When I was in the business 5 years ago, gold was $350.00 - $390.00 per ounce. I am so pleased at the raise from the days when it was swinging around $250.00. All I can say about today's price is WOW; it's just hard to believe what that raw material is worth. And the way the economy is today, the price of gold is going to stay high for long while. This topic is magnified--what I am going to share with you today is 5 times more important than what we discovered in 2002.
The stones in a jewelry setting weigh something. A carat is a weight just like ounces. We shouldn't be adding in the stone weight when we are loaning or buying on an item. If we are estimating correctly, we should be evaluating the stones as well. If it is a diamond or a precious stone there is a higher level of expertise needed just for those stones. If it is a semi-precious, simulant, or imitation stone, the value of the gem is worth very little to zero; however, the weight of the stone needs to be subtracted from the weight of the item. Our experience dictated about 3 to 4 percent of miscalculated weight. That can add up at year end; especially taking into account the worth of gold today.
When we developed PRIMA we built a grid with the specific weights of each stone class and category. Size and type of stone weigh differently. As we entered a jewelry item into the system, the loan estimator subtracted the weight of the stones from the gold. Bravo will also have this function.
This can be done manually, but it is very time consuming. The weights of the stones can be found on the Internet.
You will find in my articles a common theme of hidden and small treasures. Little saving here and there, but come June 10th 2011 at the NPA come see Bravo, it amounts to real money savings. I appreciate your following my blog.
The stones in a jewelry setting weigh something. A carat is a weight just like ounces. We shouldn't be adding in the stone weight when we are loaning or buying on an item. If we are estimating correctly, we should be evaluating the stones as well. If it is a diamond or a precious stone there is a higher level of expertise needed just for those stones. If it is a semi-precious, simulant, or imitation stone, the value of the gem is worth very little to zero; however, the weight of the stone needs to be subtracted from the weight of the item. Our experience dictated about 3 to 4 percent of miscalculated weight. That can add up at year end; especially taking into account the worth of gold today.
When we developed PRIMA we built a grid with the specific weights of each stone class and category. Size and type of stone weigh differently. As we entered a jewelry item into the system, the loan estimator subtracted the weight of the stones from the gold. Bravo will also have this function.
This can be done manually, but it is very time consuming. The weights of the stones can be found on the Internet.
You will find in my articles a common theme of hidden and small treasures. Little saving here and there, but come June 10th 2011 at the NPA come see Bravo, it amounts to real money savings. I appreciate your following my blog.
