How often do you look at the price tag on jewelry you’d truly love to own but walk away with hopes of a bigger bank balance because you can’t afford it and because it seems awkward to negotiate a good bargain?
While we’ve been conditioned to think that the buying price for gold jewelry is fixed, as is the case with all kinds of jewelry, the most interesting thing to note is that you can actually negotiate prices when buying jewelry, not just gold. The first time you walk into a jewelry store and you start negotiating, you will be nervous, and that is perfectly normal.
It’s normal to feel intimidated when you try negotiating for a better deal on gold jewelry, but it doesn’t have to. This article takes you through some of the best strategies to employ when negotiating to buy gold jewelry. These tips will make negotiations a lot less intimidating.
Remember that you shouldn’t accept the first price offered by that fine jewelry store you’ve gone back to. While the professionals at the jewelry store are quite knowledgeable on the gold jewelry they are selling, they are also very determined salespersons with goals and huge targets to meet.
But their intimidating wealth of knowledge shouldn’t be enough reason for you to be taken for a ride/ be ripped off.
Here are some effective tips on how to negotiate when buying gold jewelry.
Important Tips on How To Negotiate When You Buying Gold Jewelry
1.Learn all you need to know about gold jewelry
One of the biggest reasons why you find it hard to negotiate for an excellent deal has to do with insufficient knowledge of the jewelry you wish to buy. Details and facts about the jewelry you wish to buy is the difference between getting the best deal and being ripped off, which is why it is important for you to know more about gold jewelry, beyond looking for something elegant/ nice looking. Asking questions about specific details of the gold jewelry gives you an advantage, and the salesperson will immediately know that they can’t lie to you.
Take advantage of the internet. It is a vast resource. But just to get you started on the right path, there are some basics about gold jewelry that you must know. For starters, the plain term ‘gold’ refers to pure gold or 24K gold. The 24K gold is a soft precious metal, and it cannot be molded into jewelry in any form, which means that a jeweler selling you a ‘pure’ gold ring is lying to you. You’ve probably seen many people claim to have pure gold jewelry, but the softness of pure gold makes it impossible. What’s on the market is gold alloys – to make gold hard and ideal for crafting jewelry, the 24K gold is mixed with other metals, a process that enhances the durability and hardness of gold. The only thing that determines the quality of the gold jewelry you are buying is the karats quality markings. The most common options of high-quality gold jewelry include 14K and 18K gold.
The karat markings give insights into the proportion of gold mixed with other metals. The 18K gold jewelry, for example, contains 18 parts gold and 6 parts other metals, while 14K gold has 14 parts gold and 10 parts other metals.
Generally, a higher karat rating means a higher proportion of gold in the jewelry, which often translates to a higher price tag. But it is not enough to have the karat markings for quality; you also need to look for the name of the registered trademark for the US company that’s qualified the jewelry.
The trademark can be in the form of initials, symbols, or names. Avoid fine gold jewelry without the trademark.
That said, you also need to know that the gold jewelry marked as solid gold can be gold jewelry of any karat quality, meaning you must ask for confirmation of the karat mark.
Don’t forget that gold-plated or gold-filled jewelry will be at the store too, and you must be aware of their quality stamps/ markings.
14K gold-plated jewelry, for example, is marked as 14K Gold Overlay or 14K RGP. Plated or gold-filled pieces contain only a fraction of gold in percentage, and they are largely very affordable.
Gold electroplated pieces refer to the gold pieces with an ultra-thin layer of gold, often about 0.175 microns, translating to less than 10K gold.
Understanding the features of gold jewelry is important, and it will save you from any manner of financial loss.
2.Beware of your wants and needs.
You could be dreaming of the best looking and the biggest possible gold jewelry at the store, but it is important for you to factor in your needs and wants.
It’s easy to get overwhelmed by our desires, meaning you must focus on your requirements, budget, and you have to be realistic.
To ensure that you get the best deal, always go for quality oversize or brilliance of the jewelry. Sometimes, that big gold ring might be made of low-quality materials, but the smaller, dainty piece more valuable.
3.Negotiate with the salesperson once you’ve picked a piece of jewelry you prefer
Once you’ve determined the piece of gold jewelry that you’d like to take home with you, preferably a piece that’s within your budget, and as the design, take window shopping to the next level and inform the salesperson about the piece you’ve settled on.
Of course, you should only do this after you’ve compared the prices for the gold jewelry in different stores.
With the perfect piece in mind, get another rundown of the features of the jewelry you want, and begin negotiations.
If you haven’t settled on one piece yet, walk up to the salesperson and inform them of what you are looking to buy in terms of the features, size, and price.
At the end of the day, knowing exactly what you need saves you time and allows for smooth negotiations.
As mentioned above, your competitive advantage goes up a notch when you know what you are looking for and about the different kinds of gold jewelry.
4.Ask for Fair Price
For fair gold prices, get an inspection sticker, be there when the gold piece is weighed, seek appraisals.
These steps are especially important if you are planning to invest in gold.
5.Quality Determination and Verification
Once you’ve agreed on the price of the gold jewelry and the features/ attributes of the jewelry, you need to verify the quality or certifications of the jewelry.
Check out the karats markings and the company’s trademark. And if you are buying gold jewelry with precious stones, get the certification from the International Gemological Institute (IGI) or the Gemological Institute of America or GIA. Look for cracks or color variations on the stone.
Examine the prongs and settings, and recheck the stone’s features after it’s cleaned or set.
Anything different from what you agreed on should be a cause for alarm – walk away or renegotiate.
When it comes to purchasing gold jewelry or any other jewelry for that matter, you just can’t accept the first price you’re offered.
Knowing what makes great gold jewelry is important, and always know that you can get a good deal when you negotiate.
And most importantly, there is nothing to get nervous about when it comes to negotiating – we are not used to it, but it not unacceptable.
Stephanie is a jewelry lover when she was a teenager. Her major was fashion design when she was in college. She is a jewelry designer at SOQ Jewelry and other design companies. Now she is also a writer for our website. She writes a lot of designs&brands posts with very actionable tips.