How to Buy Gold Jewelry Wisely
Investing in gold jewelry now can bring you a good ROI later since gold is a commodity that endures the economic ups and downs. While gold jewelry can be a worthwhile investment, it is critical to understand gold's different qualities and types, and find the right vendor, so that you can be sure of the quality of the gold jewelry you buy.
Choosing the right gold jewelry vendor
The first thing to do is to choose reputable and trusted jewelry shops. Such jewelers have solid reputations in dealing with high-caliber gold products. The other thing you have to consider is your budget because some jewelers charge high premiums for their products because the designs are unique to their store.
If you want vendors that are more affordable, take the time to research independent dealers who carry exquisite gold jewelry pieces. Make sure that you check their credentials and business certificates before making a purchase to protect your money and your subsequent investment.
Make sure that you compare prices. Many independent dealers have websites so you can check their products. With independent sellers, keep in mind that the items you see in one shop will also be available in another shop at lower prices. Check if they have physical stores that you can visit so that you can see and hold the actual items. Taking the time to compare prices for similar items will help you make the right choice.
Choosing the gold jewelry
You can find many reputable and affordable jewelry stores online, such as www.Persjewel.com, where you can view a wide range of gold jewelry styles and designs.
The price of gold depends on the metal's purity. Even you are untrained, here are some things you can do to check the items.
1. Look for the hallmarks, which are unique markings that are placed in inconspicuous parts of the jewelry piece, such as on the backs of earrings or the inner circle of gold rings. Some markings that you can identify are the karatage or the quantity of gold the jewelry piece contains, or the percentage of the gold's purity. You could use this as a reference:
- 10-k is 41.70% pure gold, with a 10K karat mark
- 14-k is 58.30% pure gold, with a 14K karat mark
- 18-k is 75.00% pure gold, with an 18K karat mark
- 24-k is 99.99% pure gold, with a 24K karat mark
2. Another thing to check is the quality of the gold. You may find a hallmark like GF (gold-filled) or GP (gold-plated) for the type of alloy. For base metal used, you may find S.Silver or Silver (for sterling silver), SS (for stainless steel), Plat/Pt (for platinum), and Pd (for palladium).
3. Calculate if the purchase price is fair. The first thing you should do is to check the price of gold bullion. The market price of gold varies daily. Some jewelers display the bullion rates for the day. Remember also that pure gold (24K) is sold in ounces while the non-pure gold pieces are priced per gram.
4. It is safe to assume that the price of the jewelry item you want to buy has a price tag that is double the amount of the current price of gold and the amount of gold the item has. The seller typically includes the other expenses, plus the other expenses incurred in its creation.
5. Make sure that you receive a warranty from the jeweler if you're investing in expensive jewelry items. For additional assurance, you can hire an independent appraiser if you are interested in exquisite, rare, or highly valuable gold jewelry.
Make sure that you store your gold jewelry properly. Moreover, ensure that you have adequate security for your investment. Either you can keep them in your safe or vault at home, or keep them in a safety deposit box at your bank.
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