What to Know Before Buying Gold Jewelry Part IV

Welcome back to our final installment of what you need to know before you buy your gold jewelry. It is a big investment and we want to help you be prepared. The folks at Mile High Coin are available to assist you with any question you may have. As well, they have gold jewelry for you to buy, or you can sell them your gold jewelry as well.

In the last three blog posts we covered what you need to know about the gold you are buying, and while a lot of this comes down to preference and what your preferred styles and tastes are, things like purity and color are important to consider before you buy. In this final blog post we will discuss actually purchasing your gold jewelry once you have decided exactly what it is you want.

First, you will want to be sure to comparison shop. This is always a good with any major purchase. You would do this if you were buying a car or a house. A gold piece of jewelry should be no different. While it might not be as expensive as a house or a car, it is a big investment and one you should take your time considering. For this reason, do your research, price check, and consider from where you are purchasing and their track record as far as reliability and quality.

As far as pricing goes, it is determined by the purity of gold, so knowing your price point and the type of gold you want as discussed in previous blogs is important. You will want to go in knowing the price of gold bullion as this is how all prices are calculated. If you know this price, you are much less likely to be duped.

There are other costs to consider beyond just the value of the gold. You must consider the sellers profit margin, the cost of other metals within the piece of jewelry, and the cost of labor. If you are are considering having a custom piece designed for you, this will add to the price too. Once you have your price point, you will want to look for a marking. This is usually inside the ring band or on a little dangle of a necklace chain. This marking can tell you the purity or the percentage of gold content. It also tells you that it is authentic. Some common markings to look for are GP- gold plated, GF- gold filled and other letters which indicate the type of alloy the gold is mixed with such as SS for sterling silver.

If you are still concerned about your purchase—its quality, authenticity, or price—you have options. You could consider having it apprised by an independent appraiser to be sure of its value. You could also look into a warranty to ensure its longevity and protect your investment.

There you have it folks, your guide to buying gold jewelry. I hope this has been helpful and if you still have questions or concerned the folks at Mile High Coin are very friendly and knowledgeable. They can help you with anything concerning your gold jewelry purchases.