Looking to sell your gold to NYC's Diamond District? Follow these steps to get the best deal
Figuring out where to shop and how much you should expect to get paid for your uncle's old Rolex and grandma's chunky brooch can be daunting. Experts advise doing your research before you hit the shops — including and especially talking to friends and colleagues who have traded their gold.
'A lot of our business is word of mouth,' Alon Mirzaev, co-owner of US Gold Refinery told The Post.
New York City's Diamond District, with its mazes of kiosks and fast-talking specialists, may be intimidating for first-time gold traders. Nevertheless, it's the biggest of the US's four big-city jewelry districts — and may offer the best chance to fetch a good price for your goods because there is so much competition.
7 The Diamond District in NYC is the largest of the four major jewelry centers in US cities.
UCG/Universal Images Group via Getty Images
'I would recommend going to larger, more active markets, like 47th Street in New York or Jewelers' Row in Philly so you can more easily get multiple offers to compare,' said diamond analyst Paul Zimnisky.
While the Big Apple's is the most prominent, Los Angeles and Providence, RI are also known for their jewelry districts.
But before you hit the counters, it's also crucial to educate yourself. Below are a few key tips from the professionals:
Ask your friends — and check online reviews
The best tips can often come from friends who've had good and bad experiences alike trading their jewelry. If you can drop a friend's name when you walk into a shop, that can give you another leg up before negotiations even start.
7 Look at online google and yelp reviews for the shops you visit and avoid poorly rated BBB businesses.
Stefano Giovannini
Once you've mined your own networks and connections, look for positive reviews online on Google and Yelp — and avoid businesses with a bad rating, said Lee Edelman, a precious metals processor and trader in the Diamond District.
'Make sure you don't go to someone who has a bad ranking on BBB,' Edelman advised.
Shop around before the deal
Edelman likewise recommends that anybody looking to do a major transaction visit multiple storefronts before making a decision — and be prepared to weather any protests from shopkeepers.
'If you have a fair amount of gold or silver to sell, go to at least three places,' Edelman says.
In New York, make sure those three are among the so-called 'precious metals dealers' who are licensed by the city's Department of Consumer and Worker Protection to both buy and sell to retail customers.
The latter is important and speaks to a business owner's 'honesty,' according to Mirzaev.
There also may be some red tape involved: Licensed dealers are required to hold onto items for at least two weeks after agreeing to buy them in order to ensure they are not stolen. They also will require you to fill out paperwork and make a copy of your government issued ID.
7 Bullion Exchanges buys and sells precious metals in NYC's diamond district.
Google Maps
'If you are selling stolen goods you are not going to come to my business,' Ben Tseytlin of Bullion Exchanges said.
Get the latest pricing
It's also crucial to get current on the latest market prices for the metal you're looking to sell. Searches on Google, Yahoo or financial news sites like the Wall Street Journal or CNBC are a good start.
In the case of gold, those prices have skyrocketed of late — and are bouncing around on a daily and weekly basis. Gold hit an all-time high of $3,500 in April. On Tuesday, it was changing hands at $3,350.
Spot prices for gold, silver and platinum can also be found on sites operated by reputable dealers like APMEX or Kitco.
Prospective gold sellers also should be aware that fees will be a part of any transaction, adds David Gavriel of Fantasy Jewelers, located at 77 W. 47th St. Typically, those range between 1% and 5% depending on the size of the deal.
7 Only buy and sell from licensed precious metals dealers.
Stefano Giovannini
'If we are paying $1,000 for a gold bracelet, we might charge a 5% fee, but if we are buying $100,000 of gold, the fee might be between 1% and 2%, Gavriel said.
Consider buying a scale
If you have a lot of items to sell, or think you may end up doing this more than once, consider purchasing a scale that can measure in troy ounces, Gavriel recommends. They can be bought on Amazon for less than $20.
Yes — a jeweler can also weigh your items in front of you. But it's not a bad idea to have your own measurements at hand as you consider the offers you're getting, several experts said.
'There are honest and dishonest business people' in the district, so every bit of research ahead of time helps, said Ben Tseytlin, chief executive of Bullion Exchanges at 30 W. 47th St.
7 David Gavriel of Fantasy Diamonds holds a machine that measures the precious metal content of a piece of jewelry.
Lisa Fickenscher
Also know that it's not just a question of weight. Gavriel's shop uses a $35,000 device called a precious metal analyzer that measures gold, silver, platinum or palladium to determine whether it's 10-, 14-, 18- or 24-carat.
7 The machines shows that the gold bracelet is 14k gold.
Lisa Fickenscher
Take a close look at what you've got
Before you commit to sell, make sure you don't have something that's worth more than its weight in gold.
Patek-Philippe watches and antique Tiffany pendants are obvious examples. But also make sure your gold coins aren't mere commodities to be piled onto a scale.
This week, for example, David Gavriel at Fantasy Diamonds directed a customer to another dealer who specializes in rare coins after he was presented with a small gold piece that he estimated contained $300 worth of gold — but which was likely worth more than $3,000 to a collector.
Be an early bird
If you're looking to get cold, hard cash for your gold instead of a check or bank transfer, don't wait until the end of the day. While business on 47th Street has been booming for months, jewelers still face limits from banks on the amount of hard currency they can hold at the store.
'Come in earlier in the day to ensure that you get cash if that's what you need,' says Mirzaev.
7 Alon Mirzaev advises customers not to wait until the end of the day if they want cash in exchange for their precious metals.
Instagram/g0talon
That said, don't expect cash at any time of day if you're coming in with a big haul that's worth several thousands of dollars.
'We don't give cash for anything over $2,500,' Tysetlin says.
Explore Top Gold IRAs
American Hartford Gold
American Hartford Gold is a precious metals dealer that specializes in gold and silver for physical delivery and retirement accounts. With a reputation for clear pricing and personalized service, it offers tailored solutions, secure storage, and a price match guarantee, helping investors hedge against inflation and uncertainty. learn more
Goldco
Goldco is a leading provider of gold and silver IRAs, helping investors protect and grow their retirement savings with precious metals. With a strong reputation for client satisfaction, GoldCo makes it simple to diversify your portfolio with physical gold, offering personalized consultations, secure vaulting, and tax-advantaged strategies. learn more
Patriot Gold
Patriot Gold is a top-rated Gold IRA provider known for its No Fee for Life IRA program and endorsements from prominent conservative figures and organizations. With a minimum IRA investment of $25,000, the company offers low-cost bullion, premium coins, and a strong reputation backed by an A+ BBB rating and years of trusted service. learn more
New York Post may be compensated and/or receive an affiliate commission if you click/buy something through our links.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New York Post
2 hours ago
- New York Post
Tax-dodging Congressman Charles Rangel left puny estate: records
Harlem Rep. Charles Rangel — infamously known for pocketing rental income from his Caribbean cottage without disclosing it — has apparently left behind a modest estate, court records show. Rangel, who died May 26 at age 94, had assets worth only $300,000, according to Manhattan Surrogate Court filings. That is far less than his net worth of more than $1.7 million upon his retirement from Congress in 2017, as reported by the watchdog group Open Secrets. Advertisement 3 Congressman Charles Rangel died in May at age 94. Getty Images The current assets of the once-powerful chair of the House's Ways and Means Committee were not detailed in court filings. His daughter, Alicia Rangel-Haughton, was named executor of the Democrat's estate. Advertisement The late representative's property is to be placed in the Charles Bernard Rangel Revocable Trust, the assets of which were not disclosed in a will signed March 31, just nine weeks before his death at Harlem Hospital. 3 Alicia Rangel-Haughton will serve as executor of her father's estate, court records show. REUTERS Rangels' financial misbehavior and other ethical questions dogged him throughout his decades-long career, long before The Post outed his business dealings in Punta Cana, Dominican Republic. He was criticized right from the start of his career when, in the 1960s, he took a low-interest loan from a New York City program meant to help the poor and used it to renovate his family's Central Harlem home, turning the property into rental apartments — one of which he used for himself. Advertisement Decades later, Rangel was caught using four rent-stabilized apartments in Lenox Terrace for himself, including one he used as a campaign office. 3 Rangel, seen here in 2010 leaving his Harlem home, was thought to be worth more than $1 million when he retired from Congress in 2017. Ben Parker for NY Post He parked his vintage Mercedes for free in a House of Representatives garage; was questioned for his participation in junkets to the Caribbean sponsored by corporations and lobbyists in violation of House rules, and eventually copped to omitting as much as $780,000 in assets from financial disclosures he filed in the 2000s. He was also slammed for using Congressional stationery to solicit donations for the Charles B. Rangel Center for Public Service at the City College of New York, a move which broke House ethics rules. Advertisement A week after The Post's 2008 exposé revealed Rangel's ownership of the three-bedroom, three-bath casita No. 412 at a beachfront resort in Punta Cana — which he rented out for between $500 and $1,100 a night — he confessed he'd failed to disclose rental income from the property. Rangel failed to declare $75,000 in income from the sun-drenched property, he eventually admitted. He unloaded the villa in 2010 and made a handsome profit. In December 2010, Rangel's financial misdeeds earned him a censure from his Congressional colleagues. He retired from Congress in 2017.
Forbes
a day ago
- Forbes
Watches Of Switzerland U.S. Sales Hit $1 Billion Amid Tariff Warning
Watches of Switzerland has achieved record U.S. sales but has warned over the impact of tariffs. Despite record global revenues of $2.26 billion, retailer Watches of Switzerland warned Thursday that its profit margin could fall over the financial year as the luxury watch industry reels from higher U.S. tariffs. The announcement came as the company reported a profits for the year ended April a little ahead of market expectations, boosted – somewhat ironically – by a pickup in demand in the U.S. and the U.K. and its acquisition of jewelry maker Roberto Coin's North American business. Its U.S. business grew 16%, outpacing the U.K.'s return to growth which achieved a more modest 2% sales rise. The London-listed company said that it was too early to comment on the potential sector impact of U.S. tariffs and added that it was in regular talks with brand partners, which include global names such as Rolex, Cartier, and Patek Philippe. The stock market reacted with some concern and Watches of Switzerland's share price has dipped around 10% since it voiced its views over the likely impact of tariffs. It's stock value is now down over 30% in the year to date. Watches Of Switzerland Stock Price The watch retailer's experiences mirror a wider malaise in the global luxury market, which has been experiencing a bumpy ride in recent months as the international appetite for many traditional luxury labels wanes and brands such as LVMH push for ever greater marketing strategies. Demand within the watches sector in particular had experienced a notable surge post-pandemic, amid a wider value reset which saw luxury customers turn to items that could be handed down through generations. The second-hand market for luxury watches has also surged in recent times, with major interest in classic vintage pieces. A Watches of Switzerland Group store on Oxford Street, London's busiest shopping destination. ... More Photographer: Chris Ratcliffe/Bloomberg Indeed, Watches of Switzerland forecast that its adjusted operating profit margin would be flat to down 100 basis points this fiscal year, noting U.S. tariffs had already led some brands to raise prices, "alongside reducing their authorized distribution network's margin percentage". The company, which makes nearly half of its annual revenue in the United States, also forecast 6%-10% revenue growth for the year to the end of April 2026, adding that its guidance was based on the assumption that a 10% U.S. tariff rate on Switzerland was maintained beyond the current pause in higher levies. Watches of Switzerland Earnings Call On an earnings call, Watches of Switzerland CEO Brian Duffy played down the possibility of the company's product collection being impacted by the tariffs. 'Our U.S. business has continued its excellent momentum, surpassing $1 billion revenue for the first time, bolstered by the acquisition of Roberto Coin Inc. The U.K. has returned to growth as trading conditions have stabilized,' Duffy said. 'Our performance reflects our differentiated business model, with scale and leadership in our chosen markets, supported by long-standing, collaborative partnerships with world-leading brands across luxury watches and luxury branded jewelry underpinning sustained growth.' Adjusted operating profit was nearly $205 million for the year ended April 27, just above consensus analysts' estimates of £203 million. Profit before tax dipped 18% to around $103.5 million, while the group has continued to streamline operations, recently closing several low-profit U.K. showrooms and completing its exit from continental Europe. Looking forward, Watches of Switzerland said that it remains confident over its showroom pipeline and growth projects despite the wider macroeconomic uncertainties impacting the market.
New York Post
a day ago
- New York Post
Long Island steakhouse opens in honor of local Revolutionary War spies dubbed ‘the CIA of the time'
It comes with a side of spies. Long Island's newest steakhouse is a fascinating nod to the Culper spy ring, a local group of Revolutionary War double agents whose heroic espionage efforts saved the colonial forces on multiple occasions. 'As we were going through school, we learned about the spy ring and the effect it had on the American Revolution,' Scott Brittman, part owner of Culper's 1778, which opened in Setauket two weeks ago, told The Post. Advertisement 4 Culper's 1778, a new steakhouse that just opened up in Setauket Long Island two weeks ago, pays tribute to the Culper spy ring. Brigitte Stelzer 'For the most part, there hasn't been much representation of the spy ring in the area aside from a local tour. I feel like it was a good idea to highlight and honor it.' The new eatery is filled with Revolutionary War-themed decor, including prints of the Battle of Setauket, a print of the Declaration of Independence, a life-size replica musket, and an original US flag, to name a few. Advertisement However, Brittman's team truly committed to the theme by tracking down and recreating George Washington's spiced cherry brandy drink of choice, which he often carried, as per the first president's journal. 'The Commander,' as it's called, is served infused with lemon and cinnamon and stands among a bevy of Colonial cocktails — like Benedict Arnold's 'The Traitor,' made with vodka and, fittingly, tea. 4 The organization contained double agents who took part in the Revolutionary War against the British. 4 The acts of espionage led to colonial forces being saved on numerous occasions. Advertisement There is also the gin-based 'Agent 355,' a nod to a female member whose identity is still unknown, in addition to 'The Clothesline' Ketel One libation, which pays homage to how Setauket Culper spy Anna Smith Strong sent signals by laying out her laundry in covert patterns. 'There's been a lot of people that have come in here from different towns who are big history buffs,' Brittman said, adding that Culper's will be closed on July 4 in observance of Independence Day. Who were the Culpers? Washington's secret agents were a brave band of at least seven known members, according to Christopher Judge, a longtime educator at Oyster Bay's Raynham Hall Museum, which is the former home of Cupler spy Robert Townsend. Advertisement Setauket native Benjamin Tallmadge led the clandestine group on British-occupied LI alongside his tight-knit allies, Abraham Woodhull and Caleb Brister, circa 1778, the year in which the restaurant is named. 'They were all childhood friends, and they knew they could trust each other with their lives. They all agreed to stand against what they considered the tyranny of the British,' said Judge. 'You could almost say that they were the CIA of the time — and predecessor to James Bond.' 4 When learning about the organization's history, part owner of Culpers 1778, Scott Brittman told The Post, that naming the restaurant after the spy ring 'was a good idea to highlight and honor it.' Brigitte Stelzer Nearby Port Jefferson native and East Setauket tavern owner Austin Roe, whose great-grandson Justus invented the retractable tape measure, was also a member. The ring's moniker originated from the false surname of Culper that members assumed during their subversive duties, according to Judge, who is stoked to try the steakhouse. Townsend not only played the role of a loyalist to a tee, but also managed to stand sentry and eavesdrop on important Redcoat meetings in a homemade military uniform, Judge explained. 'Even George Washington did not know Robert Townsend's true identity, because they knew that if that chain somehow was broken, that it would inflict potential death on the other members,' he said. Advertisement It wasn't until 1938 that a historian discovered Townsend's involvement after analyzing documents at Raynham Hall. The Culpers' greatest two victories were thwarting a British plot to annihilate the colonial economy by flooding America with counterfeit notes, and also fooling English troops into turning away from where critical French allies were landing in Rhode Island. 'The French probably would have been decimated had the British not been given false information by members of the spy ring to divert them back down to New York,' said Judge, who added that their loss would have reshaped the war. 'Not a single member of the spy network ever got caught. I would say that was their biggest victory.'
