carat?

A carat is a unit of weight principally used for measuring diamonds and gemstomes. Each carat is exactly equal to 200 milgrams, or 0.2 grams. The origin of the word comes from the carab seed, which is a seed that was thought to have very little variance in weight and could therefor be used as a consistent form of measurement. In reality however, there was a significant variation in weight between the seeds and as a result of this dishonest classical gold traders could have two sets of carab seeds – a heavier one used for buying (heavy seeds make the same piece weigh less carabs) than for selling.  Clever customers would pick up a handful of their own carab seeds on the way to sell their gold to ensure fair treatment.   

What is a karat?

A karat (usually spelt with a K to avoid confusion with carat) is a measure of the purity of gold.  A karat of gold refers to the number of parts per 24 that are pure gold. As an example, 24 karat gold is 100% pure and 10 karat gold jewellery is, by weight, 10 parts gold and 14 parts other metals or 41.6% pure.   

The origin of karat as a measure of purity actually originated from the use of carat as a measure of weight. There is some debate over whether the use of karat came from the Roman coin the “solidus” or the German coin the “mark”, but whichever coin it was the story is the same. The mark/solidus weighed 24 carats or 4.8 grams so people would refer to the coin as 24 carat. When a coin of the same weight but less purity was minted people referred to the new coin as a lower carat even though the weight remained the same. A 12 carat coin for example would weigh 24 carats, but only contain 12 carats worth of gold (as it was only 12/24 = 50% pure).  From there it became understood and accepted that carat would be used as a measure of purity with a base of 24.

The conventionally spelling when using carat to refer to a purity of gold was changed to karat to avoid confusion, although the spelling of carat is still often used to purity.

What is a carrot?

A carat is an orange vegetable worth nothing near gold or diamonds unless you are sufficiently hungry. 

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How To Sell Gold Jewelry in Vancouver With Peace of Mind

We’ve all seen those cash for gold commercials invading our television sets and we’ve also heard stories from our friends and family of their bad experiences when selling gold. However selling gold jewelry in Vancouver does not have to be a chore and can be a lot of fun, especially when you are going home with $100 bills caressing your pant pocket. Therefore in this blog post we at Vancouver Gold want to give you three tips to improve your experience when you sell gold in Vancouver.

1) Get to know your gold: Knowing the weight, purity and general value of your gold will decrease your chances of being taken to the cleaners by a gold buyer in Vancouver. Many gold buyers know the balance of information is in their favour and will take advantage of your lack of knowledge.

To figure out the weight, a good digital kitchen scale will probably give you the best idea, but another (less exact) option is to simply compare its weight to another item with a known weight. For example, hold a loonie in one hand and your gold in the other, do they weigh about the same? Most Loonies weigh about 7 grams (the newer ones are a little less). If it’s less than the loonie, try a quarter, they weigh about 4.5 grams. The purity of your gold jewelry is usually indicated by a hallmark, a small number usually located in an inconspicuous spot. It will likely say 10k, 14k or 18k but some European jewelry is stamped with a 417, 585 or 750, gold from Asia is usually stamped 22k, 917 or 999.

Most reputable gold buyers will post their prices per gram online listed by the purity. Our buying prices can be found here. Simply find the price for your purity of gold jewelry and multiply it by the weight and you’ll have a pretty good idea of what your gold is worth!

2) Shop Around: Many gold buyers will start off with a low offer hoping you’ll bite. Their buyers are usually paid on commission and will earn more if you accept a lower offer. Our buyers are not paid commissions and offer the highest payout up front. This is why it’s important to check prices first, be sure that you are at least being offered the rates they post online. Many gold buyers will post impossibly high prices online to lure you in, only to lowball and deduct once you are in their office assuming you will negotiate up from the lower value.

3) Check out Ratings: Most established businesses are assigned a rating by the Better Business Bureau based on the number of complaints they have received from actual customers. The BBB compares the number of complaints to the volume of business that is conducted as well as the typical complaint rates for businesses in that industry (unfortunately in the gold buying industry this rate is usually quite high). Click here to see the BBB ratings of gold buyers in the Lower Mainland. Always make sure that the gold buyer you are dealing with is listed by the BBB and is not a typical “here today, gone tomorrow” establishment.

With so many gold buyers in the Vancouver area it can be hard to find the right place to sell your gold jewelry and get the fair payout you’re looking for. However keeping the three tips above in mind when you sell gold jewelry, you can rest assured that you won’t cave to pressure sales tactics and improve your gold selling experience, leaving you happy, educated and with some extra cash in your pocket!

Jewellery Demand for Physical Gold

When reading about what caused the recent climb in gold prices, you will rarely hear someone mention the increasing demand for jewellery as one of the principal factors. People seem to focus largely on investment demand and external factors while ignoring jewellery – the unsung hero of the climb.

The huge factors increasing jewellery demand are the booming economies of Asia, with a particular focus on India and China where gold traditions are paired with a rapidly growing middle class. This may sound like a very promising factor contributing high demand for jewellery but I believe that, in these markets, gold jewellery is purchased as an investment and a store of wealth.

The jewellery culture in Asia is far different from North America; with high purity and heavy gold pieces trading for a very small jewellery premium, and mostly in the physical gold content. People have been buying jewellery in these markets because the consensus was that it’s smart investment and that prices will continue to rise. I think that with the recent fall in gold prices, jewellery demand in these countries will be tested.

Read the Next Blog Post in This Series: Investment Demand for Gold

Read the First Blog Post in This Series: Who is Charlie Pollock?

Read Blog Post #2: The History of High Gold Prices

Read Blog Post #3: Comparing Gold, Stocks and Commodities

Read Blog Post #6: Gold Supply

Read The Final Blog Post in This Series: What’s Next?

My colleague Gregory Neilson recently shared his thoughts on the inflationary pressure that is affecting gold prices, you can read his blog post on gold prices here.

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