Q&A for How to Become a Gold Dealer

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Question

How should someone clean tarnished gold?

Kennon Young
Master Gemologist Appraiser
Kennon Young is a Master Gemologist Appraiser and the Owner of Vermont Gemological Laboratory in Burlington, Vermont. With over 20 years of experience in the industry, Kennon and his team specialize in handmade engagement rings, wedding bands, and custom jewelry. He attended the Revere Academy of Jewelry Arts, the Gemological Institute of America, and the Rhode Island School of Design Extension. He is a Jewelers of America (JA) Certified Bench Jeweler Technician and received the highest credential in the jewelry appraisal industry, the ASA Master Gemologist Appraiser, in 2016.

Kennon Young

Master Gemologist Appraiser

Expert Answer

Gold will only tarnish after 50-60 years. If you have gold that's old enough to be tarnished, removing the tarnish will most likely devalue the gold as the tarnish is showing its antiquity so don't de-tarnish gold.

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Question

How can you tell if gold is fake?

Kennon Young
Master Gemologist Appraiser
Kennon Young is a Master Gemologist Appraiser and the Owner of Vermont Gemological Laboratory in Burlington, Vermont. With over 20 years of experience in the industry, Kennon and his team specialize in handmade engagement rings, wedding bands, and custom jewelry. He attended the Revere Academy of Jewelry Arts, the Gemological Institute of America, and the Rhode Island School of Design Extension. He is a Jewelers of America (JA) Certified Bench Jeweler Technician and received the highest credential in the jewelry appraisal industry, the ASA Master Gemologist Appraiser, in 2016.

Kennon Young

Master Gemologist Appraiser

Expert Answer

Sometimes it's stamped with something that says GF on it. This means Gold Filled. If there's green oxidation on the surface, that's typically an indication but the only way to be sure is if it's tested with gemological equipment or gold testers.

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Question

How do I profit when dealing gold?

Community Answer

Charge more to sell the gold than you paid to purchase it.

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Question

What stores sell scrap gold?

Roger van piggelen

Community Answer

Some jewelry stores will, and pawn shops are a great spot to get some. Check the going rate on the market before you go so you have a rough idea what it goes for.

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Question

Is there no actual license that I need?

Donagan

Top Answerer

Requirements vary by location. A general business license is often required. The same may be true of metal dealers. Contact local authorities for pertinent information.

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Question

When the coin stores or jewelry stores buy someone's gold, who do they sell it do?

Donagan

Top Answerer

They might sell to the general public, but most likely they will sell to professional traders in precious metals.

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Question

How do I get a metal dealer's license?

Community Answer

It depends on where you live. In some countries, you get one from the local state or city government. In the UK, for example, you apply to the local city or district council.

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