The procedure for exchanging old gold and silver for new

From the very beginning of its mining, gold was valued by jewelers, buyers and resellers. But jewelry was created according to fashion requirements, although jewelry was passed down in families from generation to generation. And today, ancient items that no one wears are kept in boxes. Many jewelry stores offer lucrative deals and exchange old gold for new.

Sell ​​or exchange gold – which is more profitable?

The client saves by paying part of the fee or no additional payment at all when purchasing a new piece of jewelry. The salon’s turnover is increasing, which gives it an advantage over its competitors.

Stores usually offer to buy gold from the client at a higher price than pawn shops. This is explained by the fact that the jewelry is exchanged for another, and not given money in hand. The price of a new product already includes the excess amount, covering the difference between the price of acceptance at a pawnshop and a store.

The salon buys jewelry from the client at 2-3 times cheaper than selling a new one. The exchange is beneficial to the buyer if he has already picked up a certain product in this store. It’s easier to hand over your old jewelry and pay a little extra than to pay the full price for a new one.

In order to sell gold profitably, you need to take into account not only the price at which it will be purchased by the salon. As a rule, stores that offer more per gram of metal sell jewelry at a higher price, and vice versa - those who buy it at a low cost sell it cheaper. However, it is worth considering that some not-so-honest stores deliberately violate this rule. Therefore, other factors need to be taken into account.

Any salon regularly holds promotions, offers discounts and other advantageous offers. But when exchanging, the client cannot take advantage of these bonuses. Therefore, you need to calculate the following options:

• sale of an old product and purchase of a new one, which is subject to the terms of the promotion;
• exchange in the store for a new decoration.

Often the first method is more convenient and profitable for the buyer. The main thing is to find a suitable offer that suits your conditions.

If the jewelry is old, you should not exchange it for a new one. In such cases, the composition of the alloy varies significantly, so it can be sold at a higher price than taken to a store. In addition, emeralds, diamonds, sapphires and rubies are often used in antique pieces. In modern products, natural stones are rarely used or have significantly different cuts. It would be more profitable to hand over unique jewelry to a second-hand store or a private craftsman.

Jewelry exchange rules

Many people want to use the store’s service and replace a tired, out-of-date product with a fresh one. It will not be possible to exchange gold gram for gram, since salons accept the metal cheaper than they sell it.

The client's surcharge depends on the weight of the jewelry and the established price for a new one. Rules for concluding a deal:

1. The client must have Russian citizenship and be an adult.
2. It is permissible to submit products with or without sample.
3. When purchasing, the store takes into account only the weight of the metal, without inserts and stones.
4. You can donate precious metal scrap: broken, damaged, torn, etc.

The salon looks only at the weight of the product and the compliance of the supplied sample with the purity of the metal. The condition of the jewelry is not important as it will be melted down.

What determines the price of gold

Many salons offer exchanging old gold for new 585-carat gold. The cost of one gram is about 1,500 rubles in a store and 1,300 in a pawnshop. The price changes depending on transactions on the London Stock Exchange, on the basis of which the Central Bank of the Russian Federation sets the rate. On the exchange, products made of pure metal are traded, but when making jewelry, silver, copper, nickel or palladium are added to gold. This is explained by the fact that gold is a soft metal and in its pure form is easily damaged.

The cost of 1 gram of 585 fine precious metal is calculated as follows: price of 999 fine metal*0.585.

But jewelry stores add to the resulting value an additional price, which includes the labor costs for making the jewelry. Also, the final price tag depends on whether it is yellow or white gold.

Precious metal 585 contains 58.5% pure gold. The rest of the composition is alloys of copper and silver, thanks to which the product has high wear resistance and strength. If the composition contains nickel and palladium, the precious metal turns out white.

An hallmark is placed on the jewelry to ensure quality. The State Assay Inspectorate is responsible for checking the sample. An example of a modern hallmark was developed in 1994. They are served by an image of a female profile in a kokoshnik facing the right side and a cipher - a sign or the Russian alphabet.

What price would be fair?

In order to find out whether you are being offered a good price in a store or pawnshop, you need to focus on international standards and the official exchange rate in your country. For example, as of the date of writing this article (June 14, 2021), we see a value of 1737.60 USD per troy ounce of 999 fine gold.

A troy ounce is 31.1 grams. But since most gold products have a purity of 585, you need to do a recalculation: divide the gold rate by grams, multiply the current dollar rate (69.12), then by the purity and divide by a thousand.

If we look at our example, we get the following numbers: 1738/31.1*69.12*585/1000 = 2259.7 rubles. That is, on the international market it would cost you exactly this amount; the price on the domestic market may fluctuate around this value.

It is worth understanding that the cost of new jewelry includes not only the price directly for the material, it also includes the wages of a jeweler, designer, marketer, rental of retail space, payment of salaries to sellers, logistics, etc. Therefore, new products will be much higher in cost than scrap gold.

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Where to exchange old gold for new

You can donate gold at the 585 Gold salon chain. The store launched the campaign “Changing old for new, boring for fun.” As part of the program, the client can return the old product and receive a certificate that can be used on the same day. The certificate is issued for an amount equivalent to the cost of the jewelry.

Promotion rules:

1. The certificate can be used to pay part or the full cost of the jewelry, depending on the amount of funds on it.
2. A certificate is a deposit that can only be used on the day it is issued and only in the store where it was received.
3. You can familiarize yourself in detail with the conditions for using the certificate in any store. The materials are placed in the consumer's corner.
4. Bonus programs and promotions do not apply to goods paid for with a certificate.
5. As part of the program, the buyer can purchase products that have a fixed price tag, with the exception of used goods.

You can also exchange old jewelry for new ones at SUNLIGHT. Any items made of precious metals are subject to exchange.

Exchange rules:

1. Determination of metal sample and mass. Diagnostics are carried out if the client does not object.
2. Semi-finished gold and diamond materials, alloys, awards, waste, and unprocessed precious stones are not accepted for exchange.

The promotion is carried out in SUNLIGHT stores. You can also find details of the offer there.

Exchange of old gold for new is beneficial to both the client and the store. The main thing is to keep track of the profitable offers that jewelry stores regularly offer.

about the author

Evgeniy Nikitin Higher education majoring in Journalism at Lobachevsky University. For more than 4 years he worked with individuals at NBD Bank and Volga-Credit. Has experience working in newspapers and television in Nizhny Novgorod. She is an analyst of banking products and services. Professional journalist and copywriter in the financial environment [email protected]

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How to avoid falling for scammers

No one works at a loss, and this primarily applies to working with jewelry. Before you go to replace your old jewelry, find out the cost of gold per gram, as well as the price of the item itself. What if it turns out that this piece of jewelry belonged to some noble person in the 18th-19th centuries, and now true art connoisseurs are ready to pay a huge amount of money for it?

However, it is worth understanding that the situation may be completely different. Gold may not be real, but an ordinary base metal coated with gold paint or gilding.

In order to be sure of the authenticity of the metal, first of all, you can conduct several experiments at home. For example, a product can be brought to a magnet - pure gold will not be attracted.

You should not talk about the fact that you have precious jewelry that you want to exchange. Your words can become bait for scammers and thieves.

Comments: 11

Your comment (question) If you have questions about this article, you can tell us. Our team consists of only experienced experts and specialists with specialized education. We will try to help you in this topic:

Author of the article Evgeny Nikitin

Consultant, author Popovich Anna

Financial author Olga Pikhotskaya

1. Irina
   09/01/2021 at 15:54 Novocherkassk, the cost of accepting gold for exchange is 585.....
   Reply ↓
2. Marina
   08/25/2021 at 03:51

   Lost or stolen a gold chain with a pendant...if a person brings it to your store, can he easily exchange it for new jewelry?

   Reply ↓
   Anna Popovich
   08.25.2021 at 21:11

   Dear Marina, unfortunately, when accepting gold for exchange, it is not possible to identify the owner, so this option for selling stolen jewelry is realistic.

   Reply ↓

Gold requirements

Typically, jewelry stores agree to accept items without special requirements. But pawnshops and private resellers put forward certain criteria. The decoration must meet the following parameters:

• sample from 350 to 850;
• the metal must undergo testing for authenticity;
• Only adults can enter into a transaction;
• when exchanging products with the same weight, a fee for the work of the master will be charged;
• Precious stones are accepted separately.

It is not necessary to have a sample on the decoration. Antique gold, inherited, may have a completely different mark. Therefore, craftsmen carry out an examination of the authenticity of gold in laboratory conditions. If the decoration has passed all stages, then the deal is officially concluded.

Only persons over 18 years of age can bring precious items to jewelry stores; sellers will definitely require a document confirming their identity. The design and style of the products are not taken into account, no matter how fine the work of the jewelers is. The owner has the right to hand over scrap - damaged gold or silver jewelry.

It is rarely possible to exchange a product for jewelry of the same weight. But when melting down old metal, you will need to pay for the work of the jeweler. If the item had inserts of precious or semi-precious stones, the master will remove them and return them to the owner. These products are changed separately at special points or stores. Stones cannot be remade; they can only be sold or exchanged for others.