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Diamond District Refinery        55 West 47 St Mezzanine #330 New York, NY 10036
212. 391. 0700

The Process of Buying, Selling, and Getting Paid

The majority of our clients are small businesses. If you are anything like them, getting paid quickly and accurately is extremely important.

Get the necessary equipment, get trained, and begin marketing your new service.

Once the public becomes aware of your service, people will begin to bring old, broken, or unwanted gold jewelry to your location.

While most gold jewelry will be marked with a karat indicating its purity (e.g. 10K, 14K, 18K, etc.), "true" karat weight is often less than what is marked. It is critical that you understand how your testing equipment works, and the proper methods to test the gold. A lot of jewelry is gold plated. This means that while the surface of the piece may be a high-purity gold, the inner metal can be iron, nickel, or some other less valuable metal. If you do not properly test the gold, you will be paying out far more than the actual value of the piece.

Once you have tested the gold and returned any questionable pieces to the customer, you will use our proprietary process to sort, weigh, package, label, and store your purchase. Not only does our process protect you from theft, it helps you to track your inventory at all times.

Use NY Gold Refiners' proprietary GoldQuest Tracking System to determine how much you should pay the customer, as determined by the spot price of gold at the time of your transaction and the payout factor that you set for your location. We recommend setting your payout factor to .45, or 45% of the spot price of gold.
Consider this typical example ...
A customer brings in old rings, necklaces, and a few bracelets. After testing the metals, you determine the entire lot to be worth $400 and pay that to the customer. Based on the payout factor you set, your payment from NY Gold Refiners would be $800.
Important: Depending upon the amount of competition in your area, your payout factor may be more or less than what we recommend. If you are the only gold buyer in your area, you may be able to reduce your payout. On the other hand, if there are a number of other gold buyers in your neighborhood, you may need to pay more.

Once you have accumulated the required amount of gold, the system will alert you that it's time to ship.

Pack your gold in the pre-paid, pre-insured USPS overnight shipping container and give it to your postal carrier.

When we receive it the next day, we will lock in the spot price at which your gold will be evaluated and begin testing your gold. This process is what sets us apart from the rest. We carefully verify the shipments, confirm the weights, and re-test your gold, piece by piece. If any gold is missing, incorrectly sorted, or incorrectly tested, we will let you know immediately. Any items that are questionable will be returned to you. You will be able to identify the store, the customer, the employee, the date and the time the gold was purchased. You can then work to determine if it was an honest mistake or something more.

Once tested and verified, we calculate your payout and send you a check.

NYC Gold Refinery Blog