Customers come into Empire Loan with jewelry that they have paid big money for and are shocked to find out how much their jewelry is actually worth. People go to the big national chains in the malls that have special collections, or specially creations from some actress with a fancy, frilly name to capture their imagination. Others head into fancy upscale jewelry stores that claim to have been in business since the beginning of time. However, designer brands and fancy names don’t always translate to value.
Shopping for jewelry can be a very exciting experience, and gives you the opportunity to make a great investment by getting the best deal on your jewelry.
Be sure to follow these three steps when shopping or selling in order to get the most value for your dollar.
- Look at the karat- The higher the content of gold, the higher the karat. 24k gold is 99.9% pure gold, and is rarely used in jewelry because it is not durable. Most pieces are 10K (41.7%), 14K (58.5%) or 18K (75.0%) gold. Knowing the karat of the gold is crucial in determining the value.
- Look at the weight – A term you might hear when buying or selling jewelry is DWT. This means “pennyweight.” A pennyweight is equal to 1.555 grams, and there are 20 DWT to an ounce. The weight of your gold, silver, or platinum is important because when combined with the karat, it’s a clear indicator of value. This means a 14K gold chain that weighs 10 DWT (DWT = pennyweight) will cost more than one that weighs 9 DWT but less than one the weighs 11 DWT.
- Be objective – Though the new celebrity collection may seem glamorous, it will actually add very little value to the item. The only thing that matters from a value standpoint is the karat and weight of the piece. Looking at tangible factors like karat and weight will help you make a more timeless and secure investment.
Following these three tips will ensure that your jewelry is a good value.
At our 8 Empire Loan locations, you will pay what the jewelry is worth. We look at the karat, we look at the weight, and we look at the value the jewelry will hold over time.
The next time you’re tempted to buy the “Specially Designed Collection” or the “Celebrity Endorsed Open Arms Creation”, ask what the karat of the gold is and how much it weighs. Now compare that to what you find at any Empire Loan location. When it comes to buying or selling, make sure you get the best deal on jewelry by following these three simple steps.