Undercover At A Gold Party

On Monday a gold party was held at one of the house’s of worship in the area, we sent in someone with some gold to see how it works this is what happened.

174 grams of 18kt gold was sent, we also sent 21kt, but after what happened with the 18kt she found out all she needed to know so she did not bother showing him the 21kt gold. She was told that they weighed 111 grams a difference of 63 grams just to start, and 9.3 grams of that was 14kt how did he know that well he did a little light show for her passing it under some ultraviolet light complete non-sense.

He offered her $250.00 for 111 grams, she told him “are you crazy?”, he then said” sorry I made a mistake”, he recalculated, and then offered her $1,550.00. Now the interesting part is this we had bought those items in our store just one hour before, all items were stamped 18kt or 750, checked by an acid test to see the gold karat, there was no 14kt items with them we bought these for $3,150.00 on Monday we were buying 18kt gold for $18.00 a gram. The first offer was for $2.53 a gram after doing his recalculation he then offered her $13.00 a gram for 18kt gold, and if you calculate it by penny weight or DWT the price drops to $8.90.

The scale is under the table so the customer can not see it you do not know if you are selling by gram weight or penny weight, now we can all under stand how they can offer 10% to the host of the party, and another 5% to the person who’s name was used as a referral, when you are working with a very small percentage to begin with that is if you are a jeweler who is honest, you can not pay 10%, and another 5% we are not even making the 10% so they have to make it up some were, and that is by cheating simple, and easy you do not have to think twice just look at the numbers. He did write these offers down on his card, and on his flier.

So what should you do? Well if you are going to go to one of these gold party’s go to one or more honest, and reliable jewelry store in your area if you can then have your items sorted by gold karat have them weighed, and you should write how much they weigh, and what the offer is. Do not accept being told they are worth this much ask how much thy are taking them for by gram weight. In our store we post the price as of Saturday the gold price per gram was

22kt $21.00 a gram

21kt gold at $20.00 a gram

18kt gold at $16.00 a gram

14kt gold at $11.00 a gram

10kt at $7.00 a gram

After you get your prices you should get more or at least equal to what ever was offered to you. If your gold has been sorted by karat, and they try to tell you that several items are 14kt in the 18kt or 10kt in the 14kt, and you have all ready had it sorted in another jewelry store walk away. If they tell you your items weigh less then what you have written down, walk away you do not need to waste your time you already know that they are cheating you.

When you do not take their offer this was the interesting part the person we sent was told take the offer 10% is going to the house of worship don’t you want to support your house of worship, we found out after several calls that the they were not getting on penny out of all of it that the women that was hosting the party there was getting it all. That is what they told us anyway.

So they steal you with the gram weight telling you that your items weigh less 1 penny weight is worth 1.54 grams, so if they are buying by penning weight they are stealing one third of your gold, some places do tell you that they are buying by penny weight, but so far the majority do not. They cheat you by telling you that your gold is less gold karat then it is, and they cheat you again by giving you less then what your gold is worth.

On the same day as this gold party one women came into the store who had also been there, and showed us her 21kt gold, saying that she was told that several of the items were not 2lkt, but they were 18kt, she knew that these people were lying so she walked away, and came to us, She was right none of her items were 18kt gold they all tested positive for 21kt.