Great 'Sell Your Gold' Hunt

slimboy

After reading this forum I decided to give Lois Jewellery a try. I give them a call before making my mind up, hopefully I’ll receive a call from them in the morning regarding the jewellery i sent. I'll let you know how I get on, if all’s well, I’ll recommend them to my family and a few people at work.

geordie_joe

dave_uk wrote: »

Like I said I do agree with you that 20% is better than nothing.

Glad we agree on something.

dave_uk wrote: »

I am however stating a fact not an opinion.

Sorry, but I don't think you are.

dave_uk wrote: »

Staff are told what they can pay.

There are two jewlers in my town, neither have staff. They are both run by the owners.

dave_uk wrote: »

I know some greedy jewellers who would consider even a 30% uplift on cost unexceptable.

So if someone took them a million pounds worth of gold and asked for a price that would give the jeweller a 29% they would would turn it down?

dave_uk wrote: »

Margins / percentage annual profits are paramount to these people.

Sorry but the actual money made is more important. If a jeweller needs £1000 per day to cover his overhead and make his wages, and he buys 1000 rings per day and sels every one he only needs to have a 1% markup. If he sells 500 rings he needs a 2% markup.

Or, if you look at it another way, if the jeweller stick rigidly to a percentage profit he can never have a sale. he can never reduce his prices as he will be reducing the percentage of profit he is making. Even if reducing the price will mean more sales and ultimately more profit, he can't do it because he is sticking to a percentage of profit.

dave_uk wrote: »

(Incidentally on a £20 jewellery item they will make around £12 profit).

How can you say that, you don't know what overheads the jeweller has, or how many sales he makes.

If he has one member of staff, and that is the only sale they make that day then the profit is what the item sells for, minus what the items cost, plus one days overheads (rent, rates, tax, heating etc) plus ones days wages for the staff member.

If they make 100 sales in one day then the profit on that one item is the price it sells for minus, what it cost plus one hundredth of all the other costs.

Yes, at the end of the day, or week, or month, or year, you can look back and say you made a 300% profit overall. But at the beginning you have to set your prices according to what your customers will pay, and what the competition is selling for.

You are right that large chains won't negotiate, as the staff do not have the authority to do that. But go into a smaller jeweller where you will either speak to the owner or the staff member can go into the back and speak to the owner then the story is different.

SallyUK

Good Morning All

I wonder if someone could explain this to me please:

• Do you buy gold from outside the UK?

Yes, but this service is only available on application and can be subject to different charges depending on the country of origin

I did write to them and ask this same question, as I have some gold which was bought in the Middle East and I'd like to sell it, it's 22K.

However, they've not replied since last weekend and I wondered if anyone on here might know what the position is?

Thanks,

Sal
x

twistedeagle

Another praise post for Hatton Garden Metals (and no I don't work for them - I'm just a teacher!)

Sent small amout of Gold off yesterday (8.1grams) and have just received an email saying it was 8.2grams @£7.62 = £62.48.

Well chuffed considering it was just (s)crap gold!

lauriann

slimboy wrote: »

After reading this forum I decided to give Lois Jewellery a try. I give them a call before making my mind up, hopefully I’ll receive a call from them in the morning regarding the jewellery i sent.]

Well i sent mine to lois jewellry & yes the service was really fast & efficient, sent gold on Wed afternoon, they had it by Thursday at 12pm & the money was in my bank account by 2pm!!!!!!!!

Only 1 small problem was the price they were buying the gold at. It had went up by 10p or 11p on the morning of them receiving the gold so i assumed i would be getting the higher price but when they told me my total amount it was at the lower price. I was not amused to say the least as on the website it states they will give you the price of the gold on the day it is receieved but they were trying to give me the price on the day i posted it. I rang & complained, told them their site was misleading to customers so as goodwill they sent me a cheque for the difference & it came this morning:j:
Very small amount but it was the principal of the matter - misleading customers who deal with them on-line.

I would recommend using them as they seem to give the best price around but i would ring before sending gold to find out what way they are setting the price of it. I received £552 for just over 25gr of 9ct & 24g of 18ct.

Well chuffed as it is going towards paying off my overdraft b4 the halifax change their fees on o/d on 6th Dec. :T:T

dave_uk_4

JDPower wrote: »

Don't know for definite but would doubt it as there's, relatively speaking, not a lot of gold in white gold[/QUOTE

The colours of both yellow and white gold is determined by other metals used in the alloy mix.
Yellow gold is made by mixing pure gold with metals such as copper and zinc.
White gold is a mix of gold and white metals such as silver and palladium
Both 18ct white gold and 18ct yellow gold contain 75% pure gold.
Both 9ct colours contain 37.5% pure gold.

John_Pierpoint

It was years ago, but as a result of a course on retailing, I learned that Jewellers typically had a gross margin of 50%.

I don't think most people buying a ring (eternity, engagement etc.) expect it to be weighed in front of them and then haggle over the carets in the gold and diamond.

dave_uk_4

John_Pierpoint wrote: »

It was years ago, but as a result of a course on retailing, I learned that Jewellers typically had a gross margin of 50%.

I don't think most people buying a ring (eternity, engagement etc.) expect it to be weighed in front of them and then haggle over the carets in the gold and diamond.

Scrap value x 3 seems to be the average in this century on our high street for new gold items. Simple test, ask them how much one of their chains weighs. If they say 10 grams the scrap value is around £75. The shop asking price will be around £225. (Argos and discount shops around £150). I have done this a few times.

dave_uk_4

lauriann wrote: »

slimboy wrote: »

After reading this forum I decided to give Lois Jewellery a try. I give them a call before making my mind up, hopefully I’ll receive a call from them in the morning regarding the jewellery i sent.]

Well i sent mine to lois jewellry & yes the service was really fast & efficient, sent gold on Wed afternoon, they had it by Thursday at 12pm & the money was in my bank account by 2pm!!!!!!!!

Only 1 small problem was the price they were buying the gold at. It had went up by 10p or 11p on the morning of them receiving the gold so i assumed i would be getting the higher price but when they told me my total amount it was at the lower price. I was not amused to say the least as on the website it states they will give you the price of the gold on the day it is receieved but they were trying to give me the price on the day i posted it. I rang & complained, told them their site was misleading to customers so as goodwill they sent me a cheque for the difference & it came this morning:j:
Very small amount but it was the principal of the matter - misleading customers who deal with them on-line.

I would recommend using them as they seem to give the best price around but i would ring before sending gold to find out what way they are setting the price of it. I received £552 for just over 25gr of 9ct & 24g of 18ct.

Well chuffed as it is going towards paying off my overdraft b4 the halifax change their fees on o/d on 6th Dec. :T:T

I am sure Lois would not do this intentionally. Lois set the price mid morning so it is possible your gold was checked by one of the staff before the morning fix. Just going off my dealings with them I would say they are an honest company with lots of trade customers and work on a very small margin. I am very pleased you were happy with the end result after my recommmendation. On their form which you send in with your gold you should tick the box for them to give you a ring with the price and test results. If you have access to the computer you can check the morning fixed price (I think it is after 10am): http://www.lois-jewellery.com/Todays%20Prices.htm Good communication is essential.

slimboy

slimboy wrote: »

After reading this forum I decided to give Lois Jewellery a try. I give them a call before making my mind up, hopefully I’ll receive a call from them in the morning regarding the jewellery i sent. I'll let you know how I get on, if all’s well, I’ll recommend them to my family and a few people at work.

I'm over the moon. Sent my jewellery off on Thursday 12th Nov, received call from Lois Jewellery Friday mid morning, they confirmed the total and said cheque would be posted that day, received cheque Saturday morning 14th Nov. Recommended to my family, who are now searching for unused gold.

Thanks OP for the Lois recommendation.