The Gold Party Scams How They Do It…
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THE GOLD PARTY SCAMS HOW THEY DO IT 4-29-2008
THE PURPOSE OF THIS LETTER IS TO EXPLAIN WITH NUMBERS HOW YOU CAN BE CHEATED AT THESE
GOLD PARTIES WHICH ARE GOING ON AT HOMES, RELIGIOUS PLACES, SCHOOLS.
FIRST LET’S AGREE ON ONE SIMPLE THING “ NO BODY DOES BUSINESS TO LOSE”.
I WILL START WITH SIMPLE NUMERICAL VALUES.
1- ONE TROY OUNCE = 31.103 GRAMS
2- 1 DWT = 1.5551 GRAMS ( THIS IS KNOWN ALSO AS PENNY WEIGHT )
3- PURE GOLD IS 24 KARAT OR 999.9 PURITY.
4- 21 KARAT GOLD IS 0.875 PURE OR 21/24= 0.875
5- 18 KARAT GOLD IS 0.750 PURE OR 18/24= 0.750
6- 14 KARAT GOLD IS 0.585 PURE OR 14/24= 0.585
7- 10 KARAT GOLD IS 0.417 PURE OR 10/24= 0.417
THE DAILY PRICE OF GOLD WE SEE ON THE NEWS EVERY DAY IS FOR ONE TROY OUNCE . IF YOU DIVIDE THAT PRICE BY 31.103 GRAMS YOU WILL FIND THE PRICE BY ONE GRAM OF 24 KT GOLD.
FOR EXAMPLE :TODAY’S PRICE $880 PER OUNCE DIVIDE BY 31.103, THIS GIVES 880/31.103=$28.29 A GRAM
FOR 21KT , THE PRICE IS $28.29X 0.875=$24.75 A GRAM.
FOR 18KT , THE PRICE IS $28.29X0.750 =$21.21 A GRAM
FOR 14KT , THE PRICE IS $28.29X.585 =$16.54 A GRAM
FOR 10KT , THE PRICE IS $28.29X.417 =$11.79 A GRAM
SOME OF THE GOLD COMES WITH CUBIC ZIRCON OR OTHER SYNTHETIC STONES, AND SOME ARE NOT
EXACTLY ACCURATE IN KARAT. AFTER MELTING WHAT WE BUY WE NORMALLY LOSE FEW GRAMS ,
AND 0.5 POINT IN KARAT WEIGHT.
WHEN WE SELL THE SCRAP GOLD , WE GET 93% OF THE DAILY PRICE OF GOLD AT THE TIME OF SALE,
SIMPLY BECAUSE THE REFINERY WANTS TO MAKE SOME PERCENTAGE .
NOW, WE WILL SHOW IN NUMBERS HOW PEOPLE GET CHEATED !!
IF WE TAKE ONE GRAM OF 21KT AND SELL IT AT TODAY’S PRICE…
$24.75 X93/100=$23.01 PER GRAM
TODAY WE PAY OUR CUSTOMERS $19.50 PER GRAM.
THE PROFIT PER GRAM IS : $23.01- $19.5=$3.51. WE HAVE TO PAY TAXES AT THE END OF THE YEAR ON ALL OF OUR PROFITS.
THE PROFIT PERCENTAGE PER GRAM=3.51/23.01=0.152 OR 15.2%
HERE IS THE SCAM………… IF THOSE PEOPLE SPONSORING THE PARTIES AND PAY WITH CASH, PAY
10% COMMISSION TO THE HOST AND 5% TO THE PERSON REFERRING THE HOST TO THESE PEOPLE, AND TO PAY THEIR EMPLOYEES WHOM ARE DOING THE ACTUAL BUYING THE NUMBERS WILL SHOW
A DEFINITE LOSS EVERY TIME EVERY PARTY, THIS IS IMPOSSIBLE………
IN ORDER TO MAKE A PROFIT THESE PEOPLE MUST CHEAT ON THE WEIGHT, THEY BUY YOUR GOLD BY DWT OR PENNY WEIGHT WHICH IS EQUAL TO 1.555 GRAMS, THEY PAY YOU FOR 1 GRAM (ONE GRAM),
THIS MEANS THEY CHEATED YOU OUT OF ALMOST 1/3 OF YOUR MONEY.
THE SECOND WAY IS TO CHEAT ON THE KARAT, BY TELLING YOU THAT YOUR GOLD IS LESS KARAT THEN IT ACTUALLY IS, SOME OF THE PEOPLE WHOM ALREADY WENT TO THESE PARTIES WILL HAVE TOLD US THAT THIS HAS BEEN DONE TO THEM INCLUDING MY OWN DAUGHTER.
THE THIRD WAY IS TO PUT ALL THE DIFFERENT KARATS TOGETHER ON THE SCALE AND PAY YOU FOR
LOWER KARAT PRICE.
THE FOURTH WAY IS TO OFFER YOU AN AMOUNT OF CASH FOR YOUR GOLD LOWER THEN ACTUAL VALUE AND SEE IF YOU WILL ACCEPT IT.
THE FIFTH WAY IS TO CONVINCE YOU THAT THE KARAT STAMPED ON YOU GOLD IS NOT CORRECT,
BECAUSE OTHER COUNTRIES MAY HAVE A STAMP ON THE YOUR GOLD THAT YOU DO NOT UNDERSTAND, HE CAN THEN TELL YOU THAT YOUR GOLD IS NOT THE KARAT YOU THOUGHT IT WAS.
ONE OF THESE GOLD COLLECTORS WHO IS CALLING HIMSELF
( REFINER) DOES NOT HAVE EVEN AN ACTUAL ADDRESS FOR HIS REFINERY,AND DOES NOT REFINE ANYTHING, HE SELLS $500,000.00/WEEK TO THE SAME REFINERY WHERE WE SELL OUR GOLD, WE RECEIVE 93% FOR OUR SCRAP, HE RECEIVES
92% FOR HIS GOLD BECAUSE HE WANTS CASH FOR HIS GOLD.
FINALLY, WE LIVE IN THE COMMUNITY THAT WE ARE DOING BUSINESS IN JEWELERS, WE ARE LIKE LOTS OF HONEST JEWELERS IN YOUR COMMUNITY,WE SUPPORT LOCAL SCHOOLS, LOCAL RELIGIOUS AND NON PROFIT ORGANIZATIONS, WE ARE HERE TO STAY, NOT TO CHEAT, AND RUN WE PAY OUR TAXES LIKE ALL OF YOU DO.
MY ADVISE TO ALL CUSTOMERS, BEFORE YOU SELL YOUR GOLD AT THESE PARTIES, WEIGH YOU GOLD AT YOU JEWELER, DIVIDE YOUR GOLD INTO BAGS ACCORDING TO KARAT WEIGHT, AND ASK FOR THEIR PRICES , THEN COMPARE BETWEEN THE TWO.
In an attempt to always keep you informed, and to keep with our store policy of honesty, and the best customer service we can offer at N.J. Diamonds we are adding the fallowing notice to this post.
Notice:
As of today 1-1-09 we are unable to offer you our customers the same rate as when this post was written. The company that we sell our gold to is no longer offering the same percentage as they were at the time of the this post. We still offer a very good rate, but you will see in our store that it is not as high as it was. We are sorry for this, and when, and if we find a company that is willing to offer us more for our scape gold we will be passing this on to you as well.
As always we want to keep you informed as to what is going on, and we like to be as open with you as we can. As always make sure you take your gold to as many places as you can to get the most you can for your jewelry items
Thank you
N.J. Diamonds
More on the subject:
Some Feathers Have Been Ruffled Over Gold Parties
Cash 4 Gold Watch out….
Read What Happened When We Sent Someone To One Of These Gold Party’s
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I wold never go any place, but here to sell my gold, they are professional, and explain every thing to you as they go. What they showed me with the scale is a big eye opener, if you go in ask them to show you on the scale the difference between gram weight, and penny weight you all will be in for a big surprise. Stay away from the gold party’s even if they are saying its for a good cause like a school, or a church in the end the one who is hosting the party is walking away with 10%, and all of this is done on public property if it is being done in a school that is.
I was at this store last week to sell my gold seeing the gold price now I wish I would have held off a little more, but it was up to me to sell or not. Well this store lived up to what every one had been telling me, you see I did go to a gold party as a matter of fact I went to two of them what I did was write down my gold weight at the party’s, and then I took my stuff to this store. Someone at one of the party’s told me not to bother with the gold party that the best price, and most honest was at this store. So that is what I did, and sure enough the weight of my gold was a lot more at n.j. diamonds they are buying by the gram. I called my friend and told her about the difference in weight, she could not believe it, or at least she acted like she was surprised, she did make money out of the deal so it would be in her best interest to act shocked.
They wrote every thing down for me, and they did divide every thing up into gold karat I was so surprised by my weight of gold the difference was about 10 grams all together so what is being said about these gold party’s is true. I just thought I would let all of you know what is going on funny thing is I was invited to another gold party this week, when I told them what had happened to me they canceled the party who wants to steal from their own friends, and that is what you would be doing if you have one of these in your house you are stealing from your friends whether you know it or not.
I have read your article on gold parties and could not help but respond. I have attended one of these parties and did get a price from TWO local jewelers first. Not only did I get substantially more from the party but one of the jewelers did exactly what you said that the buyer at the party would do. They tried to pay me 14k prices for my 18k and then said “I’m sorry, I made a mistake”. They have been in business a long time and I do not feel that it was a mistake. I understand that you must be upset about parties taking business away from you but to mislead everyone is really a terrible thing to do.
try going to someone specialing in jewelery buying, youll find that not all jewelers are trade experts. Most gold parties are run by new
people to the buisiness or as sidelines, when you visit a trade specialist jewelery buyer I think you will have better luck and remember its jewelery not everything is scrap gold. Gold parties in most jurisdictions are not governmentally licensed and do not have to adhere to any laws or consumer recourse guidelines.
heres a simple gold calculation for finding carat\price app #’s
take the gold spot(900) divide by(ounce) 31.1=28.94(24k) multiply by .417
= 10k price=12.06 times 1.4 for 14k=16.88 or 1.8 for 18k=21.71 trust me it works
for app.#’s then take off whatever you think its fare for the middleperson to make and stick to your guns come as close as possible
Thank you Allan so much for your comment, it has not been easy writing about this subject it is so nice to see someone else speak up about what is going on. We have been in business for 12 years at our current location, and from our experience in buying gold and melting it we never found any karat gold to be exactly as it is stamped it is always on average half point less. The jeweler has to take into account the loss, and the taxes that at brick, and mortar legitimate jeweler has to pay at the end of the year on the profit made from buying gold. The public should be aware of these things. We do pay extra for any item that we may be able to sell them our second hand show case.
I would just like to take a moment to respond to unhappy reader. We do not have any business being taken away from us, we are doing just fine. I am so happy you took your items to a jewelry store to have them weighted, and priced first it is not our intention to not have you sell at a gold party it is our intention to make sure you do not walk into a party blind. Not every jewelry store is on the up, and up unfortunately you will find some that may try, and do the same thing to you as some of these gold parties. If you got a good price at a gold party good for you that is what we want for all of you, this is your jewelry, but when we hear story after story of women who are being ripped off we as a respectable jewelry store must speak out, we must give as much information as possible to the public to protect them selves. Unhappy reader next time you want to go to a gold party please stop by our store one of us will sort all you items for you, and give you a fair price written to take with you to the gold party.
I was reading some of the things people are saying, and just had to tell every one about what happened to me in this store. I couple of months ago I took my jewelry to sell it at n.j. Diamonds after going to four gold parties, but for some reason I just could not sell my gold to them, and I was right not to do so if I would have sold at the gold party I would have lost over 1,000.00 dollars. That is not the best part I sold got my money, and left the store, by the time I got home I had a call from the store so I called back. The lady there told me that it had come to her attention that she had taken a 21kt gold bangle as 18kt by mistake, and that they owed me 140.00. She explained to me that she had put it in the 21kt pile of gold but by mistake placed it in the pile of 18kt, so you see Unhappy reader honest mistakes happen, and this store is very honest they did not have to call me back not only did they call me back they said that if I did not have time to come, and get the money because I have little kids at home that they would bring the money to me. I would never ever go to another jewelry store to do business.
Thank you Happy Reader again so sorry for the mistake I am glad you wrote here about your experience in our store, and I am so happy that things worked out for you things do get better with time.
I have to say that my entire family has been loyal family has been loyal customers of NJ Diamonds in Dearborn specifically for their integrity and the pleasant manner in which they conduct business. Our family had been in the industry for 50+ years up until 10 year ago, so when we found such a reputable and honest jeweler and organization as NJ Diamonds we pledged our loyalty to them. They are fair in their business dealing and I recommed them to all who ask.
Thank you so much Diana people like you, and your family are what make it a joy to come to work every day.
Wow, it’s great you know so much about how people get cheated. Maybe if you just stuck to your own business rather than lumping all gold party businesses together and labeling them as crooked, you’d be better off. I too went to two jewelers before my wife attended a gold party. She ended up getting a total of $312 MORE from the party than from the highest-bidding jeweler. Not an insignificant amount. Maybe you need to expose your own industry if you enjoy witch hunts. You probably won’t publish this reply, and if I don’t see it in print I’ll know exactly why. Sleep well tonight. -Bob
I went to numerous jewlers and to a gold party and I found that the jewlers are the ones that were dishonest not the pople at the gold party. Thanks for the information on this website but I think that the Jewlers are more crooked and offer lees money than the people at the gold partiies.
In response to Robert Fitzsimmons: Read the entire threat before commenting. Secondly I have researched these parties as well…, not a single one of them will give you the entire value of your gold, so to say you earned more by going to this gold party…good for you… as for lumping all gold parties together it is unfair for you to “lump” all jewelry stores together just because you went to a couple bad stores…, the whole gold party thing sounds like a nice concept… they make it sound good… look sweet, but the facts are, you are never going to get top dollar for your gold unless you go to a business that has been established for years and has a good repore with its community and the people it serves. Sleep well tonight…… Bob……
I can’t speak for all jewelry stores, or all Gold Party workers.
I myself have deal with both honest and dishonest people on both ends, in parties and at stores. My store in particular likes to shop our competition and see what is going on (who wouldn’t?). Some people were paying more than us, some were paying less. It’s the same concept as marking up product to make a profit. Some are seeking to make more profit than others. It’s not necessarily “cheating” because one store is paying more or less. That’s just what that particular store pays. Nobody should ever expect the true value of their gold when selling. Period.
My group that does gold parties tries to be as honest as possible. Mistakes can happen (gold testers testing something as one karat once and another at a second test), and it’s not necessarily anybody’s fault. We sort with our scales right there on the table in front of everyone, and if they ask we can show them the weight of their gold in grams, ounces, or pennyweights if they prefer. We work out a calculation for our gold rates so that we can measure it any way they like. We often also show our guests how we find out exactly what weight things are, scratching the surface to see if it’s plated and things like that. It’s a fun time for both us and our guests. They learn a lot, and we love to hear the stories about how they acquired that particular piece.
But yes, some are honest and some are dishonest. Personally, I say to talk to the person who is sorting your gold. If they are friendly and open and honest, then they are probably not trying to cheat you. However if they take a secretive attitude and won’t show you the equipment, steer clear.
Gold Buying Riddle with a twist-
All jewelers nationwide have been buying gold for years, and we understand the prices we can sell for to our Refineries. Some of us are actual Manufacturing Jewelers, and buy gold to melt and make into new creations. Our refineries world wide are paying between $11.75 to $14.00 per gram depending on the daily gold price for the past 8 months.
Here is the Twist and the Riddle- A local pawn shop in Athens, GA which openly advertises on 15 Billboards, in 20 newspapers with 4×6 inch ads three times per week each paper, in church bulletins, on all surrounding counties radio, and in every coupon advertising booklet ever seen. The estimated costs of the Advertising alone is over $15,000 per month.
His advertisements state that he pays $10 per gram for 10k gold and $14 for 14k gold ! That alone would not be profitable, but when you also add in the cost or overhead expenses of advertising it really gets crazy. Surely, he is not taking a $15,000 loss every month. This advertising is even done towards churches, home parties, other pawn shops, and he even buys at these prices from jewelers like us. Naturally this means none of can make much money if the customer has ever seen his ads, and anyone with eyes or ears has heard of these ads!.
Our first thoughts were that he was not being truthful about the weights or the karatage of the gold, but that has not been the case.
One ex employee of this pawn shop had stated that a group of “Asians” had come to him and stated they wanted to aquire one million dollars of gold, and would front the money for the purchase and would cover all advertising costs. This did not make any sense either, as they could just as easily purchased for Much less money at any of the major gold bullion houses or refineries.
A local police investigator suggested that Money laundering might be involved, but since no one was complaining about being victimized, they had no power to investigate.
Please let me know if you have any ideas we have not thought of, or if you have any of this activity in your area that you have some knowledge of. Email me at Larry@ChandleeJewelers.com.
I’m researching gold parties and wanted to talk with you more about scams. Could you shoot me an e-mail so we can communicate at your convenience?
Thanks!
There is business and there are scams. I think that a long standing brick and morter established community jeweler is less likely to rip you off.
As a consultant in small business I know first hand that there are people who are always looking for the next scam. They believe that the only way to earn money is to cheat it out of someone else.
I also know a lot of underpaid honest people who would give everything away just to be liked or respected.
I guess the lesson: Buyer Beware.
You are wasting your fucking time on this shit!! Take it fucking down before we kick your arab ass.
Paul
You do realize that you just made a threat, and that you did it publicly I just wanted to let you know that, also I would like to say if you are what represent these companies I feel for the public. We are not going to take down anything here so if you feel the need to come, and kick my you know what feel free. I think it is amazing that you are so intimidated by what we are writing that you would have to threaten me with bodily harm, so we must be hitting the nail on the head. Your comments have only proven what we are saying about people like you. Maybe you might like to send in your off duty police officers to come, and take care of me. At any rate this threat is now public so if anything happens to me or anyone, at my store we know who to look for. If you are so confident with your many companies why have you not posted the name of them here. Let all of my reads know what company is making these threats I think they would all like to know who is behind this.
I hate Pawn Shops, Jewelry Stores, and the like. You have all ripped people off at onetime or another!! Now, because regular people are buying your gold, you are the experts. My companies have bought soooo much gold over the last 2 years, your freaking head would spin the fuc right off!! Stay in your loser ass stores and drink some poison, meanwhile i’ll parade around the country buying it up, and they will love me for it. LMAO!!!
If you gold buying party guys do not like what they are saying why do you not try to change the way you are doing business. I have taken a look at several of these things, and they are every thing that this store says they are, and more. You see I would know because I was doing this over the summer for a summer job complete scam. The company I worked for never bought by gram weight only penny weight.What they are saying about penny weight is true, that is how they make all their money. The scale was never shown to the customer, and we always said that 14kt gold was 10kt or less, many different ways to cheat the public. Keep on writing N.J. Diamonds keep them honest if you can.
Thanks Mark we are doing are best if you have any other things that you did at these gold party’s please post them here so we can make sure the public is well informed before they go to a gold party. At the very least we can give them a heads up on what to watch out for.
N.J. Diamonds
Thank you for the honest information about these gold parties. I have been invited to several and never felt good about going. Now Day Spas are getting into the action. Anything to promote business!!
Spa Goer
You are most welcome, we hope we helped
N.J. Diamonds
thank you for being so honest about selling your old gold, what i am interested in knowing is, can people mail their gold to you. i live in new jersey and dont know how to trust someone to buy my gold. please email me back and let me know if i could mail my old scrape gold to your company,
thanks
robin
What I would like to know is what are all these jewelers or jewelry party people doing with the gold once they buy it? I understand it is being melted down, but in this economy they keep shelling out all this money to buy the gold, there cannot be such a demand of people buying gold. What do they actually do with all the gold that is bought? Is there a guranteed place they go to to sell it and make even more money?
Jenco
To answer your question the gold is taken in by us or others that then sell it to local refiner, or send it to a national refinery. They in turn melt it in to 24 karat bars that are then put on the open market for national or international buyers. All up the chain every one is making a small percentage on this. Hope this answers your question, if you have any more questions fell free to let us know.
N.J. Diamonds
i’m scheduled to have a gold party with GoldPartying.com and i think Republic Mint LLC is involved. How can I check independently if they are on the up and up? I don’t want my friends mistreated or misled..and their website has testimonials, but who would put up a less than stellar comment?
Thanks for your help
Crcrc
crcrc
One question you might like to ask them is how are they buying the gold by gram or penny weight, ask how much they are taking it for ie today we are taking 14kt gold at 10.00 per gram not penny weight. remember if they take at penny weight or dwt is less then the gram, be careful of this if you weigh something in dwt it will weight less then it does in grams. So ask before they show up at your house. I have not herd anything bad about this company so I could not say I found this complaint about them if you would like to take a look http://www.merchantcircle.com/business/http.www.goldpartying.com.248-302-3474/review/list
Good luck
N.J. Diamonds
NJ Diamonds,
I found this blog after searching “Gold Party” on Google. I completely support your educating the general public through this blog. Yes, there may be dishonesty occurring at gold parties or at simple gold exchanges in many of the jewelry stores and gold-buying stores that are all over our towns. However, I have to disagree with you that just becasue a gold buyer takes a larger profit margin, does not mean that he or she is cheating the customer. As a marketing professional, I know that there are many factors that go into pricing goods and services. In the end, we “charge what the market will bear.” The only difference is the customer experience and the transparency of the transaction.
Most attendees at gold parties are thrilled to walk away with cash and are not interested in shopping the best deal or haggling over the price in front of their girlfriends in the middle of a party.
It is not uncommon for clients to ask for an estimate before sealing the deal. This offers them an “out” should they feel the price is too low or not what they hoped for. For those who run referral-based business, an honest course must be followed.
David
I read and read for the proper reply and David has it. While it is definitely a service to alert consumers to some of the possible ways an uninformed seller may be educated about the gold selling process, I also agree that there is a distinct service being provided by each entity here, and clients are made by repeating a positive business trasaction either way. Some people like the social aspect and percieved trust they have by being out in your store, and some get the same express sense of security by being in someone’s home with friends in a forced social setting transacting the same kind of business. There are dishonest people everywhere and the truly responsible thing would be to inform people that informing themselves about the gold buying process will help them avoid scam artists both at home and on the street, not just one or the other.
I agree, and I believe that we have done that here on more then one occasion.
Thank you
N.J. Diamonds
I noticed you did not include my post I guess too factual.
Todd
Thank you for coming back, not only did we post your comment we wrote a very detailed reply, and I wrote a whole post on the subject with your comments in the post. http://njdiamonds.wordpress.com/2009/02/28/penny-weight-vs-gram-weight/ I think that more then covers it
Thank You
N.J. Diamonds
Hi,
We are retail jewelers and we host gold parties in our communities all of the time. I don’t see anything wrong with them. They build our customer base, they bring in gold that otherwise we wouldn’t have purchased. I think that rather than being sour about them, maybe you should take a different approach and host a few. Everybody is different and pays a different rate. I think that it’s unfair to generalize who pays more and who pays less. They are the most fun that I’ve had working in our business in a long time. Thanks!
Robert
You are not the first retail jewelers to do this, paying a different rate is not the issue what is at issue is out right cheating your clients by not explaining to them the difference between gram weight, and penny weight, by giving what looks like great prices only to be cheating people, not showing the scale to your clients so they can not see how much their items weigh. If you are telling your clients that their jewelery is 10kt gold when it is in fact 14kt gold. So on, and so on, and if you are doing any of the above this is what we take issue with, if you do not then we do question your business practices.
How do you buy the gold, how much are you paying, and how do you get around the second hand buyer license that is not transferable? We would really like to know while you are telling us to take a different approach to the subject let us know what you are doing.
N.J. Diamonds diamond engagement rings, and more
I was considering becoming a gold party rep and contacted one of the companies that does it. A VP contacted me and we had correspondence several times by email and phone and he said he was interested in having me. He told me to organize a party and that they would send someone up (to Alaska) to train me and after 4 parties then I would be on my own. While looking into it a little more, I came across this information. Then I was concerned that I might be getting into something dodgy and so I wrote him asking if his business used any of the unethical practices listed in this article. I never heard another word from him, so I’m assuming the answer is yes. There may be completely ethical gold party operations, but I’m highly suspicious of this one. It was goldpartying.com for any who are wondering.
D. Baird
We are so happy you did your home work, I am sure that there are many good gold party companies if you do find one that is doing good work please come back, and let all of us know.
Thank you
N.J. Diamonds diamond engagement rings,and more.
The truth to the matter is, don’t expect to get 100 percent of the value of your gold. The representative at the gold party is the middleman. So for both to make a profit the price for your gold pieces has to be knocked down to make a profit for the rep and the refiner. And if you go to a gold refinery, you better have alot of gold to melt down otherwise your going to get less for your money than even a pawnshop. So lets say you have a gold chain that weights 100 grams of 14k.The spot price for an ounce of gold is $950 of pure gold. 14k is on average %56.3 pure gold. Now that chain only has 56.3 grams of pure gold. To get the price per gram divide 950/31.1 and get $30.54 per pure gram. Expect the rep to buy at 50% the value per gram so he can make a profit and pay the host. So he pays $15.27. Now back the the amount of pure gold on the 14k 100 gram chain which is 56.3 grams. 56.3×15.27=$859.70 is what you get at the gold party for the chain which is a fair price i might add. Now theirs a chance that person paid less money for the chain a few years ago and now making a profit out of it because of the soaring gold prices in the market. I used grams in this example but pennyweight is prefered by buyers. If the buyer uses pennyweight value instead of grams it just means that your gold piece weights less but costs more so in the end its the same scenario for your money. so in the example the 14k 100 gram chain weights 64.516 pennyweights and is 36.32 pure., and the 15.27 it pays in grams pays $23.67 per pennyweight. Do the math 36.32×23.67=$859.70. So the only difference like i said already is when measured in pennyweights compared to grams is that your gold piece looks like it ways less but a pennyweight has more gold than a gram so it pays more, in the end you get the same. I hope this helps.
Charlie
Thank you so much for your comment, but just a few things we would like to point out. While your calculations are correct there are just a couple of things we would like to say.
First for all of you who are going to sell you jewelery if you are offered only 50% this is very bad, and basically a rip off. You should as a gold party be giving a min of 80% to be fair to the person who is selling their gold.
Second many of these party’s are not letting the people know that they are weighing the gold in penny weight, and giving a price based on gram weight, so they are cheating them 1/3 of their gold weight.
I would love to hear back from you on your thought on this.
Thank you
N.J. Diamonds diamond engagement rings, and more.
You say its fair to give 80% of value to seller at gold party. If item is valued at $1000 than are you saying you should be paid $800.00.
Thats a profit of $200 to the party rep. Less 10% to host which is $100. Profit down to $100.00 less refining fee. Some say 5% fee so profit now $50. This leave at most 6.25% profit. So i cant see how gold party or anyone giving 80%. Or am i missing something here???
We give 80% in our store, what they do at gold party’s at least in this area they did was buy the gold by penny weight, and give the price of gram weight. This is how they made a lot of money, some of the gold party’s that where around here were taking the gold at 50% of the spot price of gold. Just to make one thing clear there is not a refining fee, we along with the others that are buying gold at gold party’s send in the gold by 300 gr, and more. They do not get charged a few to do this, the refinery works on a very thin margin to make a profit.
Hello Everyone,
We started sponsoring Gold Parties in 2007 having added this revenue stream to our jewelry stores. The gold parties were an immediate hit. People seem to really enjoy getting together, eating, visiting and leaving with cash in their pockets.
Additionally, our gold party customers became clients at our jewelry stores.!
As time went on, more and more of our gold party attendees asked about learning to hold their own gold parties and build a real, full or part-time business running gold parties. We saw this as another revenue opportunity so we actually began teaching gold testing in one of our stores. We even taught our more successful gold party business entrepreneurs how to locate and work with a Refiner; thus getting paid as much as 98% of the gold spot price. See:
Kitco Refiner .
These gold testing and gold party teaching activities led to our developing a book and a web site focused on building a gold party business.
This has led to a huge increase in our jewelry store business! We teach, we educate, we enable folks to learn a fabulous new career, we sell books and kits, etc. What’s great is that many of the gold party business operators we teach bring their gold party business purchases to us because, although we don’t pay top dollar (we know it and they know it) we pay cash immediately!
And, a great number of gold party guests and gold part entrepreneurs become good customers for other products in our store.
We’re straight with everyone, we’re above board with everyone, we educate, we teach our gold party business operators to be fair and accurate with their gold party guests, and WE THINK everyone wins.
Ultimately, there are unethical people in all industries. One must remember that everyone involved in a transaction wants to make a profit. It’s up to each party to do their homework and educate themselves. If a business wants to remain in business and prosper over time, it makes sense to treat their clients fairly! For us, referrals are the key to our success.
I don’t know N.J. Diamonds but it would appear to me that they are doing an excellent job of educating and disclosing legitimate issues relevant to gold parties, gold buying and gold selling. If I were in their geographical area I would not hesitate to award them with my business! N.J. Diamonds and any other business that makes an honest attempt to explain the intricacies of their business model deserves respect and success!
My two cents!
Jer@GoldPartyProfits.com
Jer
Thank you so much for stopping at our web blog, and thank you for understanding what we are trying to do here. We love to hear stories from jewelry stores like yours, that are trying like us to teach everyone involved what they need to know. Like you referrals are also key for us, nothing is more rewarding then to have a customer come into our store, and tell us that one of their friends sent them, or a relative. We approach the buying of scrape gold like we do every thing in our store, education, understanding, and fairness. Keep up the good work we wish you the best with what you are doing.
N.J. Diamonds diamond engagement rings, and more.
OK, so I’ve been reading this post and feel that it is completely inappropriate. Though I believe that your intentions on warning the public are good, you have gone about it the wrong way. I for one have been researching gold parties because I have a little money I wanted to invest and start my own business and was looking into tis. While I can agree that there are many individuals -and jewelers alike- that are dishonest, you simply CANNOT say that ALL gold party businesses are scams. Different businesses charge different prices for their service or product. It is up to the buyer to accept or decline an offer and EVERYBODY knows that the more people involved in a transaction the more money is also. So just like buying a product through a middle man costs more, it makes sense that SELLING would also (think broker?).
Anyway, I have found that the HONEST Gold Party people -and there ARE honest ones out there, plenty INCLUDING MYSELF when I get started with my parties- are able to pay MORE due to the simple fact that they have no overhead. No expensive lease or mortgage, no utilities, etc. THIS is why they are able to offer a commission to the hostess, it is also referral based so rather than spending thousands on ads they just give a pecentage to the referrer -this is not illegal and it is not a scam.
All I have to say is just like in buying or selling a house, be informed,if your not sure don’t take the first offer, BUYER BEWARE or in this case SELLER BEWARE, rather. And KNOW that you are never going to get the full value of your gold because all parties involved need to make a profit -this is why they are in business. If you want to sell your scrap for the highest price possible, sell directly to the refinery.
And to the jeweler who posted this, next time, rather than generalizing by accusing an entire industry of scamming (Title: “The Gold Party Scams How They Do It…”) you could try a more positive, approach and simpoly tell the public to be informed and give them the knowledge they need to not get scammed, what to watch out for.
I think maybe you SHOULD take this down and rewrite it taken a more professional approach because I’ll be honest, I had no idea this post was written by a supposed professional jeweler until I got to thre comments. It was written and very poor taste.
Jessica
If you will notice the first line in the post is
THE PURPOSE OF THIS LETTER IS TO EXPLAIN WITH NUMBERS HOW YOU CAN BE CHEATED AT THESE
GOLD PARTIES WHICH ARE GOING ON AT HOMES, RELIGIOUS PLACES, SCHOOLS.
FIRST LET’S AGREE ON ONE SIMPLE THING “ NO BODY DOES BUSINESS TO LOSE”.
How you can be cheated, may be, could be cheated, yes it is up to the seller to sell or not, but we can agree one year ago when this was written the gold parties had just started, and no body that was going to them had any idea what they could or should get for their gold. That is why we wrote this, and that is why we continue to write about it. We have been writing about gold parties for over a year now, and yes have they gotten better yes, are there good ones out there yes, but when they first started they were not. We have said over, and over again on this blog that not all gold parties are bad, and here I am saying it yet again. We have asked you, and others that are doing these gold parties to post your buying price, to post how you are buying the gold by penny weight or gram weight, and yet again another one has a reply with out so much as a price to give us. Let my reads now what you are going to pay at your gold party post what state you are in maybe someone would like to book a party with you.
Yes in some cities this is illegal you must have a second hand buying license in our state to conduct business, I am sure even the city that you are in requires some kind of licenses in order to conduct business in it. If you have no operating address then how are you going to pay your taxes the rest of us have to pay taxes. Do you think that you do not that is the problem right there, you wan to start a business, and make money, but not pay to do so.
Take down the post I do not think so based on how many phone calls I get thanking us no that is not going to happen, and based on the comments that people who are doing gold parties are leaving no I do not think so. The title is just what it is suppose to be gold party scams how they do it yes it says it all how they can scam what is wrong with letting everyone know how they scam. You who are going to be running a clean, and honest gold buying business should be so happy that we are writing about this it makes it so much easier to explain to your clients just how bad some of the others can be. You will see when you get into it just what your competition will be saying, and doing to you.
Just a little note to you, you do not need to go through a company to do this if you have the money you can start on your own, and send the gold you get straight to the refinery when you get a large amount. You can buy the equipment on your own over the internet, and there are even some books you can get to teach yourself everything. As you say the middle man so cut out your middle man.
You are entitled to your opinion, and we value it we love to hear what you think, for or against us if you voice it in a clear, and clean way we will post it here I want all my readers to have both sides of the story we certainly do not know everything, and as long as your living you are learning. So dear readers who email or call, and ask me why I put up such negative stuff from readers this is for you, you should see all sides to decide for yourselves what is best for you.
Thank you
N.J. Diamonds diamond engagement rings, and more.
One day you will understand business a little bit more njdiamonds. Do you honestly think that when you go to any kind of retail store and buy something for $100 dollars that the store actually had to pay $80 and sell for $100? NO! They most likely bought if for much more less than 50%. Now is it right that they are trying to make money? If you pay 80% to make a %15-%18 profit considering the refiner pays you %95-%98 then good for you for you for having such a small overhead. I think you are just furious that your not making a good profit like everyone else. People like you run bankrupt. We don’t force people to sell their gold and take 50%-60%, they have a choice. And almost all the time they sell considering the high current spot of gold and leave happy. Only like this can you make a decent profit since you pay %10 for the owner of the house, 5% for the person that referred you to the house and another %5 to the refinery. Which leaves you with 30-20% profit which is not ripping people off like you say. And most of the time you buy some food and drinks. Anyways people enjoy the get togethere and leave happy. So do us all a favor and keep your business in your area.
Charlie
Thank you so much for your response we value everyone’s opinion for or against us, and we want our readers to have as many different view points while they are researching the best way to sell their gold. For the recorded I would just like to say that we have been in business for 12 years, and have been buying gold from the public since we opened our doors. Long before gold parties, and long after this trend of gold party’s dies out we will still be buying scrape gold from the public, and as we have said so many times before making a profit is what you, and I are suppose to do, but not at the expenses of the integrity of the jewelry business. Totally misleading people is not the way to make money, but that is just our opinion.
NJ D,
Could you tell us how much you mark up your jewelry? Surely you have overhead. What is the difference if you mark up your diamonds by 100% or more or if someone pays 50% of the going spot? Everyone is in the business to make money. The refiner makes 7%, you make 15% (that equals 22% so you are only giving your customers 78%), but you are not in the business of making money on Gold as others are. They need to make money because for quite a few this is their income. Soon to be mine also.
Grams vs penneywieght. What’s the difference as long as the math is correct. Charlie is right it is like comparing apples to apples. Math is math and frankly using penneyweight is much easier because there are 20 dwt in an ounce not 31.103. Use the KISS principle, keep it simple. Any $10 scale on ebay can display the weights in grams, ozt, and dwt.
My dwt worth.
Marc
We make 10-15% on gold items we sell in the store, and we make 20-30% on our diamond jewelry. I would like to say that we have nothing to do with what the refinery makes on the gold they buy, we have nothing against anyone making money, or trying to have an income to pay their bills we are all in the same boat these days. As I have said time, and time again we are not trying to make ourselves look better, or trying to get you to sell your gold to us, you can sell any place you want to. The intention of this post, and others like it is to inform the public to what could happen to them the steps they can take to make sure that they are going to get what is fair to them, and to the person who is buying the gold from them. The penny weight system was used in this area to trick people into thinking that they were getting much more for their gold then they did. You said it yourself there is no difference if the math is done correct, and in this area it was not done correct.
We appreciate your input, and understand your concerns I hope that I have answered your questions.
We whole heartily agree with Charlie and NJ Diamonds! They both have it right. Businesses must make a profit. The problem arises when parties, other than those actually involved in the transaction, fail or do not comprehend, the value placed on the esoteric features of the transaction.
Example? What is it worth to a scrap gold seller to experience the convenience of walking into a jewelry store and receiving what THEY consider to be fair value for their pieces with zero hassle? And all in 5 or 10 minutes at most! To some sellers, this service is invaluable!
On the other hand, what value would one place on a different scenario where the seller attends a gold party attended by their friends and family, with food and drinks, in a comfortable setting, requiring 2 – 3 hours? AND where the gold seller is introduced to an opportunity to start their own gold party business and change their life?
Finally, what is the value placed on a transaction by a gold seller in which the scrap gold jewelry seller simply places their pieces in an envelope and sends it off to a Cash4Gold entity?
My point? VALUE is in the eye of the beholder.
Each scenario is valued differently by the seller depending on their circumstance!
My 2 cents.
Very simply take it from an industry veteran, go a to a qualified estate jewelery buyer,be upfront, have everything weighed and seperated into bags
then go to the gold party. See the differences and sell it to whomever pays you more. Thats exactly what i do and more than 90% comes back with referals. run your own test and see. Never go into a gold party blind and dont be pressured by the hostess making 10-12% and the people
running the “party” who make considerably more. be informed
I love this post, and have emailed it to all of my family, and friends, this has helped many of us in so many different states.
Thank you
Gail
I am glad we could help thank you for sharing this with all.
My experience at a gold party was horrible, they may have gotten better I went to one about a year ago not a good thing at all. I left feeling that I was going to be cheated, and after taking my gold to a jewelry store in my area I would have been cheated if I would have sold my jewelry at the party.
In the past, I considered working for one of these gold buying party companies…then I had my doubts. A few months later I am considering it again, but am so skeptical of the entire industry. My skepticism (and reading the various comments posted here) leave me very doubtful of this position. I also worry about how long gold will be holding its value… ?
Too funny.
These guys attempt to make themselves appear honest by finger pointing.
Never trust a badmouth.
Skeptic
Thank you so much for your comment, we love to hear from all sides of this subject, and greatly appreciate what you have to say. I would just like to say that we are not bad mouthing anyone we are stating facts here, and we are most certainly not doing it to make ourselves look good, what we are attempting to do in these post is to give the consumer some options, and a little knowledge before they go, and sell their jewelry. As they say a little bit of knowledge can go a long way. I am sorry that you feel that we are doing this to make ourselves look good, but I can say from the majority of phone calls, and people coming into our store that most do not feel that way.
N.J. Diamonds diamond engagement rings, and more
Dear N.J. Diamonds, I read the entirety of this thread tonight. Thank you for opening up this discussion.
It seems like you make a margin of 17% on scrap gold but your primary business is jewelry. You commented that a 50% margin for a Scrap specialist was excessive. Could you comment on what you feel is a fair margin for a jeweler to make on jewelry?
I was just wondering in Jewelers terms what you would feel is a fair markup for a jeweler to put on Jewelry? Are you able to comment on this? I don’t want you to give secrets away or anything. But I would find it interesting. Thanks.
Wondering
Thank you so much for your comment we will try to answer your questions the best we can. In our store we make a profit margin of 10-12% on gold jewelry that is on 18kt, 21kt and so on rings, pendants, wedding sets all of these have c.z. stones, or synthetic stones. On our diamond jewelry we make from 20-25% profit on these items, and on center stones we make 10% profit we do not mark up our jewelry by much our over head may be lower then other stores so we can do this. Me, and my husband work here we own the building that we are in, yes we have payments like everyone else, but we do not pay commission, and we do not have the high rent that mall stores have. What do we think is a fair markup for a jeweler to put on their jewelry, that is up to each individual company to decide for themselves we can not say what is fair if someone has spent hours upon hours making a pieces of jewelery has designed it from scratch how do you put a price tag on something like that, the person who made it is the best judge of how much it should be sold for. I know what we are comfortable doing I can only say that we are happy, and blessed to be able to pay our bills, our mortgage, and to put our kids in collage. We may not be making millions, but we are happy, and can put our heads down at night knowing that we are running our business with dignity, and honesty. Chain stores, and major jewelry stores are something different, and in many cases have a board that they have to answer to we do not. What I always say is our stock trading goes no further then when I put my key in my door every morning that is my stocks, what we have worked to build from the ground up for the past 12 years.
I hope this answer some of your questions, and we look forward to hearing from you again.
This is the cheapest way to make your business look better… making others look like crooks. I don’t know who is worse, the real crooks or these guys. I’d say they were on the same level. I don’t think this is really professional at all either. I would never bring my gold here or buy anything from these low lifes.
Theresa
I would like to start off by saying that N.J. Diamonds considers it our honor, duty, and responsibility to inform, and try to protect the public from people that may try to take advantage during these hard economic times for this we will not apologize. We in no way when writing this post or any others regarding this subject had the intention to try, and make our business look better then any other, we have simply tried to help. We have been on the radio stations to talk about this subject also, we spend as much time as needed when people come into the store to sort, and weigh their jewelry knowing that they will be attending a gold party, some get more then we offered, and some come in the next day to sell to us others sell their gold at these events because a portion of the money is going to a charity. At no time have we stated here that we are the only place to sell your gold or that we are the best place to sell your gold, we have simply stated how people can protect themselves. If you look to the right on the web blog I have a link for scams to avoid when buying a diamond ring I do not see anyone writing about how wrong that is, or how cheap we are for putting that or calling us low life’s.
If you are doing the gold buying business, and you are doing it fairly as many are I for the life of me can not understand why you are so upset. You should be happy that we are trying to expose these corrupt people for who, and what they are. I have several people who refer their clients to this site to read what we have written here before they go to one of their parties, we have been thanked by phone, and in person for what we are doing, and yet we still get told that we are so bad for talking about this, we at no time have stated that all gold party’s are bad or scams, nor do we think that, you should be upset with the people who are creating a bad reputation for your industry. I do not understand what is unprofessional about what we are trying to do, we believe that it is the only professional thing that we can do. To sit back, and watch certain individuals rip people off is not an option for us, nor should it be for you. I am sorry that you would never come to our store, but if you are in this area we would ask that you come in, and see how we conduct ourselves then you can judge with all the facts.
This might be true for some but not for all. It’s not fair to lump ALL gold parties as scams. I have a business of doing gold parties. I run ALL my profit through my company. I also pay by pennyweight because that is how I get paid. My pennyweight price is comparable to Gram and my price is more than fair. I know what others are paying and I purposely pay more. If you are going to talk about scams, that’s fine. I believe in educating people. But have the courtesy to at least acknowledge that there are those of us out there doing it right!!
I am so happy to hear that you are doing well with your gold buying party, and so happy that you are paying a fair price. I will say that there are many post, and comments that I have left on the site stating that we do not think all gold parties are operating the same way, and I will state it again that not all gold parties scam you, some do, and you should take care do your home work, and understand what you are selling, and for how much you are selling it for.
Thank you for your comment, and good luck with your business
I have to commend NJ Diamonds for handling this discussion with professionalism and respect to all involved.
The word scam as used in this article is accurate. Some people have argued that this is just conducting business, but that argument is flawed. The description in the article is of a representative that is deceiving the seller by lying about the value of the jewelry. If they were giving accurate weight measures but lower offers, then they would be conducting business. By misrepresenting the weight of the gold to seem like you’re getting the best deal, it is deceptive business practice.
I do in a small way agree that a better title for the article would have been “The Gold Buying Scams How they do it”, but I don’t think it lumps all Gold Parties in with the scammers.
In all instances of a consumer selling gold (either at a party or jewelry store) the seller should look at some things:
First of all consult local laws. In Michigan the buying company must register gold parties with the local police station in the city in which the party is taking place, they have to have a permanent record of all transactions that take place, and they have to hold all gold purchases for nine days before selling to a refinery. They are not required to hold a precious metal dealer license, but that isn’t a negative thing to have. Check the laws for your state first!
Secondly, understand the scales and karat value. Know the difference between an ounce and a troy ounce, know the conversion rate between a troy ounce and pennyweight, and know how to read the scale so you can read the scale with the dealer. Seperate your jewelry by karat and make sure it is weighed seperately. Don’t allow the dealer to convince you the karat stamp is wrong, take it somewhere else to verify.
Third, go to goldprice.org or call a jewelry store to learn the current price of gold the day that you plan to sell. Get some quotes before selling, you don’t have to sell to the first person that weighs it.
Finally, have Jewelry appraised before selling it. Buyers pay on the price of the gold, not the design or the artistic value of the piece.
Prepare in advance, and you will have fun, and make money in the process.
Dan
Better Business Bureau of Eastern Michigan
Dan
Thank you so much for your kind comment, my readers, and I appreciate your advise these are all very good steps to take before you sell your gold any place.
I think diamonds are the real scam. Read the areticle and there are many more about diamonds. http://www.xomba.com/are_diamonds_valuable
Mark
This is a very good article I booked marked the site it came from, and will be going there, and will put a link for the site from mine if it has the same kind of information that this article has. Thank you so much Mark for this article.
Njdiamond,
I would like to know what you think about this. To me it is very aggrevating that I spent $8000 on a diamond engagement ring because the jewelery stores push diamonds as the absolute romance. From what I researched they are becoming less and less valuable since they are only used for the purpose of romance. They are no longer used as a currency and the engineered diamonds have taken the place of the industrial or other application of them. Why should we keep buying diamonds? Why not lead us to other stones that may be more rare? I just feel everytime I come across an artice about the diamond scam I get upset. I understand that is the most profitable item in your jewelery store and you are trying hard to run a business but should this not all be explained when customers walk into your store. I wish my jeweler would have explained this to me. I only ask because it does seem that you like to comment and maybe you can give an honest answer. Thank you for your time.
Concerned jewelery buyer
Thank you Mark for your links, and questions we will try to answer them as best we can. First just let me say that I have put up a link on the right hand side of the blog that my readers can click on to read about what they should watch out for when buying a diamond. I did write about this subject just a few weeks back here Every store has it’s own profit margin so I can not speak for them, we on the other hand in our store we do not make 100 or 200 % profit on any diamond jewelry that we sell. We make around 20 to 30 percent on our diamond jewelry. Having said that our over head is not as high as other stores, and we do not pay a commissions so there is no incentive to sell our diamonds at a higher price, because they will not get any thing for doing it. What I can say to you, and others is to read as much as you can before you go to buy a diamond, understand what you are buying, and understand the different pricing that is out there. You should shop around as much as you can, look at many different stones, and understand that you should not just look at color, and clarity, and carat. Two stones can have the same color, and clarity, carat and be thousands apart in price, because of the cut. The cut is very important in the pricing of the stone. If you are going to be shopping in a chain store, you may be paying more then you should, as a matter of fact you will pay more we see it every day in our store, people that come in with diamond engagement rings that they want to up grade with us. Because they have over paid so much we can not offer them anything close to what they paid, and then they are forced to go back to the store that they bought it from to do up grade with them. That is the only way that they can get what they paid for it, and they have to upgrade by double in order to receive the full amount for what they paid. One other thing I can say to you, and all my readers is please do not be impressed with all the paper work that they give you when you buy your diamond with them, and please please please read the fine print, they hide many things in these documents.
Hope this helps, and answers your questions, thank you, and please feel free to come back and leave a comment any time.
N.J. Diamonds diamond engagement rings, and more.
Here is another article about the subject. Why are we not told this before we pay so much for these engagement rings and diamond earrings and bracelets? http://www.belgianexperts.com/diamonds.php
Thank you for the very informative explanation on how people are scammed. I was told that the pennyweight and the gram were almost equal. I see now that there is a big difference, and that I missed out on about 100 dollars.
R.Manon
Thank you so much for your comment, and we appreciate you coming hear, and telling our readers about your experience. I am so sorry to hear that you missed out on $100.00 dollars, I hope you have been luck next time, and if you know of anyone thinking about selling their gold let them know the difference to. These day’s selling your
is very popular, and the more people know the better.
N.J. Diamonds diamond rings, and More.
thanks everyone for your comments,theres seems to be a mixed bag of stories. Ive been to and had a gold party of my own and did what we thought was very well.the gold that my wife and i got rid of was old broken and never worn.if its just sitting around you have konw use for it other than cash and will may be just sastisfied with a certain number. If you re not than dont do it.But BE ADVISED,if you have a gold party of your make sure that all of your guest tell you what they made and assure them that it will remain private between you and them. The buyers can tell you anything they want and give you your percentage.Make sure you know and make sure that the numbers match. I think this is another way the buyers make more than they re supposed to. keep your mind on your riches!!!!!!!!!!!!!!!!
This website is an absolute scam to make parties look bad!!!
I have ran a jewellery shop for 25 years and you cannot run a profit on the margins discussed!! I am Dga cert qualified and know that you need to make 100% on diamonds due to extra material added to make profits. This website is rubbish because they are just looking for business!!!!!!!
A Scam I call a scam when today less then one mile up the block from our store a gold party is taking place all week end, and they are offering $11.00 a gram for 14kt gold, and we are paying $15.00 a gram. So please do not sit here, and talk to me about scams, and no we most certainly do not make 100% on diamond jewelery in our store, we have low over head, and I am sure that this helps in keeping our prices down. You do not need to make 100% due to extra material added, what are you talking about? What extra material? You most certainly can run a profit on the margins discussed, just not 100%, and we are fine with that thank you very much, I do not need to gouge my customers.