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As you may know from the charter of Gold Why, the goal of this site is to provide
comprehensive and well rounded information about all aspects of gold including gold bullion coins, gold stocks, gold jewelry, and much more. Up
until now, Gold Why did not provide a huge amount of information about gold jewelry. There is good reason for this, I am personally less educated on the
topic of gold jewelry and much more so on all other gold topics. Upon getting some requests from all of you (please keep sending them, I love
getting emails!), I have decided to work closely with my friends at Affiliated Writers on the following article, rounding out Gold Why to include a
comprehensive Beginner's Guide To Gold Jewelry. In future weeks, I'm looking forward to complementing this site with additional articles about
investing in gold jewelry. Without further ado, please enjoy this article written exclusively for Gold Why by my friends at affiliated writers...
Gold Jewelry - Your Defense Against A Weak Economy
With the current economical state in a steady decline, many investors are returning to the one investment that never loses value. Gold, in many different forms, offers an opportunity to invest in a safe and secure type of currency accepted at banks worldwide. Many professional investors see gold as an opportunity for a secure investment, but caution that amateurs investigate the retailer before they purchase gold jewelry. Though the total price of gold may rise and fall depending upon the economy, gold will not lose its value during times of crisis.
General Tips On Buying Gold and Gold Jewelry
Understanding that gold is a valuable asset is a step in the right direction, but investors must learn where to purchase gold, especially gold jewelry. There are a few rules to abide by when purchasing gold products, such as bullion, jewelry, coins, or gold scrap. If the investor is sticking to these basic tips, they will find the gold they are seeking and make the right investment.
- When purchasing gold, be sure to examine the seller thoroughly before the deal is complete. The World Gold Council is helpful and offers a list of gold and precious element retailers, but investors should always research the seller themselves to avoid costly mistakes. You may wish to check out our guide on buying gold from well known gold shops.
- Investing in gold is a stable investment option. No matter what the rest of the market does, gold does not lose its value. For investors seeking to stabilize a shaky portfolio, gold is an excellent option due to its strength. For those just starting an investment portfolio, gold is a stable beginning.
- The World Gold Council is one of the most trustworthy places to provide information about where and how to purchase gold in any form. Geneva houses the World Gold Council's headquarters, but they also have offices worldwide to offer assistance.
- Although American investors tend to avoid buying gold jewelry, investors all over the world purchase gold jewelry in large quantities. While paper fiat currency loses value, gold retains value independent of the saved form. Gold is a form of global currency, and many banks stockpile gold for emergencies.
- It is always best to purchase gold in any form under professional advice. Professional investors become experts by buying and selling frequently, so they are very knowledgeable concerning the gold market, market fluctuations, and where to find legitimate gold retailers.
- After researching various retailers, consider purchasing gold jewelry from jewelers who offer hand-made pieces. Handmade gold jewelry is worth far more than machine-made or mass-produced jewelry.
Purchasing gold jewelry can be confusing for novices, but those who take the time to investigate retailers thoroughly, even those mentioned by the World Gold Council, and purchase the right type of gold jewelry will make an intelligent business investment that will not lose value even when the market loses value or crashes completely. This is why it is so important to hold on to gold pieces in any form including, bullion, jewelry, coins, scrap, and other forms of gold.
Looking Closer At Gold Jewelry
Technically, there is no market for buying and selling gold jewelry on the investment scene. However, investors still see gold jewelry as a valuable investment asset due to the gold aspect itself. This is entirely dependent upon the gram measurement of the gold, which many retailers do not tell purchasers up front. They are very clear about the karat (purity) of the gold. Because retailers cannot feasibly markup jewelry as the market price fluctuates, designers use different amounts of gold to make jewelry depending on the price of gold. When the value is high, they will use less gold. Consequently, when the market is lower, they will use more gold.
Storing Your Gold Jewelry Investment Safely
Once the investor has purchased the desired amount of gold jewelry, the obvious decision of where to store the jewelry, and how to protect it overall, becomes paramount. There are many different options to choose from when storing gold jewelry and each has benefits and drawbacks that the investor should thoroughly consider in order to make an informed decision. For storing gold jewelry, remember the following tips:
- Gold should always be stored in a soft cloth. Most retailers pack the purchase in a velvet-lined bag or similarly lined bag, return the jewelry to this protective sheath when not being worn.
- Do not store gold jewelry in a manner that causes the jewelry to rub against itself. Necklaces, earrings, and bracelets that rub against themselves will wear away the gold on that side of the jewelry, decreasing the value thereof. If multiple articles of jewelry are being stored together, individually wrap each piece in a separate tissue or cloth to protect the gold.
- Keep the gold clean and dust-free to avoid devaluing the jewelry. Gold jewelry that accumulates dust, moisture, sweat, or makeup will begin to leave marks on the wearer's body. Clean the jewelry with an approved gold cleaner or take it to a gold cleaning professional.
- Gold jewelry may also be stored in Ziploc bags that are equipped with anti-tarnish strips. Again, make sure that no side of the jewelry is touching another side of the jewelry to avoid wearing, and store each piece in a separate Ziploc bag.
Protecting Your Gold Jewelry Investment
Storing gold jewelry is relatively easy, as long as the investor is careful to follow the before-mentioned tips and tricks. However, protecting it may be an entirely different matter. Thieves, environment conditions, and other problem factors make protecting jewelry difficult during the best of times. In this age of rapidly deteriorating economical conditions, protecting gold jewelry, and your investment, becomes even more challenging.
To protect gold jewelry, there are several options. Weigh the prospective benefits against the potential risks to determine if the protection method chosen is the correct one for the gold jewelry. Here are a few of the different methods recommended for protection of gold jewelry.
A small jewelry safe (or personal safe) is perfect for investors wishing to store small amount of valuables. In general, the larger the safe is, the more jewelry it will safely hold, but remember to protect the jewelry from itself. Always keep the safe locked, to prevent damage, loss, or theft of the jewelry and any other valuables contained inside.
A bank's safety deposit box is one of the most popular storage options. For a nominal fee (variable by the bank), a bank will store the gold jewelry in a protected environment that will keep it free of dust, moisture, and wear. This is the best option for old pieces, as they are more prone to breakage and oxidation.
Some apartment buildings have storage areas similar to safety deposit boxes. Again, there is often a fee for storing valuables here, but it can be worth it to protect the jewelry from environmental aspects.
A jewelry box is safe to keep very small amounts of jewelry protected, providing it has a secure locking mechanism of some kind. Never store valuable jewelry in an unprotected box.
Remember To Insure Your Gold Jewelry Investment
Insure the investment properly. Have a jewelry appraiser ascertain the value of the jewelry and carry an insurance policy that protects the investor against theft or catastrophe. Jewelry coverage is usually standard under homeowner's or renter's insurance policies, but large amounts of jewelry sometimes warrant a separate policy. Companies such as Jewelers Mutual Insurance Company offer policies that focus solely on jewelry. However, be sure to research each insurance company much like researching the retailer to ensure that the company is reputable.
However the investor chooses to store and protect gold jewelry, always be sure to care for gold jewelry properly. Never allow children to handle valuable jewelry, and, if jewelry is stored in a safety deposit box, check in on the jewelry from time to time to ensure it is safe.
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