Premium question on 24k men’s ring 10gm

Discussion in 'Jewellery & Gems' started by Ipv6Ready, Sep 21, 2019.

  1. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    What would be a fair premium for a 24k 10gm men’s ring?

    I have got a 16gm one now so no need.

    Note I might not sell it just curious
     
  2. Aurora et luna

    Aurora et luna Well-Known Member Silver Stacker

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    Spot + 1 - 3% if it's a nice looking ring!
    Spot for a plain Jane!
    Jewellers pay 85 - 91% of spot for the melt pot!
    If a specimen is too nice to melt, they are happy to sell it to me for spot!
     
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  3. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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  4. Aurora et luna

    Aurora et luna Well-Known Member Silver Stacker

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    9, 14, 18, 22 or 24 ct all fetch the same gold price.
    Also you can't trust the purity hallmarks
    I recently re-sold a pendant and bracelet that XRFed at 19ct that I bought at 22ct pricing.
    Another "22ct" chain XRFed at 21 ct
    Only one 22ct chain that I purchased has XRFed higher than 22ct. Unfortunately I couldn't capitalize on the higher purity.
     
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  5. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    I was surprised that a ring would be made from pure gold.
     
  6. Aurora et luna

    Aurora et luna Well-Known Member Silver Stacker

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    Why not, it's just wearable bullion!
    They sell 24 ct bling in Vietnam, although I wouldn't buy from there unless I have an XRF machine with me. You will probably find its purity closer to 96%
    In Thailand, most of the gold jewellery is around 23ct, Malaysia 22ct
    Always assume that you are getting a lower purity that stated.
     
  7. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    After a day on my fingers and the ring would look like bullion. :eek:
     
  8. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    Yeah 24k , it’s a traditional Korean thing. I had many gold presents when I was 100 days old.

    ten years ago re made them into different things like rings and re gifted many to family kids etc
     
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  9. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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  10. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    ^ subscription only, but I caught the first few lines. Interesting. Thanks.
     
  11. 66rounds

    66rounds Well-Known Member Silver Stacker

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    SEOUL — Thirty-four years ago, each of the guests at Moon Sang Soo's first birthday party brought the customary baby present: a 24-karat gold ring.

    When Moon was accepted to college, his parents had 20 of these rings, each weighing one don (3.75 grams, or an eighth of an ounce), melted down and recast as a miniature crown, which he now proudly displays in his living room.

    But in December, at his own son's first birthday party, only half of Moon's 50 or so guests brought a ring. The others presented the baby with cash, slipping it into his parents' sleeves.

    Gold is the traditional Korean gift to wish a baby good health and fortune in life, but with the world price of gold soaring to more than twice the level of just three years ago, that custom is breaking down. Guests at first birthday parties are resorting to alternatives. Some parents who do receive gold in their baby's name are even reselling it as soon as they can.

    Gold has been a marker of many life passages in South Korea. Gifts of gold jewelry and watches used to be almost obligatory at weddings. Companies often awarded their employees with gold medals and gave them gold key chains when they retired. It was assumed that gold could be turned into cash in case of emergency.

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    As the country modernized, other items came into play as gifts. But the tradition of baby rings, valued not just for their monetary value but auspiciousness, has persisted. Most households have from 5 to 20 rings, or more, stashed away for each child, and resistance to selling them remains high.

    "People gave us the rings to wish my children longevity," said Joo Sae Hoon, 37, a marketing director at an online bookstore who has two children, aged 7 and 11. "So I wouldn't feel comfortable cashing them in. Maybe I will have them made into necklaces when my children turn 20."

    Attaining one's first birthday was a major cause for celebration when South Korea was poor and infant mortality rates were much higher. The gold rings were cherished as talismans safeguarding the children as they were growing up.

    Moon said he preferred the gifts of gold to the cash at his son's birthday in December. The gold, he explained, was more likely to end up in his son's hands.

    "It's less liquid than cash," he said. "So I can keep myself from spending it."

    But the trend toward cash in place of rings seems likely to continue given rising gold prices, which in January surged past the 1980 record of $850 an ounce and are now hovering around $950. Rings that cost about 50,000 won, or $60 to $70, about three years ago have been priced at more than 100,000 won since the beginning of this year.

    "A couple of months ago, I paid 95,000 won for a baby gold ring. I thought it was too expensive," said Lee Yon Jeong, a journalist.

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    Jewelers have been hit hard. According to the Korea Jewelry Association, sales of baby rings are down by half since the typical cost rose above 100,000 won.

    "Customers keep coming in to buy baby rings," said Yoon Jae Hee, owner of Kobo Jewelry in central Seoul. "But once they find out that they cost 130,000 won, they hesitate."

    "They might buy a ring half the standard size," he said. "Or they resort to cheaper accessories."

    Gold jewelers have been trying to lure customers with lightweight baby necklaces or bracelets with bells - supposed to prevent a baby from going missing.

    And several jewelers say that now more people are selling gold than buying it.

    People have been bringing in graduation rings, lucky charms, key chains, mismatched earrings. A few have even started selling their baby's gold rings.

    "The other day a woman pushing a child in a stroller sold us three," Yoon said. "As she did so, she murmured, 'Sorry, son.' "

    He said he gave the woman 91,000 won for each ring.

    Still, Cha Min Gyu, public relations manager of the Korea Jewelry Association, said he doubts the custom of giving babies gold rings will disappear completely.

    "Families will never give up gold rings for their own precious children," Cha said. "In Korea, gold will always be a symbol of health, wealth and prosperity."

    Judging by the current level of baby ring production, Cha said he believes that about 40 percent of guests are still bringing gold rings to first-birthday parties. "Otherwise the baby ring jewelers would be out of business by now," he said.

    Moon, who received a crown made from his gold baby rings when he was accepted to college, says that once his own son reaches that point, he'll sell the 27 rings presented to his son in December to pay the first semester's tuition.

    "For the rest of his higher education," Moon said, "he can support himself."
     
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  12. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    For those interested the smaller ring is 10gm (cast ring so it is seamless) and the larger ring on right I have worn daily for ten years is 16.2gm (this was hande made).

    I was thinking about selling the smaller 10gm.

    Traditional gold rings are 1.75gm or 3.5gm (I had the rings in the pix remade)

    Three Hallmarks, in order 24k, Chinese (???) and in Korean script (basically 100% gold)

    [​IMG]

    [​IMG]

    [​IMG]
     
    Last edited: Sep 22, 2019
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  13. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    Thanks I never had it XRF'd but they were from traditional gold specialist store in korea, I might have it checked out.
    You think stores that primarily deal with locals would "cheat" on gold purity?
     
  14. Aurora et luna

    Aurora et luna Well-Known Member Silver Stacker

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    I haven't bought gold from South Korea so can't comment however I have sworn off buying gold bling in SE Asia and India
    My track record there is not good!
    With the adoption of the use of XRF machines worldwide, I think its harder for jewellers to cheat.
    Most of the bling I buy nowadays is pre-loved sterling and that is the area where I find the most rorts.
    An XRF machine is indispensable as in some parcels that I buy, up to 20% are German silver.
    Sterling silver hallmarked bling can also vary in purity from 80% - 99% fine silver.
     

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