Do you ever look into your jewelry case, and wonder if you’ll ever wear that ring dear departed Aunt Rose left you? Do you hate to get rid of it because you liked Aunt Rose and would feel really bad giving it away or selling it?
Maybe Aunt Rose would rather see her diamond ring used for college tuition or a down payment on a car.
“Many of us have drawers full of stuff we never use and never wear, but if we are lucky enough to have some unwanted diamond jewelry, it could be a financial boon,” said Michele Santos, co-owner, with her brother, Brian Meyer, and dad, Mike Meyer, of AAA Gold Exchange. “We also buy diamonds,” she stated.
I was curious about how the process of selling your own jewelry works. So, I stopped by AAA Gold Exchange, and brought several items to appraise for sale. Michele explained every step to me, just as she does for all customers.
“The first thing to look for is a karat marking,” Michele explained. “Diamonds are usually set only in gold or platinum, 14k or 18k, but even if it doesn’t have a marking, it still might be precious metal.”
To test the metal, Michele takes out a flat, black stone, called a jeweler’s polishing stone, and gently scratches the metal across it, leaving a mark. “It doesn’t hurt the item,” she assured me. “It’s like cleaning it.” She then drops a chemical solution across the marks, which react when they reach the karat level of the gold.
Next, she uses an electronic instrument, and touches the item to test its conductivity. Different metals conduct electricity differently, and it shows a readout of the karat of gold or platinum. Finally, she weighs the item, and deducting for the weight of the diamonds, assesses the metal’s value.
“We pay for gold by the pennyweight, the smallest weight measure, based on the day’s spot price, which means you get the most accurate value,” she claimed.
Then, she checks the diamonds with another electronic instrument to tell whether they are real diamonds, Moissanite (actually look better than diamonds, but are not) or fakes.
“Single diamonds should be at least one-third carat,” Michele said. “Larger round diamonds are the most valuable now, and next favored are princess cut (square). However, if you have an item with lots of smaller diamonds, especially round ones, they could be valuable.”
After adding everything up, Michele gave me a price for each item I had brought to AAA Gold Exchange. (Surprisingly good, but I’m not going to be retiring yet.) “We suggest that after seeing us, customers check out our competitors,” she stated. “We guarantee we will always offer the best price.”
Michele also has a suggestion for those who want an alternative to bringing items in for evaluation. “If people feel uncomfortable bringing their valuables out, we can always set up a house party where friends and family can get together for refreshments while we assess their items,” she said. “The hostess receives 10 percent of whatever is sold. So, it’s fun and financially rewarding for everyone.”
AAA Gold Exchange is located at 1152 N. Power Road, Suite. 102, just south of Brown Road. Hours are 10 a.m. to 7 p.m., Monday through Saturday, and 11 a.m. to 4 p.m., Sunday. For more information, call (480) 247-6876, or visit AAAGold Exchange.com.