n49)How You Can Start a Business of Gold

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The price of gold is often in the news—sometimes it's soaring, and other times it's plummeting. When its price is on the rise, many of us wonder if we should sell the gold we possess for a profit. When the price is falling, some of us consider investing in gold to profit down the line when its value rebounds.

The truth is that you can earn a living buying and selling gold, but I don't mean buying from jewelry stores or trading on the stock market. I'm referring to buying gold from the public for resale. In this video, I will walk you through the process of making money on gold and other precious metals.

Although you may think you'll need a lot of capital up-front to start this business, you don't. A gold business can be started with just a few simple tools, which I'll cover in more detail below. Some of these—like a jewelry scale—you may be able to purchase used. Additionally, If you let friends and family know what you're doing, they may give you some jewelry to help you start your business off. If you reinvest any profit you make back into your new business, you can make your money work for you. That way, if someone brings you a piece that you know is a bargain, you'll have the cash to buy it. Now, let's dig into the details.

Terms to Be Familiar With

As a buyer and seller of gold, there are a few important terms that will come up in your work repeatedly. It's important to familiarize yourself with their meanings before moving forward.

What Is a Hallmark?

In jewelry, a hallmark is a small stamp or impression used to certify that a piece is composed of a certain quality of a noble metal like gold, silver, or platinum.

What Is a Carat (Karat)?

A carat (karat in the US) is a fractional measure of a gold alloy's purity out of 24. An 18-carat gold ring is 18 out of 24 parts pure gold, or 18 parts gold and 6 parts another metal. In other words, it is about 75% pure gold.

Supplies You'll Need to Begin

Before getting started in the gold business, there are a few essential items you should be equipped with. It's okay to purchase some of these used so long as they are of good quality.

Gold Testing Kit

The first thing you'll need to buy is a gold testing kit. These are reasonably priced and absolutely necessary for your new business. The majority of jewelry pieces you'll be offered won't have a hallmark, and you can't simply guess at the quality of the metal. The acids in the kit will tell you which carat of gold you're dealing with. Two additional acids are also included to test silver and platinum. With this knowledge, you can then give your customers accurate valuations of their jewelry. Your kit should contain different acids to test for 10, 14, 18, and 22-carat gold.

Professional Jewelry Scale

A professional jewelry scale is also a necessity for your new business. Although it may be somewhat costly, it will provide you with years of reliable service. Don't use a kitchen scale, even if only for a short time, as they're not legal for trade. You're running a business, so you need to make it professional. It's a good idea to take readings from your scale at least once a day to ensure accuracy. Keep up-to-date records to avoid any legal problems arising from customer or regulatory agency complaints.

Magnet, File, and Loupe

Because you will be using a magnet every time someone brings you a piece of jewelry, it behooves you to buy a quality one. The same goes for your metal file, which you'll use to scrape away the outer coating of some pieces. Neither of these items is expensive, and both will last for years. You can easily find them at a hardware store or purchase them online. You will also want a magnifier loupe to view the more minor details of the jewelry you inspect.

Buying Gold

Before you can sell gold for profit, you'll have to buy some from the public. Close friends and family may give you a few items to help you get started, but eventually, you'll have to buy all the gold you wish to sell. Here are a few things to keep in mind about the gold-buying process.

Inspecting Jewelry

When a customer brings you an item, it may have a hallmark that tells you what carat of gold it is. Using your magnifier loupe, check for any hallmarks. Refer to the graphic above to see which hallmarks correspond to which carat ratings and purity levels.

Even if an item has a hallmark, you may still want to do an acid test. After asking the owner's permission:

Make a small scratch through the piece's outer layer with your metal file.

Begin with your 10k acid from the set above.

When you are just starting, practice on your jewelry—this will give you confidence when testing a customer's item while they are watching you.

Hosting Valuation Parties

An excellent way to get clients is to organize a "valuation party when you are starting." You can ask a friend to host the event for you. Serve snacks and light refreshments, tell family and friends to invite their friends, and ask them to bring any gold they wish to have valued. Some guests may take your offers that night, while others can take a business card, go home, think about it, and contact you later.

Gain someone's trust and respect, and you could have a customer for many years. You may find that people will be happier to sell to you instead of taking their gold to a pawnbroker or a "cash-for-gold" store. For some, there is a stigma attached to going to a pawnbroker. Offering your potential clients a relaxed, friendly environment will put everyone at ease, and with everyone taking home a business card or leaflet, you will be expanding your client base. Word of mouth is and always has been the best form of advertising.

Buying Gold Teeth

Gold teeth are an unexpected part of buying gold. Some dentists save gold teeth they've pulled for their retirement. If offered these, knock the tooth away from the gold before weighing it. If you feel squeamish about this, use latex gloves or hand wipes when working with the teeth.

Selling Gold

In the gold business, selling is just as important as buying. Consider the following considerations as you sell purchased jewelry, rings, and coins.

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