Selling gold in NYC, explained

Live spot price ÷ 31.103 (grams per troy ounce) × purity × net weight in grams × our payout rate. A 20-gram 14K item is 20 × 0.585 = 11.7 grams of pure gold, and the rest is arithmetic. We show you every step of it.

Three reasons: the payout rate they use, whether they price off the current spot or a stale sheet, and whether they deduct honestly for stones and non-gold parts. A fourth reason is less pleasant — some buyers quote per pennyweight while you think you are hearing per gram, which makes their number sound 55% better than it is.

One pennyweight (dwt) equals 1.555 grams. One troy ounce equals 20 pennyweight or 31.103 grams. Always confirm the unit before comparing two offers, because the same rate in different units is a completely different price.

Yes. Larger lots earn better rates because our cost to test, process and ship to the refinery is roughly fixed regardless of size. A kilo of scrap is not fifty times more work than twenty grams.

No. Testing is free, weighing is free, and there is no appraisal fee, processing fee or commission. The number we quote is the number you are handed.

Fifteen to twenty minutes for most jewelry and scrap transactions. Coin collections and large estate lots take longer because sorting and identification take longer. Bullion is usually the fastest of all.

No, walk in. Call ahead only for large estate lots or bullion positions, so we can have appropriate cash ready and reserve assay time.

A valid government-issued photo ID — driver license, state ID or passport. New York State and New York City require licensed precious metals dealers to record it on every purchase. There is no way around this at any legitimate buyer.

Cash for most transactions. Check or same-day bank wire for larger purchases. You choose.

Any time before you accept. Getting your gold tested and quoted commits you to nothing. Decline the offer and you walk out with everything you came in with.

Yes, with proper documentation — letters testamentary or equivalent authority, plus your own photo ID. Call ahead so we can confirm what the specific situation requires before you make the trip.

Acid testing on a stone for common marked pieces, electronic conductivity testing for speed, and XRF spectrometry for anything unmarked, unusual or high value. Bars and coins get weight, dimension, specific gravity and ultrasonic or conductivity verification. All of it at the counter, in front of you.

It gets XRF-tested to read actual composition. Plenty of older, imported and handmade pieces were never stamped, and unmarked absolutely does not mean worthless.

A magnet is the crudest screen — gold is not magnetic, so if a piece jumps to a magnet it is base metal. Look for marks: 10K, 14K, 18K, 22K, 585, 750, 916, 999. Marks reading GP, GF, HGE, RGP or vermeil mean plated. None of this replaces a real test, and testing here costs you nothing.

No. The gold layer is microscopic and not economically recoverable. We test it for free and tell you rather than buying it cheap and staying quiet. Vermeil is worth a second look, though — the sterling silver underneath has real value.

Yes. Stones are removed or estimated and deducted, and gold is paid on net weight. Diamonds above roughly half a carat and quality colored stones are appraised and quoted separately so you get paid for both parts.

Not without telling you first. Signed work from Cartier, Van Cleef, Bulgari, Tiffany, David Yurman and similar houses is usually worth far more intact. We identify it and quote it as jewelry.

Yes — crowns, bridges and inlays, with or without teeth attached. No cleaning or separating needed. Dental alloy is XRF-tested because its content varies widely.

Platinum and palladium in most forms, silver, and diamond jewelry where stones carry real value. If you have a mixed estate lot, bring the whole thing.

No. A single broken earring gets the same test and the same scale as a kilo bar.

Any gain over your cost basis may be taxable, and certain bullion sales trigger a dealer 1099-B filing depending on form and quantity. We follow all federal and New York reporting requirements. We are not tax advisors — talk to your accountant about your specific circumstances.

Yes. We operate as a licensed second-hand dealer in precious metals in New York City and keep the purchase records the state and city require.

Use ordinary common sense: a plain bag, not a display case, and go straight up to the ninth floor rather than stopping to talk to anyone offering to walk you somewhere on the sidewalk. Licensed buyers are upstairs in the buildings, not out on the street soliciting.