Frequently Asked Questions (FAQ)
Pure gold is labeled 24-Karat. Each lower karat
designates how much gold is alloyed in jewelry: How is the weight of gold measured? Gold is a commodity traded by the Troy Ounce - this is the unit of measurement used when the price of gold is quoted on TV, in the newspaper, etc. Traditionally, gold jewelry has been measured in pennyweights (dwt); there are 20 pennyweights in a Troy ounce. With the expansion of the metric system, many jewelers now measure gold in grams; there are 31.3 grams in a Troy ounce. Each unit of measure is valid. However, unscrupulous gold buyers sometimes weigh in one unit and pay in another as a way to cheat customers - Au Alloys both weighs and pays in pennyweight, ensuring customers fair and accurate value for their gold. What type of equipment is used to determine Karat and weight? There are numerous methods for determining Karat and weight, including the use of magnets, nitric acid, electronic testers and digital scales. Au Alloys uses only top quality equipment and materials at all of our parties. Do I have to sell my gold once it is tested and weighed? No. You can change your mind at any time. We can evaluate and price your gold, and then you can consider whether or not you would like to sell. What happens to the gold after it is sold? Au Alloys sells the gold in bulk to refiners, who then recycle the gold and sell it to be turned into new gold products. While gold scrap draws a very high price these days, some gold jewelry is actually more valuable as jewelry than as scrap, due to the crafting and artwork that have gone into it. Sellers may wish to consider trying to sell some pieces of jewelry as-is, such as on the internet. However, Au Alloys only buys gold by the karat and weight. Do you buy silver, platinum or white gold? Yes. We purchase silver, platinum and white gold. However, we do not purchase gold- or silver-plated jewelry. Do you purchase diamonds or other precious stones? No. However, we will be happy to remove the stones and return them to you at no charge. Are there any laws surrounding gold parties? Due to the high value of gold and many other metals, Connecticut (along with other states) has enacted very strict laws to combat the growing trend of theft. Stolen gold and metals were being sold to unscrupulous buyers with no way to track the sales. Gold buyers are now required to be licensed in each town where they do business. Additionally, they must keep detailed records on all gold purchases, including verifying sellers by photo ID and maintaining seller records, which must then be submitted to the town. Finally, all sellers must be paid by check, along with a receipt, in order to create a "paper trail" of each sale. If I must be paid by check, how do I leave a party with cash? As a service to our party guests, we allow them to endorse their check back to Au Alloys in exchange for cash. While this may appear to be pointless paperwork, Au Alloys is committed to upholding the law. Gold parties that simply pay out cash could face serious legal repercussions.
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