2025-07-02 13:24:21 by New York Post

Looking to unload a stash of old jewelry to cash in on soaring gold and silver prices? First do some digging if you want to secure the best deal possible. Figuring out where to shop and how much you should expect to get paid for your uncle’s old Rolex and grandma’s chunky brooch can be daunting. Experts advise doing your research before you hit the shops — including and especially talking to friends and colleagues who have traded their gold. “A lot of our business is word of mouth,” Alon Mirzaev, co-owner of US Gold Refinery told The Post. New York City’s Diamond District, with its mazes of kiosks and fast-talking specialists, may be intimidating for first-time gold traders. Nevertheless, it’s the biggest of the US’s four big-city jewelry districts — and may offer the best chance to fetch a good price for your goods because there is so much competition. The Diamond District in NYC is the largest of the four major jewelry centers in US cities. UCG/Universal Images Group via Getty Images“I would recommend going to larger, more active markets, like 47th Street in New York or Jewelers’ Row in Philly so you can more easily get multiple offers to compare,” said diamond analyst Paul Zimnisky. While the Big Apple’s is the most prominent, Los Angeles and Providence, RI are also known for their jewelry districts. But before you hit the counters, it’s also crucial to educate yourself. Below are a few key tips from the professionals:  Ask your friends — and check online reviews The best tips can often come from friends who’ve had good and bad experiences alike trading their jewelry. If you can drop a friend’s name when you walk into a shop, that can give you another leg up before negotiations even start. Look at online google and yelp reviews for the shops you visit and avoid poorly rated BBB businesses. Stefano GiovanniniOnce you’ve mined your own networks and connections, look for positive reviews online on Google and Yelp — and avoid businesses with a bad rating, said Lee Edelman, a precious metals processor and trader in the Diamond District. “Make sure you don’t go to someone who has a bad ranking on BBB,” Edelman advised. Shop around before the deal Edelman likewise recommends that anybody looking to do a major transaction visit multiple storefronts before making a decision — and be prepared to weather any protests from shopkeepers. “If you have a fair amount of gold or silver to sell, go to at least three places,” Edelman says. In New York, make sure those three are among the so-called “precious metals dealers” who are licensed by the city’s Department of Consumer and Worker Protection to both buy and sell to retail customers. The latter is important and speaks to a business owner’s “honesty,” according to Mirzaev. There also may be some red tape involved: Licensed dealers are required to hold onto items for at least two weeks after agreeing to buy them in order to ensure they are not stolen. They also will require you to fill out paperwork and make a copy of your government issued ID. Bullion Exchanges buys and sells precious metals in NYC’s diamond district. Google Maps“If you are selling stolen goods you are not going to come to my business,” Ben Tseytlin of Bullion Exchanges said. Get the latest pricing It’s also crucial to get current on the latest market prices for the metal you’re looking to sell. Searches on Google, Yahoo or financial news sites like the Wall Street Journal or CNBC are a good start. In the case of gold, those prices have skyrocketed of late — and are bouncing around on a daily and weekly basis. Gold hit an all-time high of $3,500 in April. On Tuesday, it was changing hands at $3,350. Spot prices for gold, silver and platinum can also be found on sites operated by reputable dealers like APMEX or Kitco. Prospective gold sellers also should be aware that fees will be a part of any transaction, adds David Gavriel of Fantasy Jewelers, located at 77 W. 47th St. Typically, those range between 1% and 5% depending on the size of the deal. Only buy and sell from licensed precious metals dealers. Stefano Giovannini“If we are paying $1,000 for a gold bracelet, we might charge a 5% fee, but if we are buying $100,000 of gold, the fee might be between 1% and 2%, Gavriel said. Consider buying a scale If you have a lot of items to sell, or think you may end up doing this more than once, consider purchasing a scale that can measure in troy ounces, Gavriel recommends. They can be bought on Amazon for less than $20. Yes — a jeweler can also weigh your items in front of you. But it’s not a bad idea to have your own measurements at hand as you consider the offers you’re getting, several experts said. “There are honest and dishonest business people” in the district, so every bit of research ahead of time helps, said Ben Tseytlin, chief executive of Bullion Exchanges at 30 W. 47th St. David Gavriel of Fantasy Diamonds holds a machine that measures the precious metal content of a piece of jewelry. Lisa FickenscherAlso know that it’s not just a question of weight. Gavriel’s shop uses a $35,000 device called a precious metal analyzer that measures gold, silver, platinum or palladium to determine whether it’s 10-, 14-, 18- or 24-carat. The machines shows that the gold bracelet is 14k gold. Lisa FickenscherTake a close look at what you’ve got Before you commit to sell, make sure you don’t have something that’s worth more than its weight in gold. Patek-Philippe watches and antique Tiffany pendants are obvious examples. But also make sure your gold coins aren’t mere commodities to be piled onto a scale. This week, for example, David Gavriel at Fantasy Diamonds directed a customer to another dealer who specializes in rare coins after he was presented with a small gold piece that he estimated contained $300 worth of gold — but which was likely worth more than $3,000 to a collector. Be an early bird If you’re looking to get cold, hard cash for your gold instead of a check or bank transfer, don’t wait until the end of the day. While business on 47th Street has been booming for months, jewelers still face limits from banks on the amount of hard currency they can hold at the store.  “Come in earlier in the day to ensure that you get cash if that’s what you need,” says Mirzaev. Alon Mirzaev advises customers not to wait until the end of the day if they want cash in exchange for their precious metals. Instagram/g0talonThat said, don’t expect cash at any time of day if you’re coming in with a big haul that’s worth several thousands of dollars. “We don’t give cash for anything over $2,500,” Tysetlin says.