Three Things You Need To Know Before You Sell Your Gold & Silver Jewelry

three things to know

With the price of gold so high, it seems like everybody out there buys gold and silver and if you look around closely, there are tons of fly by night jewelry buyers.

I’ve seen electronics stores, rug stores  and even barber shops with huge “WE BUY GOLD” signs in their windows…

Needless to say, you need to be careful out there…  But there are easy way to spot these fly by night jewelry buyers…

Here are three things that anyone legally buying jewelery in New York must do & three things you should absolutely look for your protection before you sell your jewelry.

1.  The buyer must openly display his minimum buying rates.   Legally, jewelry buyers are required to post the minimum rates we will pay for gold jewelry.   If no minimum rates are posted & easily visible, you may have come across someone who is try to “low ball” potential customers with offers far below fair market prices.

2.  The scale which is used to weigh your jewelry must be easily viewable by you.  If you hand over your jewelry to someone who weighs it out of your sight, beware.  You have every right to know exactly how much your jewelry weighs and legally the buyer must give you this right.

3.  The buyer must be a licensed second hand dealer.  Anyone buying any jewelry legally must be a licensed second hand dealer.  You should care about this because licensed jewelry buyers are required to meet certain standards which unlicensed buyers do not.  This includes routine inspections & certifications of our scales.  Second hand dealer licenses should also be posted within the establishment visible to you.   

Feel free to drop in should you have any questions or you would like a no pressure estimate on your gold, silver & diamonds!

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