buying white gold in Thailand?
Jul 31st, 2009, 06:34 AM
#21
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Ok, department store and mall jewelers and their 50% - 70% off prices...
(The following description is how the practice of pricing and selling jewelry used to work. I'm sure there is more variation now, but you'll get the general concept.)
Reputable retail jewelers buy stones and settings wholesale and mark them up - double the wholesale price. So at a good retail jeweler, 50% off would be the wholesale price. At "mall" jewelers and department stores, the price described as "retail" or "suggested retail" is often 4x the wholesale price or even more. So, if they mark down the suggested retail price by 50% - you end up with what the reputable retail jewelers are selling as the regular price.
It is usually hard to compare prices between jewelers in the US, as there is not a standard product. So you might see a particular style chain in one store for $200 and the same style chain at another for $400. You need to know how much each chain weighs to compare the gold content, and you need to look at workmanship to determine whether they are comparable. Often at mall jewelers and department store jewelers, you'll find chains that have been kinked or damaged. A chain that has been kinked will break - often sooner than later. You'll also find that chains that look similar often are very different in weight and craftsmanship.
While in Asia the amount of gold you are buying is paramount in setting a price, in the US and Europe, the value of the gold itself is usually much less than half of retail price. So buying gold jewelry in the US vs. Asia is simply a different endeavor. You might buy a heavy gold chain in the US - let's say it weighs an ounce. An ounce of gold is $940 this morning. Now, if your gold chain is 18k, it means there is 3/4 of an ounce of gold in it. So the gold value is $705. In the US, that is likely a $2000 chain. In Asia, it is much less as the craftsmanship is less expensive and is less valued.
Selling your gold at a good price is not easy. If it were me, I'd call a number of places and ask what they are paying. It sounds like your gold is in the 20-22k range, mohan. You should have an easier time than I had. I'd call some places first. You may well find that the gold dealers in Chinatown are your best bet. There are often coin dealers as well who will buy high karat gold like yours.
I consulted a "reputable" jewelry store in Seattle who said they were buying old jewelry. I had some lovely old pieces that I don't wear anymore. Basically, while they said they wanted to buy antique jewelry, they really only wanted to buy gold and silver and pay "melt down" prices (and these were not pieces that anyone would want to melt down!). And the meltdown prices I saw them offer others were certainly no deal for the sellers. It was clear to me that their ads were meant to draw in people with no idea of the value of what they were selling, and who just hoped to get some extra cash. The store expected to make a "killing" doing this, and it appears that they do -especially in this down economy. I opted to put the jewelry back into the safe deposit box.
(The following description is how the practice of pricing and selling jewelry used to work. I'm sure there is more variation now, but you'll get the general concept.)
Reputable retail jewelers buy stones and settings wholesale and mark them up - double the wholesale price. So at a good retail jeweler, 50% off would be the wholesale price. At "mall" jewelers and department stores, the price described as "retail" or "suggested retail" is often 4x the wholesale price or even more. So, if they mark down the suggested retail price by 50% - you end up with what the reputable retail jewelers are selling as the regular price.
It is usually hard to compare prices between jewelers in the US, as there is not a standard product. So you might see a particular style chain in one store for $200 and the same style chain at another for $400. You need to know how much each chain weighs to compare the gold content, and you need to look at workmanship to determine whether they are comparable. Often at mall jewelers and department store jewelers, you'll find chains that have been kinked or damaged. A chain that has been kinked will break - often sooner than later. You'll also find that chains that look similar often are very different in weight and craftsmanship.
While in Asia the amount of gold you are buying is paramount in setting a price, in the US and Europe, the value of the gold itself is usually much less than half of retail price. So buying gold jewelry in the US vs. Asia is simply a different endeavor. You might buy a heavy gold chain in the US - let's say it weighs an ounce. An ounce of gold is $940 this morning. Now, if your gold chain is 18k, it means there is 3/4 of an ounce of gold in it. So the gold value is $705. In the US, that is likely a $2000 chain. In Asia, it is much less as the craftsmanship is less expensive and is less valued.
Selling your gold at a good price is not easy. If it were me, I'd call a number of places and ask what they are paying. It sounds like your gold is in the 20-22k range, mohan. You should have an easier time than I had. I'd call some places first. You may well find that the gold dealers in Chinatown are your best bet. There are often coin dealers as well who will buy high karat gold like yours.
I consulted a "reputable" jewelry store in Seattle who said they were buying old jewelry. I had some lovely old pieces that I don't wear anymore. Basically, while they said they wanted to buy antique jewelry, they really only wanted to buy gold and silver and pay "melt down" prices (and these were not pieces that anyone would want to melt down!). And the meltdown prices I saw them offer others were certainly no deal for the sellers. It was clear to me that their ads were meant to draw in people with no idea of the value of what they were selling, and who just hoped to get some extra cash. The store expected to make a "killing" doing this, and it appears that they do -especially in this down economy. I opted to put the jewelry back into the safe deposit box.
Jul 31st, 2009, 05:57 PM
#23
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mohan: despite being an inert metal, gold can dull over time by use and also scratch minutely, so it may need polishing. same with platinum. you can take the items to a jeweler or you can do somethings on your own. you can buy a 'rouge' cloth that is red with pigment on one side and a soft polishing cloth on the other. get it at a jewelry supply on-line such as Kassoy. if your gold chains are thin, or herringbone, you must be very careful not to 'kink' the links as once bent it is very hard to manually get back.
retail jewelry store have a wide margine (markup)of 3 to 4 times cost because items dont usually sell quickly (unlike a supermarket where food goes out daily and the margine is mayby 3-4%).
kathie is correct in that assessment that they can haev a sale at 50% to 75% off and still make money!!!
selling jewelry items for the gold content is also a costly transaction for the seller. if you have a broken item or mismatched, still you will only get the melt value. in the USA mostly 10K, 12K, or 14K so at best the gold is 58.5%. the return is low back to you. i went to a jewelry store here in hawaii recently because it had a sig saying 'highest prices paid for your gold'. ok i asked if i brought in a suisse .999 gold bar 1 troy ounce, what would they give me. they said $11.00 per gram! ok 31.103 grams to a troy ounce times $11.00= $342.00. what is spot gold today $950.00 per ounce!!! you just got ripped off.
if you have gold jewelry i would try to sell it privately yourself by spreading the word to friends or acquaintences. you cna take the items to a jeweler for the purity (gold content) and have them weigh each individual item alone and get the weight in grams, both essential to know what to sell it for. or you can take it to BKK and sell back to the gold shops. they post both the sell and buy price daily. they may reduce it slightly if not purchased at their shop, but you will come out ahead. i sell gold back on my trips to BKK the past 2 years and it pays for the whole stay. i bought gold at $200.00 per ounce (ok i previously explained the baht weight system so its a little different) but with gold at $950.00 i am way ahead.
hope this helps.
you may also want to but a 10X loupe (corrected) to magnify your jewelry and see gems like you cant with the naked eye! maybe $30.00.
retail jewelry store have a wide margine (markup)of 3 to 4 times cost because items dont usually sell quickly (unlike a supermarket where food goes out daily and the margine is mayby 3-4%).
kathie is correct in that assessment that they can haev a sale at 50% to 75% off and still make money!!!
selling jewelry items for the gold content is also a costly transaction for the seller. if you have a broken item or mismatched, still you will only get the melt value. in the USA mostly 10K, 12K, or 14K so at best the gold is 58.5%. the return is low back to you. i went to a jewelry store here in hawaii recently because it had a sig saying 'highest prices paid for your gold'. ok i asked if i brought in a suisse .999 gold bar 1 troy ounce, what would they give me. they said $11.00 per gram! ok 31.103 grams to a troy ounce times $11.00= $342.00. what is spot gold today $950.00 per ounce!!! you just got ripped off.
if you have gold jewelry i would try to sell it privately yourself by spreading the word to friends or acquaintences. you cna take the items to a jeweler for the purity (gold content) and have them weigh each individual item alone and get the weight in grams, both essential to know what to sell it for. or you can take it to BKK and sell back to the gold shops. they post both the sell and buy price daily. they may reduce it slightly if not purchased at their shop, but you will come out ahead. i sell gold back on my trips to BKK the past 2 years and it pays for the whole stay. i bought gold at $200.00 per ounce (ok i previously explained the baht weight system so its a little different) but with gold at $950.00 i am way ahead.
hope this helps.
you may also want to but a 10X loupe (corrected) to magnify your jewelry and see gems like you cant with the naked eye! maybe $30.00.
Aug 20th, 2009, 07:50 AM
#25
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Hi. me and my boyfriend chose a 18k white gold princess cut diamond ring from Bangkok Gems Gallery - its a massive place with armed guards and everything - we were taken by our UK booked tour guide who ensured us was legit ! had my ring 18months and its turning yellow at the back - took it to the jewellers in the uk , who advised me this is actually yellow gold and rhodium plated !! i have cetificate life time guarentee and everything with photo of my ring which is a cheat ! wish hadn't bought in thailand as you can't just go back to the jewellers !! The diamonds are fine but the ring now looks yellow and poor - had it re-rhodiumed .does anyone know much about this place ?
Aug 20th, 2009, 10:14 AM
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Never, never, never go to a jeweler recommended by a tour company.
First of all, diamonds are not a bargain in Thailand, as diamonds are internationally priced. You probably paid the same amount as you would have paid had you puchased locally. Thailand is a great place to buy sapphires and rubies - if you know what you are doing and you go to a reputable jeweler.
Your tour company got a commission for your purchase, they should be willing to help you out.
First of all, diamonds are not a bargain in Thailand, as diamonds are internationally priced. You probably paid the same amount as you would have paid had you puchased locally. Thailand is a great place to buy sapphires and rubies - if you know what you are doing and you go to a reputable jeweler.
Your tour company got a commission for your purchase, they should be willing to help you out.
Aug 20th, 2009, 01:40 PM
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i did save about $1000 on two diamonds i bought a few years ago at my jeweler in bkk. i checked the usa price for the description of the stones and was quite surprised....mine cost $1800 and the usa price was $2800-3200 for the exact same stone....but as kathie says diamonds are not a great bargain in thailand like sapphires and rubies are...
