Parkway Gold Buyers

1. Why are so many people selling gold right now? Many people are selling gold right now because it is at an all time high.  With any commodity you buy low, and sell high.
2. How do you determine the value of the gold? It is determined by the weight and the karat of the metal.
3. What does the karat of the gold mean?  The karat tells you how much gold is in the metal. The higher the karat, the higher the gold content.
4. How can you tell what karat the gold is? There is usually a mark, and then tests are done with acids and/or an electronic device.
5. Does it matter if the gold is broken or damaged? No. We buy according to weight and gold content... condition makes no difference.
6. What does Parkway Gold do with the gold after it is purchased? It is refined and then sold back into the gold industry.
7. Do you buy white gold? rose gold? green gold? Yes. Those only appear different because of the other metals alloyed. 10k rose, white, green, and yellow gold are all worth the same
8. Do you buy gold plated jewlery? No. The gold content is so little that to spend the cost of refining it, you would have to have a very large quanity to make it cost effective.
9. What if the gold has stones in it? We can remove the stones for you free of charge if you like.
10. Do you buy diamonds? Yes. If they are 1/2 carat or bigger and of good quality
11. Do you buy gold and silver coins? Yes. Coins have value either as collectible coins and for the metals used to make them. We buy based on whichever is higher.

 

Remember!

There’s Gold In Them Thar Drawers!

Gold Selling 101

With all the talk and news reporting these days about scandalous gold buying practices, we thought we’d take a moment to demystify the process for you.

Gold is a commodity, and the base value of any piece of jewelry starts with the value of the precious material – metal and stones that it is made from – with some special pieces, there are additional layers of value added- rarity, exceptional craftsmanship and antique value sometimes come into play.

We are in a time of financial upheaval and resettling. Metal prices are volatile, household incomes are volatile. As a result, many jewelry shops are offering gold buying services as a way for people to turn their unwanted jewelry into needed cash. In the process of determining a bid, there are several steps that should ALWAYS be taken.

1. The gold content of your pieces should be individually tested. 14 karat gold is 58.3% pure gold, with the balance being other metals that are alloyed with the gold in order to improve durability, alter the color (to white or rose gold, for example), and also to decrease the manufacturing cost of the item. 18k is 75% pure gold, and 10k is only 41.6% pure. This is one reason an ounce of jewelry will not get a scrap bid equivalent to the price of an ounce of gold: Because it is not .999% (24k) gold.
2. Once your pieces have been tested and grouped by karat (gold content), they should be weighed. Some jewelers use ounces, some prefer pennyweights (one twentieth of an ounce), some use grams. These are all matters of personal preference, and are all equally accurate systems.
3. Using the above steps, the actual amount of pure gold in your items is calculated. If you are considering selling some scrap items to a dealer who does not use a scale and calculator, you should take your items and leave.

PLEASE! DON’T CHEAT YOURSELF BY MAILING YOUR GOLD OFF. WE URGE YOU TO CALL AROUND AND SEE FOR YOURSELF WHO IS PAYING THE MOST IN YOUR CITY.

Now for the trickier parts. Gold needs to be refined before it can be reused. Refining costs money, and those fees are subtracted from your bid. Testing, weighing, and calculating takes an employee’s time, that is also factored into the bid. Now for the trickiest part. In some states, by law, scrap purchases need to be held for a period of time before refining, and refining itself takes time. Who knows what direction gold prices will move during that period of time? Reputable jewelers are going to build a cushion into their bid to help ameliorate the gambling element inherent in such a transaction! As mentioned above, this is a service we are providing, and as a business, we can’t afford to loose money every time we provide it.