Anyone here by gold jewelry

[Anonymous]

I was wondering if when you buy karat jewelry if you buy it by the once or troy ounce?

 

[goldsilverpro]

Troy ounce (31.1 grams), pennyweight (1/20 of a troy ounce = 1.555 grams), or grams.

 

[Anonymous]

Troy ounce (31.1 grams), pennyweight (1/20 of a troy ounce = 1.555 grams), or grams.

Thanks for replying but please re read what I was asking and if I wasn't clear enough, forgive me. What I was actually wondering is when you buy gold jewelry from a customer, do you buy it according to ounce or troy ounce.

 

[banjags]

generally when dealing with PM you will always be using Troy ounces. When I buy jewellery i figure take troy ounce value ($980 for example)
divide by 31.1 that gives you price per gram of 24k ($31.51 in this case). Then if I am buying 14k(58.3% pure gold). 31.51 * .583 that give you spot value of 14k per gram ($18.37 in this case) I usually pay 50% of spot for broken jewellery. So $18.37 *.5 and that is what you would pay the customer for his jewellery per gram ($9.19 per gram in this case).
SOO if this customer had a 7 gram 14k ring I would pay him $64.33. ($9.19 *7)

I hope this is what you were looking for?

 

[loco]

even if it's only plated jewlery? honestly I'm not sure how to tell for sure plated or not but I'm pretty sure it wouldn't make much since in paying same for plated as you would solid karot gold.

 

[Anonymous]

The gold buyers in my area do not buy plated, they only buy hallmarked items and check it with a tester.

I buy plated at yard sales and flea markets for .25 per piece or less once I got a whole shoebox full for only 10.00 and found a 14K item in with it.

 

[Anonymous]

generally when dealing with PM you will always be using Troy ounces. When I buy jewellery i figure take troy ounce value ($980 for example)
divide by 31.1 that gives you price per gram of 24k ($31.51 in this case). Then if I am buying 14k(58.3% pure gold). 31.51 * .583 that give you spot value of 14k per gram ($18.37 in this case) I usually pay 50% of spot for broken jewellery. So $18.37 *.5 and that is what you would pay the customer for his jewellery per gram ($9.19 per gram in this case).
SOO if this customer had a 7 gram 14k ring I would pay him $64.33. ($9.19 *7)

I hope this is what you were looking for?

Yes this is what I am looking for, I appreciate it very much. Have you used any of the refineries and if any pay the most, quickest ect.. Thanks