Curious to know how we price our Gold Jewellery Buyback Prices on our website?
Here at GoldSilver Central, we do get many questions on how we calculate our buyback prices for Gold Jewellery and in this article, we aim to address some common questions you would have:
Q: How do I calculate GoldSilver Central’s Buyback Prices from the Gold Prices I see from mediums provided by General News Providers such as Channel News Asia?
Recall seeing prices like Gold: $1544.70 on mediums such as broadcast or on websites of general news providers?
The prices you reflected here are known as spot prices, and represents the prices for 1 troy ounce of Pure Gold. Spot prices refers to the live prices that a commodity is being transacted & delivered at the current moment. Prices are driven by Demand and Supply. The price for selling your Gold Jewellery to us would be based on the BID price.
1 Troy Ounce of Gold = 31.1035 Grams of Gold
Hence, if the price reflected is USD 1544.70, then 1 Grams of Gold would be:
USD 1544.70 ÷ 31.1035g = USD 49.66 per Grams.
Please take note that our buyback prices for Gold Jewellery are reflected in SGD hence, you would need to calculate (BID) Gold Prices in SGD.
If the ASK for USD/SGD is 1.3847, Gold Prices in SGD would be:
USD 49.66 x 1.3847 = SGD 68.76
This would be the spot price in SGD for 1 Gram of Gold.
So how do we price our Jewellery Buyback Prices from the Spot Price?
When this screenshot was taken, the Spot Price (BID) for Gold in SGD was SGD 2099.90 per troy ounce. Please take note that calculations here are based on estimates.
Final Buying Price = Spot Price (1 Gram) – Discount
As we will send the gold to a refiner for melt, the discount amount would include
- Melting Cost
- Transportation Cost (Shipping, etc)
- Insurance Cost for Shipping
- Manpower Cost
- Cost involved
Taking into consideration that Spot Price (BID) would be for Pure (999) Gold,
Spot Price for 1 gram of 999 Gold:
SGD 2099.90 ÷ 31.1035g = SGD 67.51 per gram.
Discount from Spot Price: SGD 67.51 – SGD 64.40 = SGD 3.11.
So, what if the Gold Jewellery you have is of 916 Purity?
Using the same Spot Price (BID) for Gold,
Spot Price for 1 gram of 916 Gold:
(SGD 2099.90 ÷ 31.1035g) x 91.6% = SGD 61.84 per gram
Discount from Spot Price: SGD 61.84 – SGD 58.30 = SGD 3.54
Note: The prices you see on our website would be the final NETT price, means there are no further deductions.
Q: How does a typical process look like when I sell my Gold Jewellery to you?
A typical process looks like this:
- Drop by our Retail Store during our Operating Hours with your Gold Jewellery.
- Our team will sort out your Gold Jewellery based on the purity
- After deducting the estimated weight for any stones on the jewellery, we will then refer to the Jewellery Buyback Prices on our website and use the rates as seen.
- Upon the confirmation of the total amount you would be getting for your Gold Jewellery, we would issue a buyback invoice and the amount will be given to you in Cash.