For the most part most individuals do not sell or buy gold everyday. Luckily we do! We want to share our experience and the due diligence we take during the process.
At Kingdom Gold we take satisfaction in showing the full gold buying process to all our clients or any individuals wanting to learn.
Gold purity or fineness represents the percentage of the FINE metal within the piece or final product. The rest of the percentage is composed of alloyed base metals. Alloyed metals are added to increase hardness and durability but does decrease the purity of the composition.
When selling your gold the purity of the piece will make a significant difference in the price of each gram. Be aware of the purity of your gold! If for any reason the piece is not stamped, a simple acid test can be done to determine the fineness.
If it is possible, know the weight of your items. Without a scale it is quite hard to know exactly what your piece weights, down to the tenth of a gram. When selling your gold be sure you have a clear, full view of the scale and can see the weight on the scale for yourself. It is easiest to calculate the price when the weight is in grams.
Did you know the price of gold changes by the minute? It goes up and down, sometimes drastically! Before you go sell your gold, sit down and make sure you have a understanding of the market. When you sit down with your gold buying professional, ask questions! Where are they getting the price they are offering you? Is that price coming from a reputable market source? Is that a current, up to date price?
Not all buyers or brokers are formally educated in the fields of precious metals, diamonds and precious gems. Not only does it take formal education but also years of experience and practice.
When buying or selling these valuable items, it is best to be speaking with a individual who is well trained in the field. These very small items are very valuable and just like when dealing with anything else, you should know where the value is. There is a significant difference to when one buys a piece of jewelry to when one sells it. An educated dealer can explain in detail why this is.
This tip is very important when dealing with diamonds, make sure an educated gemologist is viewing your stones, as small details not visible to the un-trained eye can and will have a impact on value.
The Gemological Institute of America is the most reputable gemological educator worldwide.
All gold buyers, dealers and brokers have a brokerage fee, but it is never really explained to the public on what it means. A brokerage fee is the “cost” to the buyer for processing your deal. There is no set percentage, some use higher percentages than others. Make sure you are getting the lowest possible percentage, meaning more value for your sale.
Many brokers have other fees, make sure to ask before you sit down with them, as some have a fee for the evaluation its self.