So you’re planning to come up with a business in the gold industry, and yet you still do not know how to come up with the highest prices paid for gold and diamonds. You need to understand that one piece of jewelry is different from the other.
Traditionally, you need to find out the price per gram of gold.
There you will know how to price the gold based on its weight. Since you need to pay for the employees, rent, and expenses, you need to have a markup that covers your expenses.
Customers have to pay a premium for the service. The common misconception if you buy gold that is the heavier the weight, the price would also be higher. That’s not always the case for re-sellers, because buying heavy jewelry means paying less at some places.
In fact, there’s a scrap price for gold and it has an important value. Gold with designs went through a lot of work and labor to come up with the design. Businessmen have to put everything together, rent a place, train and hire people and ensure that things are properly accounted for. These things cost money, that’s why they have the highest prices paid for gold and diamonds. It is definitely a competitive industry.