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0-5 years of experience
Cleaned and organized the store, including the checkout desk and displays.
- Open and close business 3 days per week
- Test Gold an silver jewelry using chemicals.
- Make offer to customer based on jewelry amount and weight.
- Use computer to determine Jewelry prices.
- Pay customer and place jewelry in secure safe for owner to bring to refinery.
- Supervise sign shakers during shift.
0-5 years of experience
- I was responsible for opening and closing our location, setting up the computer systems for the day and opening the cash register
- I made and verified deposits up to $20,000
- I was responsible for sales and gold buying up to $10,00
0-5 years of experience
- Initial point of contact for customers visiting store with intent to sell their precious metals
- Responsible for determining authenticity of metals brought into store for sale
- Responsible for testing, determining and negotiating the price to be paid for precious metals
- Responsible for maintaining and balancing a large petty cash fund
- Developed marketing strategies for attracting business to the store
10+ years of experience
- Handling of all cash and balance daily
- Purchasing of all gold products, diamond accents, and color stone jewelry
- Assist Jewelry Buyer in all areas of purchasing
- Transition manual information to IBM AS400
- Manage 1 direct report
0-5 years of experience
- Buying gold, silver, and platinum items from persons who want to sell their items.
- Opening and closing stores and setting security alarm.
- Customer service in all areas with each customer and caller.
- Writing checks for all sales made from customers who sold items.
- Performed chemical metals testing on each item wanting to sell to obtain type of metal and weighed items to obtain total pricing offered for sale from the customer.
0-5 years of experience
- Negotiated prices and purchased precious metals from customers.
- Wrote Checks and documentation for DOJ’s.
- Maintained and kept store clean.
- Monitored and took inventory for products in store.
- Communicated with management via email and phone.
- Purchased diamonds.
- Triage phone calls.
- Solved unresolved customer complaints.
0-5 years of experience
- Opened and closed the store daily.
- Accurately tested, weighed and appraised the value of gold items.
- Maintained customer records.
- Maintained the visual standards of the store.
- Customer service and reverse sales.
- Cash handling and banking.
0-5 years of experience
- Oversee & maintain store operations while providing stellar client service
- Examine, test, and purchase gold & silver, diamonds, watches, coins, etc. from clients
- Up-sell showroom merchandise/ Add-On items at point-of-sale
- Maintained inventory, cash balancing, monthly P&L statements, and misc. reports to store Owner
0-5 years of experience
- Explain our service to the customer.
- Testing and weighting jewelry pieces
- Engage customers to sell there unwanted gold, silver or platinum.
Gold Buyer Duties and Responsibilities
Based on job postings that we examined, gold buyers share several essential responsibilities:
Evaluate Gold Items The foremost duty of a gold buyer is evaluating items that customers bring in, including gold coins, jewelry, scrap gold, and gold bars or bullion. The gold buyer may weigh these items to determine their value or estimate resale value. Additionally, a gold buyer may conduct material tests using a variety of methods to determine the items’ gold content and veracity as they make price estimates.
Provide Cash Offers to Customers After evaluating a customer’s items, gold buyers present a cash offer. In this aspect of the job, the gold buyer may negotiate with customers to arrive at a mutually agreeable price. Gold buyers should be aware of current per-ounce prices of gold and precious metals and should also consider the resale value of the customer’s items and potential for profit.
Resell Gold Items Gold buyers also resell gold items. For gold scrap and some jewelry, this involves bringing the items to a refiner and receiving payment based on item weight. The gold buyer also prepares items by removing non-gold elements such as stones and clasps. For items that will be resold in a retail setting, the gold buyer determines asking prices and enters the items in inventory while also managing displays, merchandizing, and online sales channels.
Maintain Transaction Records Gold buyers also maintain detailed transaction records, which help with day-to-day inventory management and provide insights on customer value and trends. Additionally, gold buyers may need to provide these records to police who are investigating stolen items that customers may have sold to local gold buyers or pawn shops.
Manage Cash Flow and Deposits Gold buyers also manage their store’s day-to-day cash flow activities by ensuring that they have sufficient cash on hand to complete customer transactions and maintaining records of sales and purchases. Gold buyers also manage deposits and withdrawals, ensuring that cash drawer amounts and deposit forms are complete and accurate and that they retain deposit receipts for tax payments and bookkeeping.
Gold Buyer Skills and Qualifications
Gold buyers spend a lot of their time interacting with customers and developing value estimates for gold items. While this role doesn’t have any formal educational requirements, gold buyers frequently use the following skills:
- Assessment and evaluation – gold buyers assess values by weight and on a per-item basis, so they should be familiar with current gold prices and resale value for items like jewelry and coins
- Negotiation – negotiation is another key skill for gold buyers, since they work with customers to provide cash offers for scrap gold, coins, and other items to ensure profitability and customer satisfaction
- Customer service – this role also requires strong customer service skills to successfully interact with gold sellers and resale buyers
- Mathematics – gold buyers should be familiar with mathematical principles, since they need to calculate values based on gold weight and accurately determine resale prices
- Cash management – this role also requires good cash management skills to ensure correct payouts and that deposits are handled correctly and kept secure
- Attention to detail – gold buyers should also be highly attentive and able to spot counterfeit items and attempts by customers to sell less valuable items that are not pure gold
Gold Buyer Education and Training
Gold buyers do not require any formal education, although most companies prefer to hire candidates with at least a high school diploma or GED. Gold buyers do need some experience with evaluating items and determining the gold content of materials like bars, coins, and jewelry. Customer service and cash handling experience are also helpful, since gold buyers interact directly with customers to buy gold items and are in charge of handling money in transactions and deposits.
Gold Buyer Salary and Outlook
Gold buyer salaries can depend on whether the buyer works for a larger organization or independently. Gold buyers who work hourly earn $10 to $15 per hour, according to Glassdoor salary estimates. Independent gold buyers make most of their earnings from resale, either to customers or to refiners, so income can depend largely on the spread between the amount the buyer pays for gold, jewelry, and coins, and the amount they ultimately gain from selling these items.
Helpful Resources
We searched the web and found several resources if you’d like to learn more about the day-to-day life of a gold buyer:
“Industry Pitfalls and Poor Business Practices” – read this blog post to learn about best practices in buying and selling gold, including how to ensure that bullion and coins are legitimate and properly valued
Gold, Silver and Rare Coins: A Complete Guide to Finding, Buying, Selling, Investing – tailored toward buyers and investors, this book teaches readers about valuable coins as well as prices for gold and silver
“Gold: 7 Things to Know Before You Sell” – this blog post explores the changing gold market, including online marketplaces and pop-up sellers, and provides useful advice for gold buyers and sellers to promote fairness and transparency
Scrap Gold Buyers Handbook: Cash for Gold Scrap, Silver, Platinum, Diamonds, and Gems – gold buyers can use this reference guide to better evaluate and assess coins, jewelry, and scrap gold
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Last edited by: Gabriela Barcenas, CPRW, Content Writer II -
Gabriela Barcenas
CPRW, Content Writer IIGabriela is a Certified Professional Resume Writer (CPRW) and career adviser. With 10 years of digital media experience and five years of resume writing expertise, her publication history includes fashion, education, travel, social justice, equitable design and career advice.
