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Is Selling Gold at a San Diego Gold Party a Good Idea?

February 25, 2011 by Administrator · Leave a Comment 

San Diego Gold Party & PartiesIf you are thinking about throwing a San Diego gold party or selling your old gold jewelry at a gold party of one of your friends, you might want to think again. For starters, most San Diego gold parties are illegal. Over the years several individuals have been caught buying and selling gold at illegal San Diego gold parties.

For example, back in 2009 JCK reported about how two retail jewelers in Watsonville, CA, were facing misdemeanor charges for allegedly purchasing used gold jewelry without proper licensing or crime-prevention procedures. This story about illegal San Diego gold parties was covered in the Register-Pajaronian newspaper.

Both of these jewelers were ordered to appear in court to answer for their failure to comply with state and city standards, said the newspaper. One of the gold buyers acknowledged having bought jewelry for over a dozen years, unaware that in addition to a business license, state law requires jewellers/gold buyers to have a second-hand or pawn license in order to buy used goods like scrap gold and gold jewelry.

The crackdown on illegal gold parties in California began in late 2007, when police say a series of complaints prompted them to issue a warning letter to all jewelry dealers and launch an undercover investigation.

Police sent a letter to 25 merchants, advising them of the licensing law and their need to comply with it if they were buying or pawning gold items, said the newspaper. The crackdown served to educate local businesses about laws known as the California Business and Professions Code and the city’s obligation to uphold them.

Outside the fact that most San Diego gold parties are illegal, you also won’t get the most money for you scrap gold at a gold party of one of your friends. Why? Because there are too many people involved who all need to make a profit. Rather than selling your gold at a San Diego gold party, you are better off selling your gold to a buyer that is both a gold refinery and an expert jeweler.

Not all gold refineries are the same. Some of the big nationally advertised gold buyers who are gold refineries have been exposed as paying the lowest amounts for your gold jewelry, while other gold refineries aren’t really refineries at all but ship the gold they buy to out-of-state refineries. However, San Diego Jewelry Buyers is unique in that they operate a local San Diego gold refinery and are expert fine jewelers to boot. They therefore pay the high cash amounts for scrap gold as well as high-end diamond jewelry which never should be melted down.

When selling your gold to a San Diego gold refinery or other kind of local gold buyer, make sure that you research who they are and how they do business.

Sell My Gold? Who is the Best San Diego Gold Buyer?

December 2, 2010 by Administrator · Leave a Comment 

Where is the best place to sell gold in San Diego?If you are looking to sell gold in San Diego, there are many places from which to choose. Which gold buyer is the best? Well, the answer to that question depends on different factors. But when deciding who is the best gold buyer for you, there are some specific questions that you should be asking.

The first question to ask a potential gold buyer in San Diego is how are they weighing the scrap gold, gold jewelry, and other gold gift assets that they buy. Are they weighing these products in grams, or are they weighing them in pennyweights?

The best gold buyers in San Diego weigh customer gold in grams. The reason for this is because when a gold refinery, jewelry store, or dedicated jewelry buyer weighs products in pennyweights rather than grams, this benefits them rather than you, the gold seller. Whoever you do business with, make sure that they weigh your items in grams (in front of you) and calculate their buying offer on the gram weight of your gold.

The next question you want to ask your San Diego gold buyer is how much they are paying for 14 karat or 18 karat gold today. They should tell you in a very simple and straightforward fashion what they are paying per gram for that particular karat weight. Beware of buyers who say what today’s gold price is, not what they are paying per gram. Some buyers deceptively tell customers the price that they are selling gold at, rather than what they are buying it at, in order to lure them into their stores.

If the gold that you are looking to sell is set with diamonds and gemstones, then you want to avoid selling it to a San Diego gold refinery who just buys gold to melt it down or at a San Diego gold party, whose buyer doesn’t have the expertise to evaluate the worth of pre-owned diamonds, rubies, sapphires, and other precious gemstones. Ask whichever buyer you are considering doing business with whether they pay extra for diamonds and gemstones. The best San Diego gold buyers always will pay more when the jewelry is set with precious stones that are significantly sized and of high quality.

In similar fashion, you want to be especially careful when selling designer gold jewelry. Once again, most buyers at California gold refineries or San Diego gold parties do not know how to assess the extra worth of branded jewelry. You want to ask the gold buyer if they pay extra for high branded jewelry and to name a few examples of these jewelry brands. This actually is a good question to ask even if you aren’t actually selling designer gold jewelry, because a positive answer will help show you the gold buyer’s level of professionalism. In addition, you might have an old vintage piece of gold jewelry that doesn’t look branded to you but could be worth a premium price.

When choosing a San Diego gold buyer, you also want to know something about their history. So, ask them how long they have been in the gold buying business and what is their background in the fine jewelry industry. There are a lot of gold scams and fly-by-night gold buying businesses that are looking to make a quick buck preying on uninformed folks who need to sell gold fast to cover some bills. The gold jewelry buyer you work with should certainly be in the gold buying business for over a year and have well-documented evidence of working in the jewelry industry for five or more years. In other words, selling your gold for the best price in San Diego means selling it to a professional buyer with a provable track record.

Speaking of track records, this leads us to another important aspect of choosing the best gold buyer. Be sure to ask whether the company has any complaints filed against it with the San Diego Better Business Bureau. Your gold buyer should have either no complaints filed against it or no more than a couple complaints due to misunderstandings which were successfully resolved and documented by the BBB. If the buyer has multiple unresolved complaints filed against it, this is a red flag.

Lastly, if you are going to sell gold in San Diego, ask the dedicated gold jewelry buyer, gold refinery, or jewelry store whether they are going to pay you cash for your gold or by check. For most transactions, you should be paid cash on the spot for your merchandise. But if you are selling a large amount of gold, it is okay to accept a cashier’s check, as long as the buyer is operating out of a bricks and mortar store in San Diego, and the business has been in operation for over a year.

Seller News: Gold Prices Continue to Soar

November 29, 2010 by Administrator · Leave a Comment 

San Diego Gold PricesThe folks at the Gold and Silver Blog have been writing informative material on the strength of the gold market. According to the GSB, the consistent rise in gold prices has been due to factors such as concerns regarding weak currencies and unstable foreign governments. In addition, gold has been viewed as a safe haven investment and has been attracting an increasing share of investment dollars. Despite the recent leveling off of gold prices, many market experts are predicting a continued rise in prices over the long term, says the blog.

According to recent market reports (as of November 26), SPDR Gold Trust (GLD) stated that its holdings remained unchanged from the previous trading day at 41,316,740 ounces. The IShares Silver Trust (SLV) stated that its holdings declined by 5,865,684 ounces to 344.374 million ounces. Market experts have suggested that the holding pattern, as well as the slightly lowered prices indicate a decrease in safe haven demand. Recent data on the economic situation in the US has at least temporarily arrested some of the more pressing fears about the economy, and the price of gold has typically risen and fallen inversely to the strength of the dollar.

What this all means for those in San Diego and greater California who want to sell gold is that the times remain good for receiving top prices for your gold jewelry, dental gold, scrap gold, and other gold items at a San Diego gold refinery or other precious metal buyer. Will you be able to get a better return if you hold on to those item for a little while longer? Maybe. But, of course, gold prices could also fall soon, as well. All we can say for sure is that current gold prices will give San Diego sellers a strong return on their luxury gift assets made of gold.

Silverware Master Maker: Georg Jensen

May 30, 2010 by Administrator · 4 Comments 

sell-silverware Silverware Master Maker: Georg Jensen San Diego owners of sterling silverware often ask just what brands of silver flatware are worth the most money. If you are fortunate enough to have any silver flatware or holloware by Georg Jensen then that is exactly the kind of silverware that second-hand sterling silver buyers are looking for and will bring you very high buying offers.

Take for example the Georg Jensen silver pieces recently sold on auction at Christie’s. A Danish silver six-piece tea and coffee service set went for $27, 500. And a Danish silver flatware set was sold for $50,000.

Jensen’s naturalistic silver designs took their cues from the aesthetics of the Arts & Crafts and Art Nouveau movements, and his stylized fruit and floral motifs reinvented new shapes for established silver forms. The Blossom pattern is one of the most classic examples of the early Jensen style and can be found in the tea and coffee service and Blossom pattern silver flatware.

Georg Jensen also employed several skilled silversmiths and designers to work with him. Among the most celebrated of these designers was Johan Rohde, who joined in 1917 and is perhaps best known today for designing the Acorn pattern flatware. In contrast to Jensen’s work, Rohde’s was more spare in its use of ornament, illustrated by his incredibly sleek silver pitcher designed in 1920 and considered an iconic 20th century silver design. His pieces show less interest in naturalism, instead finding inspiration in historical styles, as demonstrated by the Acanthus pattern flatware which draws upon a classical vocabulary. A classic fish dish, one of few to feature a fish on the mazarine, epitomizes Rohde’s talent for stylized forms.

Remember to always seek out a professional San Diego silver buyer if you ever on the possession of a set of precious silverware like those made by Georg Jensen.

SDJB’s Gold Buying Business

April 24, 2010 by Administrator · Leave a Comment 

In the following media interview, the owner of San Diego Jewelry Buyers (SDJB) discusses the ways in which his company’s gold and jewelry impacts the local economy.

San Diego Jewelry Buyers has been in the gold, jewelry, and watch buying business for some thirty years. In these difficult financial times, what role do you see your company fulfilling with regard to the larger San Diego economy?

Owner: Every day, San Diegans bring me items which have been lying around in a dresser or safe deposit box, and trade it in for cash. Yesterday a woman in her 80s traded in her scraps of old gold for about $1800, and said she was going straight to Best Buy to get a brand new flat screen TV and home theatre for her apartment. All things considered, I think she’ll get a lot more enjoyment from that TV entertainment center, than she was getting from some old broken gold jewelry that had been lying around in her dresser drawer for 30-40 years. I joked with her that if someone ever breaks into her apartment, the gold would have been a lot easier to make off with than the new giant flat screen TV mounted to her wall!

So you are saying that San Diego Jewelry Buyers helps customers realize wealth they might otherwise have forgotten about?

Owner: In many cases, yes. But it also is more than that. When people find out that they have un-tapped wealth sitting in their drawers and cabinets, wealth that can be transferred into quick discretionary income, this feeds the local economy. Money is moved, circulated, spent, and re-generated through all the businesses that the customers patronize with their sudden “windfall”. In addition, taxes are paid on all of these new transactions, thus supporting local, state, and federal government services.

But at some point doesn’t this all run out? I mean, there is only so much of this “untapped” wealth lying around, right?

Owner: On the one hand yes, and on the other hand, no. People often ask me “you keep buying all this gold, don’t you think the public will run out of gold soon?” My answer is to point to the whole eBay phenomenon, which turned millions of everyday Americans into moonlighting dealers of second-hand merchandise. That started long before the current gold rush and economic crisis, and people are still selling their unused possessions on eBay, as much if not more so than ever. So do you think that Americans will run out of diamonds, gold, silver, jewelry, and fine watches anytime soon? Sure, the economy is bad now but it will eventually turn around. New precious items will continue to be bought, which eventually become “old” items, and SDJB will be here to turn those items into cash and transfer that wealth back into the economy.

From what I understand, you also see San Diego Jewelry Buyers’ business as contributing to more than just the economy, don’t you?

Owner: That’s right. As a professional jeweler and designer, I’ve been a longtime supporter of sustainable luxury. And when it comes to selling your gold to a company like SDJB, people are helping the environment by reducing the need for eco-harmful gold mining activities. The same thing goes for when consumers sell us their pre-owned diamonds and precious gemstones. It’s a win-win situation for our customers, for us, and for the community.

Gold Fuels Pawn Shop Boom

February 2, 2010 by Administrator · Leave a Comment 

gold-sandiego Gold Fuels Pawn Shop Boom KPLC TV News is reporting that the high price of gold has local pawn shops booming, as more people dig through their jewelry boxes for gold items they can trade or sell for cash. The Lake Charles news team interviewed a local pawn shop owner who says more customers are finding gold and pawn shops a great combination, especially since it’s hard to get fast cash from banks and other lending institutions.

“A lot people have single earrings, broken rings or necklaces that they’re not going to repair,” said the pawnbroker. “With the record price of gold now, a lot of times they’re pleasantly surprise with how much they can get for it.” He also advised customers to go local when you put your gold items on the market.

Many people are also mailing in their gold to companies who advertise frequently on television. Recently several of these businesses have come under intense scrutiny. New York Congressman Anthony Weiner (D-NY) has even called for the Federal Trade Commission to look into one company’s “deceptive practices,” after hearing several complaints from sellers who say the company didn’t give them the promised price for their gold.

And all experts agree (including us at the San Diego Luxury Pawn Shop Report) that before selling or trading to any gold buyer, consumers should get several quotes from different brokers.

Why Gold Remains Hot

December 2, 2009 by Administrator · Leave a Comment 

why-gold-hot Why Gold Remains Hot

San Diego gold investors and gold sellers take note that Business Week has an excellent interview online with commodities guru Jim Rogers, creator of the Rogers International Commodities Index, wherein he talks about gold’s current popularity.

Here is an excerpt:

MARIA BARTIROMO

Gold, as you know, hit an all-time high today, with the Russian central bank buying bullion. How high can gold go?

JIM ROGERS

Well, I own gold and I have for a while. How high can it go? I fully expect it to be over a couple thousand dollars an ounce sometime in the next decade—I didn’t say the next month, I didn’t say the next year, I said the next decade—because paper money around the world is very suspect. But right now everybody’s bullish on it, so I don’t like to buy things when that’s happening. But I’m not selling under any circumstances.

What’s behind the runup? Has buying by the central banks changed the equation here? Or is this still a demand story?

Certainly a demand story because, as I said, everybody’s printing so much money and people around the world are worried about that. But you also have central banks, which five years ago were selling gold, now buying. So that’s a huge shift in the marketplace. Central banks are like lots of other people—they just follow the crowd. There are probably better commodities to buy than gold, but you can’t tell that to central banks because they’ve got gold on the brain.

To read more, go to: Why Gold is Glittering.

Rare Gold Coins at the Long Beach Expo

August 31, 2009 by Administrator · Leave a Comment 

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The folks over at CoinNews.net are reporting that two huge California Gold Rush era assayers’ ingots, recovered from the famous SS Central America and with a combined weight of over 100 pounds of gold, will be exhibited at the next Long Beach Coin, Stamp & Collectibles Expo, September 10 – 12, 2009, in the Long Beach, California Convention Center, 100 S. Pine Ave.

During the three-day Long Beach Expo more than 1,000 dealers will be buying and selling rare coins, paper money, stamps, postcards, historic documents, antiques, estate jewelry and other collectibles. Some dealers will provide free, informal appraisals on gold coins and other items for visitors.

A free gold coin will be awarded daily to a registered visitor. Young numismatists’ activities include a children’s treasure hunt, educational programs, and collectors’ clubs meetings. Heritage Auction Galleries of Dallas, Texas, the world’s largest collectibles auction house, will hold a public sale of U.S. and world coins and paper money.

The public hours of the Long Beach Expo are Thursday and Friday, September 10 and 11, 2009, from 10 a.m. to 7 p.m., and on Saturday, September 12, from 10 a.m. to 5 p.m. (The show is closed on Sunday.) A complete Schedule of Events is online at www.LongBeachShow.com.

General admission is $6 (good for all three days); $4 for members of any coin or stamp club who display a valid membership card; and $3 for seniors 65 and older. Free admission for children ages seven and younger. Discount coupons are available online at www.LongBeachShow.com.

New Gold Jewelry & Precious Metals Law

August 5, 2009 by Administrator · Leave a Comment 

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Orange County readers of the San Diego Luxury Pawn Shop report should take note that a new law has been passed. The Shawangunk Journal reports that under this new law, anyone who has a business that buys second-hand jewelry (gemstones and precious metals) would have to have a license from the county and undergo a background check. In addition, two crucial rules apply. To sell gold jewelry to a store, you have to be over the age of 18 and you have to have photo ID for the store owner to see and if they want, to record. Then, the store or pawn shop must hold the items for 15 days before selling them.

The journal interviewed Dan Depew, Country Representative of the 18th District, who put it this way. “You can’t just ride into town, stay in a motel, and announce that you’re buying gold. Because, now you have stay in the county a while, and you have to register and undergo that background check.”

Police Chief McCann believes that the new law can be a win-win for everyone, saying that if pawn shops and jewelry buyers work it into their practices, then they can be sure that the police know they’re on the right side of things. McCann also added that residents can take steps to protect themselves. “Everyone [should maintain] a good record of the piece of jewelry, or property of any sort that has a value, or that they think is important to them. A photo is good, but if there’s some marker on the property that is known only to them, so they can ID that piece of jewelry, then that’s a great help to us in recovering things.”

Worst Ways to Buy Gold

June 28, 2009 by Administrator · Leave a Comment 

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Investor’s Chronicle (IC) has just published an article that San Diegans who are interested in buying gold as an investment. The IC reports that gold’s status as a safe haven in bad times has seen an unprecedented rise in popularity, with the World Gold Council recently reporting a 248 percent increase in the investment demand for gold, compared to the same period last year.

If you are thinking of buying gold in San Diego, experts warn that you must take care because physical gold is not a regulated investment market. So while lots of people think they should be buying gold, they don’t recognize that there are bad ways to buy the metal. According to the IC report, 3 of the worst ways to buy gold are:

1. Online auction sites: While this might seem obvious, eBay has seen a surge in gold-coin auctions as demand for physical metal has grown. The prices on online auction houses often out-strip true gold-market values – known as the “spot” gold price – by 25 per cent even for the plainest coins. Rarer gold coins are often bid up much higher, as new investors lack knowledge about what they are buying.

2. Newly minted “collectible” coins: So-called collectible gold coins can cost significantly more than the actual value of the gold they contain. Mints often charge 40% or more above the gold market value for these gold coins.

3. “Rare” gold coins: US authorities often warn investors against “hard-sell” dealers charging rip-off fees for what turn out to be anything but rare gold coins. Spotting a truly rare coin and knowing how much above the gold-content’s value it should cost takes experience and expertise. Take the time to build your knowledge and understanding before venturing into this market.

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