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There Are Still Profits in Gold Buying, But You Need to Be Smart

The fly-by-nighters have gone, leaving the market to those who are smart and aggressive.

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HERE ARE THREE TIPS that may help you to continue to buy gold, silver, estate jewelry, coins and diamonds, even in this stale marketplace.

1 You must continue to advertise that you are your area’s No. 1 jewelry-buying destination. Now that most of the hotel buyers are gone and all of the gold buyers at gas stations have put their tray tables away and gone back to selling used cars, you have a unique opportunity to stand out. Check your pay rates as you may also be able to pay less than you did before, due to decreasing competition. Even a small inexpensive classified ad in your daily newspaper can make you stand out. You could pick up some business on the retail side as well.

2 Your best source of gold is still your existing customers. Train your staff to ask every repair drop-off customer if he or she has any old, broken or unwanted jewelry at home. Ask them to bring it in when they pick up their repairs. (We call to remind them too.) I love saying to customers, “If you have some gold, your repair may be free, and we could even give you money.” Asking for a gold-buying referral can also be very effective and costs you nothing. Since everyone loves “immediate cash,” make sure your staff uses those two words with all of your customers.

2 Your in-store and window signage should clearly state that you are still in the jewelry-buying business and will pay “immediate cash” for any jewelry item of value. If you have a sandwich board, attach a small gold colored sign to the top, with the same phrase. We put a small card stating GOLD WANTED in every polishing cloth we give away. Even the idea of having buttons made that say “How can I give you money?” can be very effective. These are all very inexpensive and creative ways to advertise.

Remember, there is still plenty of gold aboard that train and it will continue to make stops at your store on a regular basis if you’re smart and aggressive.

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Evan James Deutsch is founder and president of Evan James Limited, a 30-year-old AGS Fine Jeweler located in Brattleboro, VT.

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