How is Gold Tested?

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Before approaching your local reseller or gold buyer with gold and jewelry wares, it’s important to know exactly how the value of your items will be calculated. Becoming a more informed buyer will prevent you from being ripped off by untrustworthy businesses and ensure that you get the best price for your items. While it’s hard to attain the same knowledge as an experienced gemologist or appraiser, this article will give you some insight into how gold is tested and valued on the resale market so that you can get the maximum cash for your gold.

Figures to Know

There are three figures you need to know in order to calculate the value of your gold accurately: the weight of the gold in troy ounces, the purity of the gold in karats, and the current gold spot price. The gold spot price is the price for one troy ounce of pure, 24-karat gold at that time. The spot price can vary day to day, and minute to minute.

Troy Ounces

Precious metals like gold are weighed in ounces. However, they are not weighed by the standard ounce (28.3 grams). Instead, they are weighed in a unit of mass used in the precious metals industry called the troy ounce. The troy ounce is equal to 31.1 grams, 9% more than a standard ounce. When weighing gold, it is essential that it is weighed as accurately as possible in order to get the best estimate of value. Our scales at Watch & Wares are certified by Orange County Field of Weight & Measure to ensure that all measurements are accurate to the industry standard.

Purity

Everyone’s heard the phrase 24-karat gold. But what exactly does that mean? 24-karat gold is the purest form of gold available on the market. Gold, especially in jewelry, is rarely 100% pure gold because it would be too soft to shape. Instead, it is often mixed with other metals such as zinc that result in a lower karat alloy more suitable for making jewelry. To calculate the purity of your gold for market value, first find out how many karats your piece is and divide that number by 24. If your item is 14-karat gold, for example, you would divide that number by 24 to get the figure 0.583. That means that your jewelry piece is 58.3% pure gold. The higher the percentage of gold in your item, the higher the value of your piece will be.

The Formula

Although gold jewelry and accessories will vary in price based on style, brand, condition, and a number of other factors, a formula can generally be used to calculate the price of the raw gold itself. This formula is (spot price / 31.1) x purity in decimals x weight of the item in grams. So, for example, if you had 1 gram of 14-karat gold, and the current spot price was $1300, you could calculate the value of that gold by doing the following calculation: (1300 / 31.1) x 0.583 x 1 = $24.37.

However, as stated, this value only applies to the gold itself, not the overall item or piece of jewelry. For full appraisals, visit a reputable jeweler or pawnbroker and have your item evaluated. Here at Watch & Wares, we always offer a fair and honest price to customers. Call us at (714) 633-2030 or come into one of our stores to get cash for your gold today!

 

The Process of Selling Gold and Jewelry

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For anyone who is thinking about selling their gold or jewelry, it’s important to find a pawnbroker who will give you a quote equal to what your item is worth. Here at Watch & Wares, we ensure our customers feel valued and are happy with their selling experience. Established in 1991, we are a full-service jewelry store, and if you’re looking for the best place to sell your jewelry or gold near Irvine, look no further!

SELLING YOUR GOLD OR JEWELRY

When you walk into Watch & Wares, you will meet with one of our highly trained evaluators, and we’ll take about 5-10 minutes to asses the jewelry piece or gold. The appraisal will be based on karat, weight, and the inclusion of precious stones. If you have a certificate to prove the stones’ authenticity, bring it as well, as it will help increase the value of our offer. If there is no certificate available, our gemologist will assess its value. Once we’ve completed the evaluation, we will give you the best offer possible. Although our estimates require no obligation to sell, we do offer the best and most competitive rates in Irvine. If you like our offer, you can walk out the door with your money the same day, as we buy gold and jewelry for cash!

THINGS TO LOOK OUT FOR WITH PAWN SHOPS

We, like all other legitimate pawn shops, will ask for your ID when you pawn your items, as required by law. Any government-issued form of photo ID will work to confirm your identity. If a pawn shop does not ask for your ID, be wary of their legitimacy because they may not be licensed. Watch & Wares is a certified cash buyer and licensed pawnbroker, so you can feel secure selling your items to us.

Additionally, our scales here at Watch & Wares are certified by the Orange County Field of Weight and Measure to ensure the most accurate measurements. The more precise the weight measurements are, the better price you will get for your item! A scale that is certified by the Orange County field of Weight and Measure is crucial in selling your gold or jewelry, as an uncertified scale allows pawnbrokers to falsify the actual weight of your items.

Watch & Wares is proud to offer accurate and no obligation estimates, top-tier customer service, and a sense of security and comfortability that other pawn shops lack. With over 25 years of service and a 5-star Yelp rating, our reputation speaks for itself! Watch & Wares is here to provide you the best experience possible. For questions about pawning jewelry near Irvine, call us at (714) 731-9600.

How To Get The Perfect Vintage Engagement Ring For Your Loved One

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So you’ve found “the one” — the person you want to spend the rest of your life with. You’ve been saving money for months to get that vintage engagement ring, but you’re hoping to have a little more in your pocket before you pull the trigger. Luckily at Watch & Wares, we have a couple of options that help you buy the vintage engagement ring you loved one deserves! It is FOREVER after all.

SELL JEWELRY & PAWN ITEMS

Your first option in getting your engagement ring is to sell some of your other jewelry in exchange for money. At both the Tustin and Orange Watch and Wares locations, you can bring in these valuables and get them appraised, and then decide whether or not you’d like to sell. We buy a variety of wares including jewelry, handbags, luxury watches, art pieces, and more, so you’re not limited in your options. Just make an appointment, and we will appraise your items on the spot. Getting that perfect vintage engagement ring for your loved one is something that they will cherish forever so that you can use your seller’s reward towards an investment item for your future.

We sincerely value our customers, and we always strive to give you the highest monetary value possible for your luxury items. We will provide you with a fair, accurate, and hassle-free offer, which can be payable in cash on the spot! Selling your jewelry will typically get you more money than taking out a collateral loan. However, unlike a collateral loan, the item will not be returned to you unless you purchase it back.

Some brands we buy are likely to purchase from our customers include Tiffany & Co., Bulgari, Cartier, Rolex, Omega, Breitling, and Louis Vuitton. We do not buy electronics, clothing, or weapons. To learn more about selling jewelry and pawning items with Watch and Wares, visit our Sell Jewelry page for our Orange and Tustin locations.

TAKE OUT A COLLATERAL LOAN

Your second option is through our collateral loan services. If your item has sentimental value and you do not wish to get rid of it indefinitely, consider taking out a jewelry loan (also known as a pawn loan or collateral loan). Getting a collateral loan is very simple at Watch and Wares Tustin, and you will not need to make an appointment to get an appraisal.

Bring the item(s) that you would like to use as collateral to our Tustin location and we will give you a free evaluation of what we think the item is worth. You will then be issued a 4-month loan with a ten-day grace period, and a state-regulated interest rate based on the loan amount. We do not require credit checks or income verifications, so you get the loan without any credit score risks involved.

When you take out a collateral loan, we will securely store your item until you have paid off the loan in its entirety. If you end up needing longer than the allotted amount, you can renew the loan by paying the current interest. There is also no penalty should you decide not to pay the remaining amount. Your collateral item will act as your payment and belong to Watch and Wares. We accept jewelry, luxury watches, gold, and other precious metals as collateral items so you can find the item that works best for you. You could be proposing much sooner than you anticipated with a ring that your future husband or wife will love. To learn more about taking out a jewelry loan with Watch and Wares Tustin, visit our service page.

Whether you want to sell your jewelry or take out a collateral loan, Watch & Wares is here for you. It’s personal preference on which service will work best for your engagement ring plans, and we’d be more than happy to answer any questions you may have about our services. Getting the perfect vintage engagement ring has never been easier!

For questions about collateral loans, please call our Tustin location at (714) 731-9600. For all other questions, please call our Orange location at (714) 633-2030.

The Lap of Luxury

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Another Luxury Day, Another Luxury Dollar


Working in The luxury goods industry certainly has its advantages. First off, we get to buy awesome watches,  handbags, and fine estate jewelry all day long. We also are greatly privileged to have many customers come in with such great estate pieces to sell to us. After all, We are always happy to find new homes for these amazing sundries.

When you do as much buying and selling of estate items for as long as we have, you gain a sense of the value of things just by looking at them. That’s why so many of the fine folks who visit us rely on Watch and Wares for high-quality, concrete information on their luxury items. The owner, William, is always happy to answer questions or provide guidance. What should you do with estate pieces that may need a new home? Watch and Wares can usually help. In fact, many other estate jewelry buyers and store owners come to us for our expertise. After all, we have been around for over 28 years!


luxury goods, estate jewelryDefining Luxury

But what defines a luxury item? Webster’s dictionary offers several helpful definitions:

1: a condition of abundance or great ease and comfort : sumptuous environment

 

  • lived in luxury

 

2a : something adding to pleasure or comfort but not absolutely necessary

 

  • one of life’s luxuries

 

: an indulgence in something that provides pleasure, satisfaction, or ease

-And isn’t that just a perfect description? After all, wearing a stupendously sparkly engagement ring does provide “pleasure” and “comfort” while still not being “absolutely necessary”. In other words, these items are pieces that exist for their own sake. They are art that you can use for the pleasure and enjoyment of it. After all, we don’t need diamonds or gold. We want them, because they make us happy and content. Luxury items like estate jewelry and fine watches are food for the soul.