Guide to Selling Gold, Silver, Platinum and Diamonds

Gold comes in many colors: yellow; white (it’s silvery in color and can be confused with sterling silver), rose gold (a soft pink in color); and green gold (green tint tinged with yellow).

Hallmarks let us know how much gold content a piece actually has. The higher the KT or Fineness number on the stamp the higher the Gold content.

·  8K or 8KT or 333

·  9K or 8KTor 375

·  10K or 10KT or 417 sometimes 415

·  12K or 12KT or 500

·  14K or 14KT or 585

·  14KP-P stands for Plumb which means exactly.

·  18K or 18KT or 750

·  22K or 22KT or 916

·  24K or 24KT or 999

Island Gold always pays based on Gold Content and will quote prices based on Gram weight. When getting estimates from other gold buyers make sure the quote is on Gram Weight and not Penny Weight or other weight type. One Penny Weight is equal to 1.555 grams.

Here’s an example:

You have an item that Weights 10 Penny Weights

10 Penny Weights equals 15.555 grams.

You get a quote of $20* per Penny Weight and $18* per Gram from two different Gold Buyers.  You would be paid $200 for the Penny Weight quote and $280 for the gram quote.

This tactic is used to make you think one gold and platinum buyer is paying more than another. Make sure you are comparing apples to apples when getting price quotes.

*Prices for example purpose only.  Call or come in for current pricing.

Platinum is another precious metal that we buy at Island Gold. It is Silver in Color and is often mistaken for Sterling Silver or White Gold.  It is heavier than a similar item in gold or silver.  Here are the Hallmarks you will see for Platinum.

·  PLATINUM or PLAT

·  PT950

·  950PT

·  950PLAT

·  PT900

·  900PT

·  900PLAT

·  PT999

·  PT850

A tactic you want to watch out for is putting Platinum or White Gold Items in a Silver pile.  The are both more valuable than Silver.

There are many different hallmarks that appear on Silver. Hallmarks let us know how much pure Silver is in our items. Different countries have different hallmarks. Here are a few things you can do to check your items.

1.  Check the items with a Magnet. Silver is not magnetic, you can use a rare earth magnet to test your pieces. If it sticks it is made of a different metal. If the magnet sticks to the clasp only that is okay. Clasps often have a non Silver metal spring in them.

2.  Check for Hallmarks. Stamps that identify how much pure Silver is in the item. 

Silver will be stamped with a Hallmark.

This is a list of Stamps/Hallmarks you will find:

·  “925” Jewelry

·  “750” Jewelry

·  “900” Flatware

·  “800” Flatware

·  “720” Coins and Flatware

·  “Sterling”-Jewelry and Flatware

·  “STER”

·  “.999”

·  “.9999” Coins

·  “1 oz Fine Silver Ag”

·  “VM-925” Gold Plate Over Silver-VM=Vermeil

Silver tarnishes and can turn black with age. Look for stamps.

Island Gold Buys and Sells Bullion. Bullion in different forms. It might be in coins such as US issued Silver Eagles or Gold Eagles or other Gold Coins or Silver Coins. It might come in a bar form and issued by a reputable assay and refining company. These items are often bought and sold for their investment value and are priced based on the current market rates for gold, silver, platinum at time of purchase or sale.  If you are wanting to buy physical gold or silver then stop in today and we can take care of any of your needs.  Even if we don’t have it in stock, we can order it and have it delivered to our store or directly to your home if you prefer. 

Island Gold buys coins containing Silver, Gold and or Platinum. Many pre-1964 Currency coins from the US have Silver in them. Some other countries also produced coins with some silver content. Silver content varies and below are some general guidelines . Coins with Silver in them often look different from newer coins. Bring in your coins and we will be happy to have a look and tell you what we can.

Many US Coins dated 1964 and Older contain Silver and are often referred to as Constitutional Silver . The Silver content often make the coin more valuable than it’s face value. If you have a coin jar it is worth looking through the coins and look for Dollars, Half Dollars, Quarters and Dimes with dates of 1964 and Older and 1970 and older for Kennedy Half Dollars.

Here are some guidelines for US Coins:

·  1964 and Older 90% Silver (Dimes, Quarters, Half Dollars, Dollars)

·  1965-1970 40% Silver – Kennedy Half Dollars only

·  1942-1945 War Nickels, 35% Silver must have mint mark P, D or S above Monticello (monument on back).

At Island Gold, we buy all types of Sterling Silver items including Flatware, Platters, Teapots, creamers, sugar bowls and anything made of Solid Silver.

There are many different hallmarks that appear on Silver. Hallmarks let us know how much pure Silver is in our items. Different countries have different hallmarks. Here are a few things you can do to check your items.

1.  Check the items with a Magnet. Silver is not magnetic, you can use a rare earth magnet to test your pieces. If it sticks it is made of a different metal. 

2.  Check for Hallmarks. Stamps that identify how much pure Silver is in the item. 

How can you tell what is Solid Silver? There are few things to look for.

The word “Sterling” or “STER” is the most common, Items may also have stamps like 900” or “800”.

Many Flatware and Silver sets are actually not made of Solid Silver but are usually plated, they may have the word “Silver” stamped on them but lack the word Sterling, STER or a number.  Items that do not say Sterling are plated with a very thin layer of silver.

We do not buy items that are Silver Plated.  If you are unsure you can always bring your items into our store and we will check them for you.

Pieces made in Europe or countries outside the US you may find other types of Hallmarks they are usually pictures like a lion head, a crown or a castle. There are many different types of marks it is best to bring the items in to be tested or do some research on-line.

Island Gold buys Dental Gold.  Gold is used in dentistry and old crowns, implants, fillings and other dental work could be made of Gold.  

Island Gold Buys and Sells Diamonds.  Are you looking to upgrade?  A secondary market diamond can save you money.  

When it comes to Buying and Selling Diamonds there are a few basic things to know that will help you through the process. The world of Diamonds has its own vocabulary, the most common thing you hear about are the Four Cs: Color, Cut, Clarity, and Carats. Other terms that you may not be familiar with are inclusions, points, and certificates of diamond quality and authenticity. Below are some basics to help you navigate the buying and selling process.

Master Diamond Cutters are true artists. They will fashion different shapes from stones and increase the value by adding facets and other cuts that enhance the stone’s natural beauty. Faceting shows off the stone’s brilliance and “inner light.” Cut is also measured on a Zero (perfect) to 10 (imperfect) ratings scale.

Diamonds come in a range of color; completely colorless stones are the most expensive. Natural diamond colors may include subtle yellow or brown undertones, plus vibrant blue, black, pink, purple, green and (rare) red shades. GIA ranks diamond color by letter and ASG (American Gem Societies) ranks by number.

Tiny imperfections – called inclusions – are part of almost any diamond. Most are not visible to the naked eye and show up under magnification. Inclusions are trace mineral deposits or other naturally occurring blemishes in the stone. Inclusions lower the value of the diamond. GIA has a rating system that determines how inclusions detract from the beauty and value of a stone.

A diamond’s weight is measured in carats; higher carat weight it a larger stone. Larger stones aren’t always the most expensive or valuable; all four Cs play an important role in determining value.

When it comes to diamonds, cut, color, clarity, and carat weight each plays its own role in determining the beauty of the stone. Together the Four Cs combine to distinguish the overall value and rarity of one diamond from another. A larger diamond with a yellow undertone, for example, might be less valuable than a smaller, more colorless one.

There are multiple diamond certification agencies, however GIA is one of the most widely accepted and tends to be the most stringent of all certification agencies. Our buyers and diamond brokers are GIA certified Gemologist.