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Something you should know about Eternagold

Started 1348064639.267 in TSV Talk | Last reply 1349019304.08 by millieshops

I had several pieces of Eternagold and a few years back, I decided to try to sell a few of them to a gold dealer. I got VERY little money for them, in fact less than 25% of what I paid, because they contain a LOT of alloy. That's why they keep saying it's "harder and stronger" because of the "patented alloy ingredient." Their jewelry is beautiful and it probably won't matter if you plan to always keep it, however, they are overpriced for the amount of actual gold you are getting. Just had to say something because Ted Leach keeps talking about what a great bargain these are because the price of gold is $1700 an ounce.

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lavenderju­nkie1348065197.01712810 PostsRegistered 10/6/2004

It's no surprise that you didn't get as much money as you expected when you sold your gold. I'm sorry you were disappointed.

We buy gold jewelry at retail and the markup is substantial. When we sell we are getting a price for the raw value of the gold (wholesale), that doesn't include what we paid for design, manufacturing, advertising, distribution, and profit when we bought the item. Also, the current price of gold often quoted is for pure 24K gold. The jewelry we buy is mainly 14K gold.

So let's do some arithmetic. 14K is 14 out of 24 parts gold. That's about 58%. So right off the bat, the gold jewelry when sold for scrap is only worth 58% of what 24K gold is selling for on the world market. Now we have to factor in the processing fees/profits for the person buying the gold. So that's another few %. And to start out with, we paid for a finished product, not for raw gold. When we sell the item for scrap, all the money we paid up front for design, manufacturing, etc isn't considered of any value anymore.

Also remember, the price quoted as the value of an ounce of gold is for a troy ounce of the 24K gold. A troy ounce is 31.1 grams ( or 20 penny weights ). Most jewelry is a lot less than that in weight. So again, you have to figure the value of the gold for the amount of gold you actually have in your jewelry.

The only way to get more out of a resale is to sell the item as a piece of jewelry, in a private sale, not for gold scrap. And it's very hard to find someone who is willing to buy most gold jewelry for anything more than scrap value. Gold has to go up 3 or 4 times what it was when you bought an item before you will get your money out when you resell it for scrap.

Are we overpaying for the gold we are buying today? That is an interesting question. If an item contains 6 grams of 14K gold, and a troy ounce of 24K is selling for $1700, how much is too much to pay for that jewelry purchase? The gold content of the 6 grams of 14K is only $191. That's for the raw gold.... it still needs to be processed into an alloy and the jewelry designed, manufactured, and distributed. And then each company in the chain needs to make some profit. So, how much is fair to pay for that piece of jewelry? How beautiful is it? How much do you love and want it?

I think that for most things we buy, the value of the components are a small percentage of the price we pay for the finished goods. And most of the items have little resale value.

Last edited on 9/19/2012

Last edited on 9/19/2012

pickysue1348065335.917860 PostsRegistered 1/2/2010

If you listened closely last night when Antonella was presenting she mentioned a certain item that didn't have nickel in them as she is allergic to nickel so manufacturers are adding the mystery metal which I am highly allergic; therefore I stopped buying jewelry as I have more than I need to build any style in my wardrobe - not paying for mystry metals anymorre.

chickenbutt1348066850.0623504 PostsRegistered 1/16/2006chickentown

I don't think they can mark it 14k if it isn't actually 14k. There are actually laws about that so they'd be in a lot of trouble if they got caught selling 14k with more than 10k of alloy.

Bippity boppity BOOYAH!

Sylanne1348068716.2231839 PostsRegistered 6/13/2006

lavenderjunker, you are a voice of reason.

gypsy21348072788.5031906 PostsRegistered 5/24/2010
On 9/19/2012 Sylanne said:

lavenderjunker, you are a voice of reason.


And highly knowledgeable I might add... thanks for the info!

di-mc1348072953.3337117 PostsRegistered 12/4/2006the real world
On 9/19/2012 gypsy2 said:
On 9/19/2012 Sylanne said:

lavenderjunker, you are a voice of reason.


And highly knowledgeable I might add... thanks for the info!


ITA!! Smile

The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money.
Alexis de Tocqueville

BurbankKate1348073171.3736188 PostsRegistered 11/18/2007Home of: Disney Studios,W. Bros, Nickelodeon, Cartoon network, media capital of the world

Eterna Gold can't mark it as 14K if it is not...if they did, they would be in jail by now. Another post noted that some of these "gold dealers" are on the crooked side, and will tell you things that are not true to pay you less then your gold is worth. Lavender is correct...you are better off selling the piece as a piece of jewelry on sale,. or list it on the bay, or have an estate sale...that brings in droves of people who are looking to buy gold at a good price...you can sell your pieces for a lot more at an estate sale then you can to a gold dealer.

- A government big enough to give you everything you want, is then strong enough to take everything you have.
- Thomas Jefferson

catprincess1348073406.582365 PostsRegistered 4/9/2007Rocky Mountains

I have several Eterna gold bangles & I love them-no allergic reaction-no scratches or dents! I have sold alot of gold lately, but not these bangles. If you bought gold20 years ago at $14.00 a gram for 14K you"ll make money on selling your gold. If you bought it 2 years ago at $100.00 a gram you won't!

Raider Fan1348087635.7574411 PostsRegistered 8/11/2009SF Bay Area

Another reason NOT to buy is that they have terrible customer service. They don't fix things, they don't return the item they can't fix, and...they never answer the phone, NEVER. I can't even look at that man or any of their shows after what they did to me.

Common sense is not so common. **Voltaire**

honebee1348092158.39737 PostsRegistered 8/11/2007
I sent back a weave braclet the end of July that had pulled loose at the end cap and part of the clasp was lost. I just received it back last week and it looks like a brand new one. All it cost me was the $6.95 for postage. I was very pleased with the transaction.

kachina6241348092474.15314832 PostsRegistered 10/6/2004New Mexico
I think Ted Leach tries too hard to be "Mr. Nice guy". I don't trust him.

Deb-A-Doo1349014475.9276 PostsRegistered 5/2/2010

Hey Lizzy,

I have to agree with your assessment, regardless of the arithmatic explanation. I purchased a piece of eternagold, also many years ago. The piece broke and I didn't want to go through the trouble of sending it back to the company for repair. Took it to one of those sell your gold places. They paid me for all gold except the eternagold piece. It didn't even register on the meter. Granted, it was an ankle bracelet, but it was advertised and marked 14K.{#emotions_dlg.blink}

colliegirls1349015076.475761 PostsRegistered 5/13/2012

I sold some of my gold a while back and only got 25% of the value of gold at the time. I checked several places and they all were about the same. That is how they make their money.

colliegirls1349015382.9875761 PostsRegistered 5/13/2012
On 9/19/2012 Raider Fan said:

Another reason NOT to buy is that they have terrible customer service. They don't fix things, they don't return the item they can't fix, and...they never answer the phone, NEVER. I can't even look at that man or any of their shows after what they did to me.


I had a bangle bracelet dent and sent it back to the company. They no longer carried that exact bracelet but sent me one that was comparable in design and weight. I was very pleased. I am sorry that you had a problem.

CalmInTheH­eart1349015517.126997 PostsRegistered 7/14/2007

I've never had a problem selling EG. If it's stamped 14k, they give me the 14k rate.

I would question any jeweler or pawn shop that says otherwise.

Peace

CalmInTheH­eart1349015753.4936997 PostsRegistered 7/14/2007
On 9/30/2012 colliegirls said:

I sold some of my gold a while back and only got 25% of the value of gold at the time. I checked several places and they all were about the same. That is how they make their money.


There is a big difference in selling gold for scrap and the value of the piece of jewelry. Those two amounts will never be close.

Caution: Never sell to a jeweler or pawn shop if they don't weigh it and have a standard published rate for buying it.

I found an independent jeweler in town who weighs it. What he pays for it is based on each day's gold market price. I won't go anywhere else.

Peace

millieshops1349019304.0814499 PostsRegistered 3/15/2007

I had no touble selling EG. Gold was in the 1600 range when I sold off some damaged chains and earrings and I did toss in a few items I thought no one in my family would ever want. I sold to 2 different buyers and had no rejections from either. I've read this same caution here before, but I've seen many also who had no trouble.

Most of all, I buy EG because I like wearing EG. In addition to lots of chains and some earrings, I've enjoyed their bangle collection which after nearly ten years looks as new as it did the days I opened the boxes. Wish I could say that for the far more expensive bangle I bought years before when Fortunoff's was still in business here on Long Island. Now there's something I should get rid of!

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