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New York Post
02-07-2025
- Business
- New York Post
Looking to sell your gold to NYC's Diamond District? Follow these steps to get the best deal
Looking to unload a stash of old jewelry to cash in on soaring gold and silver prices? First do some digging if you want to secure the best deal possible. 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.
New York Post
02-07-2025
- Business
- New York Post
Rush to trade gold for dollars sparks cash shortages in NYC's Diamond District
As gold prices hit all-time highs, owners of vintage baubles and family heirlooms are scrambling to trade them for dollars — and the frenzy has sparked a cash shortage across New York City's Diamond District, The Post has learned. Last week at Bullion Exchanges — a storefront at 30 W. 47th St. in Midtown Manhattan that displays assorted gold coins and jewelry behind thick plexiglass — a handful of customers had been buzzed inside while others waited on the busy sidewalk. At the counter, a young woman shoved a fistful of gold trinkets under the bank-teller style window. Ten minutes later, she left with a check for $3,330. Advertisement 'This is a new experience for me,' the woman told The Post, declining to give her name as she edged out the door. 5 Alon Mirzaev of US Gold Refinery holds a container full of gold jewelry he bought in one day. Stefano Giovannini Business is 'going gangbusters' since gold surpassed $3,000 per ounce in March, according Bullion Exchanges CEO Ben Tseytlin. By April, it climbed to $3,500 over President Trump's tariffs and his pressure campaign on Federal Reserve Chairman Jerome Powell to slash interest rates. Advertisement Gold was recently trading at $3,334 an ounce. Silver has surged to a 13-year high of $35 per ounce. Accordingly, many customers on West 47th Street are looking to sell stuff that's made of gold instead of buy it. As a result, retailers claim cash is in short supply because of bank credit limits. Most customers are paid with checks and wire transfers. 'This is a seller-heavy market,' Tseytlin told The Post. 'We don't give cash for anything over $2,500.' Even used Rolex watches are trading at a premium when they're made of gold — even though nobody would ever buy a Rolex to melt it down, said Paul Altieri, chief executive of Bob's Watches, one of the US's largest purveyors of pre-owned timepieces. Advertisement 5 The Diamond District on W. 47th St. is buzzing with customers eager to cash in on the high price of gold and silver. Stefano Giovannini 'Lately we've seen more people bringing in solid-gold models like the Rolex Day-Date gold Submariners and Yacht-Masters, which contain substantial gold weight,' he said. The Submariner can fetch from $25,000 to more than $40,000 these days, with the price of gold 'strengthening those upper ends,' Altieri said. New York's so-called 'precious metals dealers' are licensed by the city's Department of Consumer and Worker Protection to both buy and sell to retail customers. They also can operate special ovens that melt down gold, silver and platinum into tradable bars at 1,000-plus-degree temperatures. Advertisement The Diamond District — mainly the block of West 47th Street that stretches between Fifth Avenue and Sixth Avenue — is one of the last holdouts of 'Old New York,' with street urchins waving passersby inside buildings that house warrens of kiosks operated by jewelers, some with magnifying loops strapped across their foreheads. 5 Gold reached a record price of $3,500 per ounce in April. Stefano Giovannini Efraim Ilyayev and his father run City Gold Jeweler at 20 W. 47th St. Their stall is overflowing with silver menorahs, candlestick holders, flatware and random Judaica purchased from customers — and which are due to be melted down. 'We run out of cash all the time, which leads to unhappy customers' Ilyayev said. 'We have been getting about the same amount of cash that we have always received even though our need has increased.' Cash on hand can mean the difference between clinching a sale or watching a client wander over to the next jeweler. Some vendors who are licensed to buy so-called 'scrap' are running out before the day is over. 'Banks don't want us to have a bunch of cash lying around,' said another jeweler, referring to the Brinks and Loomis trucks that deliver cash at least once a week. 5 Most purveyors in the Diamond District will pay cash for items worth less than $2,500. Bullion Exchanges / X Advertisement Jewelers says they also must grapple with customer expectations that aren't always realistic. Alon Mirzaev of US Gold Refinery, which operates a counter at 78 W. 47th St., recently met with a customer who presented a pair of gold rings 'that had never been worn' and were still in their box. Mirzaev put them into metal analyzer machine that indicated they were 18 karat. Mirzaev offered $500 after his initial bid of $470 was rejected. The customer wanted $750, and left in a huff — declining to be interviewed by The Post. Meanwhile, most jewelers aren't licensed to buy goods from the public – and many are feeling the sting. Advertisement 'In general, the high price of gold works against the business because it's harder to sell' finished jewelry, said Curtis Lewis, a jeweler from Dutchess County in upstate New York who also recently brought a briefcase full of goods to West 47th Street. 'We work on close margins.' 5 Business is soft for traditional jewelers who mostly sell rather than purchase jewelry from consumers. Stefano Giovannini Danny Bor of Mr. Jeweler, which has a counter at 23 W. 47th St., agreed it's 'a slower time for selling jewelry,' because people don't want to pay extra for gold. A longtime customer recently asked him to buy her gold-and-diamond tennis bracelet, but she thought the diamonds were worth more than he did. Bor — partly because she was a good client, and partly because of the value of the gold — agreed to painstakingly remove the tiny studs so she could sell them to another jeweler. Advertisement On occasions when customers are looking to buy gold rather than sell it, it's often not jewelry that interests them. Tysetlin's cllients last week included a 72-year-old retiree from Connecticut named Roger, who walked out with $6,000 worth of gold and silver coins inside a flannel, drawstring bag. The last time he'd purchased coins in the Diamond District was during the 1982 recession, he said. 'This is my precautionary hoarding' amid an uncertain economy, he told The Post, adding that he was looking to diversify his portfolio with a more 'stable' investment. 'Coins are a good bet.' 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.
