WHAT WE PAY
What we pay for Gold, Silver and Platinum
The price we pay for gold, silver and platinum depends on three main factors:
The spot price of gold, silver, or platinum
The price of precious metals like gold, silver, and platinum is set by a world market and changes all the time. Sometimes it changes minute to minute. The charts at the bottom of this page show how the price of gold, silver and platinum have fluctuated over the past 6 weeks.
The purity of your gold, silver or platinum
We need to know exactly how much precious metal is in your item. For gold, this is expressed as Karats (K) and says how pure your gold is. 10K gold is 41.7% gold, 14K is 58.5% gold, 18K is 75% gold, 22K is 91.7% gold and 24k is 100% gold.
Silver is usually considered “sterling” which means it’s 92.5% silver. Many silver coins are 90% pure and most silver bars are .999 fine or almost pure silver.
Platinum jewelry is expressed as pt900 or pt950. This means it’s 90% or 95% platinum. To verify our readings are as accurate as possible, Crown Gold Exchange uses at least two methods to test all gold, silver, and platinum jewelry in the store right in front of you.
The weight of your gold
We will weigh your items on our extremely accurate scales right in front of you. They are calibrated daily to ensure proper readings. The gold buying industry standard is to use pennyweight (DWT). There are twenty pennyweights in a troy ounce of gold. We can also weigh your items in grams (g) or troy ounces (ozt). However it’s weighed, the dollar amount stays the same.
What we pay for Diamonds
As shown in our “what we buy” section, buying a diamond depends on several factors including the cut, color, clarity, and carat of your stone. The same carat size diamond can vary thousands of dollars in price which is why it’s important for our professionals to see your stone in person if it’s not already graded by a company like GIA, EGL or AGS. For example, a 0.75 ct VVS1 D color stone is worth thousands of dollars while a 0.75 ct I3 M color stone is worth only hundreds. We can make individual offers on diamonds that are ½ carat (0.50 carat) and larger and sometimes even on smaller stones if they are graded.