Tips On Buying Gold, Silver, Gems And Jewelries
Buying fine jewelries, whether for fashion use or for investment, can be an expensive transaction that should be made carefully. You should learn and understand the jeweler’s nomenclature to help assure they are getting value for their money. And, as with any important purchase, always know the seller.
Becoming familiar with the classification fundamentals of gems and precious metals not only helps the buyer obtain value but also enhances enjoyment. Most people know some of the terms associated with jewelry, but use them incorrectly. They are susceptible to overpaying and receiving less than they think they are buying.
Gold! gold! gold!
Gold, for example, is designated 24-karat when pure, but most frequently it is alloyed (combined) with other metals for durability. A karat is the unit used to measure the amount of gold an article contains. The gold alloy most commonly used in jewelry is 14 karat, or 14 parts of gold mixed with 10 parts of one or more metals. Articles containing less than 10K (42%) gold cannot carry a karat designation.
“Solid gold” means the article has no concealed hollow cavity and is solidly of an alloy of gold not less than 10 karat. A “solid 14 karat gold” ring means that the ring is made of a gold alloy of 14 karat fineness.
“Gold-filled” refers to articles made of base metal on one or more sides or surfaces to which there is affixed by mechanical means, a sheet(s) or shell or karat gold which has been rolled, drawn or pressed.
“Gold-plated” refers to an article having a plating of gold alloy of not less than 10 karat fineness and substantial thickness, and the plating is at least 1/20th of the weight of the metal of the entire article.
Except on watch cases, the quality of gold must be identified by a phrase stamped into the metal. For example, “1/10 12K Gold Filled” means that one-tenth of the weight or the article is 12K gold. To qualify for description as “gold-filled” the gold component must be at least one-twentieth of the total weight of the finished article. “1/30 10K Rolled Gold Plate” indicates that one-thirtieth of an article is 10K gold.
Similarly, silver is too soft for use in its pure state and must be combined with other metals. “Sterling silver” is a specific combination – 92.5% pure silver and 7.5% copper. The term “sterling” refers to the composition of the metal, never to the weight of a finished article. Sterling silver jewelry can be thin and light or very heavy. “Coin silver” is at least 900/1000 parts pure silver.
The value factors of diamonds
Gemstones are evaluated on many more factors. Diamonds are measured in carats and points – one hundred points equal one carat. Diamond value also affected by:
* Color – The finest are characterized by absence of color.
* Clarity – The best are without internal marks or blemishes.
* Cutting – This refers to how closely the diamond approaches ideal proportions and angles. It is the only factor subject to human control.
Do not buy diamonds, or any gems, by weight or size alone. For a major purchase of this sort, have the gem graded by a trained, professional appraiser who uses specialized equipment and has access to current information on the market.
So far, we have only talked about the quality of the metal or gem. Remember that the design, setting and talent of the artist who created the jewelry can also affect value many times over.
The key to making a wise jewelry investment instead of a costly mistake is choosing a good jeweler. To do so:
1. Ask friends and neighbors for recommendations and shop around.
2. Check with the BBB for a reliability report on the jeweler selected.
3. Learn the jeweler’s policy refunds, exchanges, repair and replacement.
4. If a warranty is offered, find out what it does and does not cover and who will honor it – get it in writing.
5. On diamonds, ask for a written statement of carat, weight and quality.
6. Read any tags and markings on gold and silver to determine the metal’s composition.
Jewelry can be an excellent investment, but it may be one that is difficult if not impossible, to convert to cash quickly in case of an emergency.