our Questions to Ask Your San Diego Gold Buyer
1. How will you weigh my gold, in grams or pennyweights?
CORRECT ANSWER: Grams.
REASON: Grams are today’s industry standard, so if a San Diego gold buyer says he will weigh the gold in pennyweights then he will be the exception. Those who weigh gold in pennyweights often give poorer buying offers, depending on their policy regarding the rounding of amounts. You should ask a potential gold buyer if he is at least willing to weigh your gold in grams and do all of the calculations in grams for you. This will make it easier for you to comparison shop.
2. How much are you paying per gram today for 14 karat gold (or 10K, or 18K, etc.)?
CORRECT ANSWER: According to today’s market price of gold, we are paying ___ per gram for 14K gold (or 10K, or 18K, etc.).
REASON: Some gold buyers and refineries will use deceptive techniques in order to get you into their store. For example, they might say, “Today’s gold price is ___ per gram.” Then when you come in they will explain that the price they quoted you on the phone was what they sell gold for, not what they buy it for. They do this in hopes of capturing a certain number of people who will still go through with the transaction despite the “misunderstanding.”
3. Do you pay extra for diamonds and gemstones, or do you deduct for the weight of the stones like some businesses do?
CORRECT ANSWER: With diamonds, it depends on the size, quality, and way they’re set in the jewelry. For example, if we are buying the jewelry for scrap and the diamonds are very small, of low quality, and set in such a way that it will be difficult to separate them from the gold, then we won’t be able to pay for the diamonds, since taking them out without breaking them could cost more than what they are worth. However, if they are of a certain size and quality, and can be removed from the piece without too much effort, then we will add for the value of the diamonds.
In the case of small color stones we use a similar criteria, except they will be worth substantially less in most cases. In the case of large stones of low-value, we either deduct for the weight of these stones, or take them out of the piece and value them separately. In the case of all stones of higher value, such as precious gemstones and diamonds, we will assess their value and add to it to the price we offer for the gold. In the case of jewelry that we do not plan to scrap, we would value the gold, diamonds, and gemstones individually to come up with the final price for the piece.
REASON: You should avoid businesses that say they deduct for the weight of the diamonds and stones, and leave it at that, since this is not a practical blanket policy. They should be willing to assess each item according to the more specific factors, such as those stated above.
4. Do you pay extra for designer gold jewelry? Can you please name a few brands that you pay more for?
CORRECT ANSWER: Yes. Tiffany, Cartier, and Van Cleef & Arpels, to name a few.
REASON: Whether you have any designer gold jewelry or not, it is useful to know that the gold buyer is willing and able to pay more for jewelry coming from a well-known designer, since that means he has the knowledge to buy your jewelry for the correct price it’s worth, rather than just following a blanket policy of paying so much per gram for the gold, since you just might have an antique Cartier or Tiffany piece in your jewelry box that you didn’t even know about (such as one handed down by a relative), and you want to work with buyers who can recognize such pieces, point them out to you, and be willing to pay you a premium for them.
5. How long have you been in business, and what is your background in the jewelry industry?
CORRECT ANSWER: There are several correct ways this question could be answered. As a rule of thumb, a San Diego gold refinery or buyer should tell you either A) that he’s been in business for over a year and has documented evidence of being involved in the jewelry industry (on the retail or manufacturing side) for over 5 years; or B) that he’s been in business as a jewelry buyer for over 5 years.
REASON: In rough economic times like these, there are hundreds of new people and companies getting into the gold buying business looking to prey on people’s unfortunate circumstances. These are the kind of businesses that immediately offer you a higher amount when you reject their first buying offer; and then a higher cash amount again when you reject their second offer. As with any kind of serious business transaction, you want to be dealing with proven professionals with expertise in their field so as to achieve the best results.
6. Are there any complaints listed against you with the Better Business Bureau?
CORRECT ANSWER: 1) We have no complaints. 2) We have had a couple complaints over the years due to misunderstanding but these have all been successfully resolved, as has been documented by the Better Business Bureau.
REASON: As mentioned earlier, there are lots of new San Diego gold buyers looking to take advantage of consumers’ lack of familiarity with selling gold. And one way to spot these companies is by checking whether the gold buyer you are considering has had multiple complaints filed against them. Misunderstandings can always occur, and you should never pre-judge a company simply because a single compliant has been filed, especially if that complaint was documented by the BBB as being successfully resolved. But if a company has been hit with multiple unresolved consumer complaints that should be a clear warning sign to you.
7. Will you pay me today by cash or by check?
CORRECT ANSWER: 1) We will pay you today in cash. 2) We will pay you by cashier’s check (this should only be accepted from an established San Diego gold jewelry buyer with a bricks and mortar store).
REASON: When you sell your gold, you should have cash in your hand TODAY. That is the industry standard among professional gold jewelry buyers. If the buyer says that they will give you a business check or personal check, search for another gold buyer.
For more info on how to sell gold jewelry and bullion for cash today, contact San Diego Jewelry Buyers for a free, no hassle, appraisal.
We are San Diego’s trusted A+ BBB rated gold refinery and gold jewelry buyer.
