All Island Jewelry & Loan deals in all types of gold and silver platinum. All gold and silver purchases and pawn loans are based on the current spot price for gold and silver.
GOLD is usually stamped 10K, 14K, 18K. Gold is bought by the pennyweight (dwt). There are 18.2 dwt to the avoir oz. or 20 to the troy oz. Dental gold must be yellow and is usually around 16k. Items stamped 1/20 12k – H.G.E. are gold plated and worth very little. Once the pieces are weighed they are also tested for purity. We test all gold, marked and unmarked. If there are diamonds or other precious stones in the item brought in, we will add their value to the weight of the gold.
To determine the value of your pieces there are a few considerations: Is the piece signed or from a designer name? If the answer is YES, don’t let anyone pay you just on the gold price. Specialty items carry specialty premiums a distinction that few other companies will make when making you an offer.
There are three numbers which are used to calculate the value of your gold:
1. Weight: What is the weight of your item?
2. Purity: Is the piece 10kt, 14kt, 16kt, 18kt, 22kt or 24kt?
3. Gold Price: What is today’s gold price?