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Can Anyone Recommend A Honest Gold Shop?

manarak

By manarak
in Pattaya

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manarak Ruby Member

manarak

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I want to sell a 750 gold chain that weighs 38.15 grams.

So that's 38.15 x 0.75 = 28.6125 grams of pure gold, or equivalent of thai gold: 28.6125 / 0.965 = 29.65 grams

one baht of thai gold (15.244) was quoted something around 21500 THB.

so the value of my chain would be 29.65 / 15.244 x 21500 = 41818 THB.

I have visited 3 shops so far.

the first was on the ground floor in central festival - went there just to see how much they would rip me off - they offered 19.000 THB !!!

thieves.

I went to 2 more shops and was offered 23.000 thousand and the last shop offered me 27.000 after a theatrical show of "ooooh, we not see 750, we think 525" - yeah, sure.

so... who knows honest shop where I can sell my 750 gold for a fair price?

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GooEng Silver Member

GooEng

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if i'm right in thinking 750 gold is 18kt, i am surprised any thai gold shop would offer you a price - an offer of 27,000 baht astonishes me! how much would you expect to get for this item taking it to a jewellers in your home country? what did it cost if you don't mind saying?

i'm not being skeptikal or having a go, i'm genuinely interested as my impression has always been that non-thai gold is worthless here.

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Jayman Platinum Member

Jayman

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What you have to keep in mind is that when a Thai gold shop buys back Thai gold jewelry they typically send it off to the factory by the Kg and have it melted and made into new jewelry. This comes at a cost. The gold they send off and receive back is typically of the same purity (96.5) which is the standard in Thailand. If you try and sell them some non standard gold (anything but 96.5) they have to spend more money to have it processed into thai gold that they sell. Now, a pawn shop runs a different game. They don't send it off to be melted they try and resell it for what it is. There is no way you are going to get even spot prices for non thai gold here in thailand unless you are selling something with great value in it's workmanship and it can be resold used at a premium.

All that said, HuaSengHeng in BKK is known for being some of the most honest gold dealers in the country.

http://www.huasengheng.com/contact_us.php

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manarak Ruby Member

manarak

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What you have to keep in mind is that when a Thai gold shop buys back Thai gold jewelry they typically send it off to the factory by the Kg and have it melted and made into new jewelry. This comes at a cost. The gold they send off and receive back is typically of the same purity (96.5) which is the standard in Thailand. If you try and sell them some non standard gold (anything but 96.5) they have to spend more money to have it processed into thai gold that they sell. Now, a pawn shop runs a different game. They don't send it off to be melted they try and resell it for what it is. There is no way you are going to get even spot prices for non thai gold here in thailand unless you are selling something with great value in it's workmanship and it can be resold used at a premium.

All that said, HuaSengHeng in BKK is known for being some of the most honest gold dealers in the country.

http://www.huasengheng.com/contact_us.php

thanks for explanations and advice, this is however the Pattaya forum.

melting? yes, the shops at home typically do the same thing and melt the alloys.

at home, I would get a bit more than 35000 baht for it, and I would agree to sell it for the same price in Thailand.

(GooEng, either you are astonished about every day or you don't get out much)

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easyride Silver Member

easyride

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if i'm right in thinking 750 gold is 18kt, i am surprised any thai gold shop would offer you a price - an offer of 27,000 baht astonishes me! how much would you expect to get for this item taking it to a jewellers in your home country? what did it cost if you don't mind saying?

i'm not being skeptikal or having a go, i'm genuinely interested as my impression has always been that non-thai gold is worthless here.

As is intimated here - Thai gold has more carats. I've sold a couple of items I've had for years and got that days rate.

Gold shops must display the buying and selling rate by law and are generally very honest.

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manarak Ruby Member

manarak

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if i'm right in thinking 750 gold is 18kt, i am surprised any thai gold shop would offer you a price - an offer of 27,000 baht astonishes me! how much would you expect to get for this item taking it to a jewellers in your home country? what did it cost if you don't mind saying?

i'm not being skeptikal or having a go, i'm genuinely interested as my impression has always been that non-thai gold is worthless here.

As is intimated here - Thai gold has more carats. I've sold a couple of items I've had for years and got that days rate.

Gold shops must display the buying and selling rate by law and are generally very honest.

19000 for almost 2 baht of gold is far from honest!
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easyride Silver Member

easyride

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if i'm right in thinking 750 gold is 18kt, i am surprised any thai gold shop would offer you a price - an offer of 27,000 baht astonishes me! how much would you expect to get for this item taking it to a jewellers in your home country? what did it cost if you don't mind saying?

i'm not being skeptikal or having a go, i'm genuinely interested as my impression has always been that non-thai gold is worthless here.

As is intimated here - Thai gold has more carats. I've sold a couple of items I've had for years and got that days rate.

Gold shops must display the buying and selling rate by law and are generally very honest.

19000 for almost 2 baht of gold is far from honest!

And you think Central Festival is honest enough to make ANY query?

I suspect you went to a jewellry shop not a gold shop.

Try a shop with red and gold decor.

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manarak Ruby Member

manarak

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if i'm right in thinking 750 gold is 18kt, i am surprised any thai gold shop would offer you a price - an offer of 27,000 baht astonishes me! how much would you expect to get for this item taking it to a jewellers in your home country? what did it cost if you don't mind saying?

i'm not being skeptikal or having a go, i'm genuinely interested as my impression has always been that non-thai gold is worthless here.

As is intimated here - Thai gold has more carats. I've sold a couple of items I've had for years and got that days rate.

Gold shops must display the buying and selling rate by law and are generally very honest.

19000 for almost 2 baht of gold is far from honest!
And you think Central Festival is honest enough to make ANY query?

I suspect you went to a jewellry shop not a gold shop.

Try a shop with red and gold decor.

yes, I tried these too, the two last quotes came from those, located big c extra and in soi buakhow.

I still find a difference of 8000 baht with a western price diffcult to swallow, not mentioning the difference of nearly 15000 baht to the fair value of the gold.

I will try a couple more shops, but if I don't get a quote near 35000, I will sell the chain in Switzerland.

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MrZM Silver Member

MrZM

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Thais are not interested in western gold. It has no value to then. You would be better off trying a pawn shop.

It's not 2 baht of gold. May be the same weight but its far from the same gold.

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Naam Star Member

Naam

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I read on the net that in Thailand is no law that a gold shop must have a state government certificate that would allowed the sale! Can I sale thai gold also in Europe for higher price?

yes you can, if you find somebody really stupid.

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Naam Star Member

Naam

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if i'm right in thinking 750 gold is 18kt, i am surprised any thai gold shop would offer you a price - an offer of 27,000 baht astonishes me! how much would you expect to get for this item taking it to a jewellers in your home country? what did it cost if you don't mind saying?

i'm not being skeptikal or having a go, i'm genuinely interested as my impression has always been that non-thai gold is worthless here.

non-thai gold is only worthless if it's of less purity than 96.5% (23karat). internationally traded fine gold with a purity of 999.9 or 9999 cans be sold without any problems.

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manarak Ruby Member

manarak

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Thais are not interested in western gold. It has no value to then. You would be better off trying a pawn shop.

It's not 2 baht of gold. May be the same weight but its far from the same gold.

so 0.80g difference in pure gold is "far from the same gold"?
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brummiebob Advanced Member

brummiebob

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Posted (edited)

the national spot price is here

http://www.goldtraders.or.th/

left column is buy price right column is sell price

top row is bullions

bottom rows is processed ( jewellery ) gold

Here's the prices as of now

bullions buys21,400.00 sells21,500.00

jewellery buys21,087.56 sells21,900.00

Obviously this is for 96.5% purity gold

750 gold purity is 75.0% so obviously you would get less for that

Edited by brummiebob
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brummiebob Advanced Member

brummiebob

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different purity,

I just asked my goldsmith friends your 750gold is what known in Thailand as 18K gold

Their calculation for the price is

spot price 21,087 * 75%(the purity for 750gold) = 16,447.86 per baht weight

16,447.89/15.2 = 1,082 Baht per gram
Your weight 38.15*1082 works out to 41,278

(the actual deduction purity is a bit of a ripoff since thai gold is only for 96.5% not 100%, the shop would not deduct this for 96.5%gold)

In practice the shop has no obligation to buy at this price, for normal Thai gold, they will because they can sell it on for profits, but as 18K is considered inferior by Thais, there is no demand for it, unless it is a really good design and then you can sell at jewellery store prices

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tropo Star Member

tropo

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In practice the shop has no obligation to buy at this price, for normal Thai gold, they will because they can sell it on for profits, but as 18K is considered inferior by Thais, there is no demand for it, unless it is a really good design and then you can sell at jewellery store prices

Demand for 18k gold in Thailand is totally irrelevant. Any gold shop that buys the 18k gold won't sell it on. It's melted down and pure gold is extracted from the alloys. This is exactly the same as what they do if you sell Thai gold back to them.

My gold dealer is one of the best in town. I've sold them 18k gold in the past. They do a quick test on the gold to verify it's purity and calculate the price based on weight. I don't know the name of this dealer by name as it is only in Thai. It's on Pattaya Klang - the 2nd shop east of the 2nd Road/Pattaya Klang intersection on the South side of the road.

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manarak Ruby Member

manarak

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In practice the shop has no obligation to buy at this price, for normal Thai gold, they will because they can sell it on for profits, but as 18K is considered inferior by Thais, there is no demand for it, unless it is a really good design and then you can sell at jewellery store prices

Demand for 18k gold in Thailand is totally irrelevant. Any gold shop that buys the 18k gold won't sell it on. It's melted down and pure gold is extracted from the alloys. This is exactly the same as what they do if you sell Thai gold back to them.

My gold dealer is one of the best in town. I've sold them 18k gold in the past. They do a quick test on the gold to verify it's purity and calculate the price based on weight. I don't know the name of this dealer by name as it is only in Thai. It's on Pattaya Klang - the 2nd shop east of the 2nd Road/Pattaya Klang intersection on the South side of the road.

thanks! I will try that!
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dharmabm Silver Member

dharmabm

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if i'm right in thinking 750 gold is 18kt, i am surprised any thai gold shop would offer you a price - an offer of 27,000 baht astonishes me! how much would you expect to get for this item taking it to a jewellers in your home country? what did it cost if you don't mind saying?

i'm not being skeptikal or having a go, i'm genuinely interested as my impression has always been that non-thai gold is worthless here.

As is intimated here - Thai gold has more carats. I've sold a couple of items I've had for years and got that days rate.

Gold shops must display the buying and selling rate by law and are generally very honest.

thai gold has more carats? <deleted> does that mean? first of all, carats are measurements of stones and diamonds, karats are measurements of gold. and gold is gold, there is no difference between thai gold, indian gold or any other, as far as karats are concerned. do you have any idea what you are talking about?

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brummiebob Advanced Member

brummiebob

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carat, for gold here is a measure of purity, it is spelled using the same as the carat which is a measure for weight also used for jewels.

24 carats is the finest purity gold, 99

and 18 carats (often written as 18K) is 18parts gold and 6 parts other metals, or 75% purity

pure gold is too soft to make jewelleries with so it is melted together with other metals to make an 'alloy' to make it harder

More carat that's refered to in this case is in weight of pure gold that's in the actual piece, say if you were to molten them, remove the impurities/alloys, the weight of pure gold in carats can be measured this way.

A better, less confusing grading system would be to say the percentage of the gold

For example 100 grams of 75%gold melted down would yield 75 grams of pure gold.

instead of blabbering on about other people's ignorances, you could just ask politely or even google it yourself,

thai gold has more carats? <deleted> does that mean? first of all, carats are measurements of stones and diamonds, karats are measurements of gold. and gold is gold, there is no difference between thai gold, indian gold or any other, as far as karats are concerned. do you have any idea what you are talking about?

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tropo Star Member

tropo

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pure gold is too soft to make jewelleries with so it is melted together with other metals to make an 'alloy' to make it harder

Thai gold (96.5%) is pretty soft being so close to pure gold. The gold jewellery manufacturers here are highly skilled and work well around this problem.

Would you believe there is a gold shop in the Philippines which sells 24 carat gold jewellery. In fact 24 carat gold jewellery is all they sell. I was really surprised when I saw the shop in a big shopping mall (Robinsons) last year.

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brummiebob Advanced Member

brummiebob

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softness is also why thieves can snatch gold chains off the necks of passer-bys so easily,

if they were to snatch a stainless neck-less of someone's neck that would results in some serious injury

The alloys used in some areas seem to gives off different colour to the gold as well, Indian, Middle East and European seem to have varying tint from reddish to green and yellow. Even just within Thailand, there are gold from some areas that is traditionally red.

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Psych01 Advanced Member

Psych01

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You all need to check your facts, a Karat or carat, can be used to show the purity of gold, K or C are aceptable and understood/allowed: http://en.wikipedia.org/wiki/Carat_(purity). or http://dendritics.com/scales/carat-def.asp or http://en.wikipedia.org/wiki/Carat_(mass) and again has either a K or C http://www.thefreedictionary.com/karat

The original OP was "Can Anyone Recommend A Honest Gold Shop?", not he purity or whether it is a K or a C for the unit measurement of gold.

Rant over.

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tropo Star Member

tropo

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You all need to check your facts, a Karat or carat, can be used to show the purity of gold, K or C are aceptable and understood/allowed: http://en.wikipedia.org/wiki/Carat_(purity). or http://dendritics.com/scales/carat-def.asp or http://en.wikipedia.org/wiki/Carat_(mass) and again has either a K or C http://www.thefreedictionary.com/karat

The original OP was "Can Anyone Recommend A Honest Gold Shop?", not he purity or whether it is a K or a C for the unit measurement of gold.

Rant over.

Considering that the OP is trying to sell 18 K gold (75%), a discussion about gold purity is not off topic.

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