Authenticity is everything when selling silver, gold, platinum, palladium, or other precious metals!
No one wants to buy a fake piece for thousands of dollars only to find it counterfeit. If you have such shoddy dealings, your business will fall as quickly as it rises. You will lose customers due to mistrust and may even get sued for the deception.
The repercussions for not authenticating your metals are dire; thus, having a reliable authentication strategy is paramount. This piece will explore the critical steps and methods for affirming precious metals for sale.
Let’s get started;
Know Your Metals
Before going deep into authentication methods, you must understand your craft dealing with precious metals. You must be aware of the specific precious metal you’re dealing with. Examples of characteristics you should know are the metal’s physical properties, including density, color, and malleability. You should also be conversant with its chemical structure and understand how real and fake compare under a microscope. If you must, outsource an expert whenever a shipment comes in.
This knowledge will help you identify potential fakes or alloys.
Weigh and Measure
Precious metals like silver and gold have specific weight and size characteristics based on their composition and structure. For those reasons, invest in accurate scales and calipers to measure and weigh your metals.
Compare these measurements to standard values for the metal you’re dealing with. If you find significant deviations, this can indicate authenticity issues.
Conduct a Magnet, Sound, and Acid Test
Many precious metals, such as gold and silver, are non-magnetic. At the same time, these metals also make distinct sounds when struck. However, it’s no surprise that some fraudulent sellers make alloys that earn them an illegal buck. You may carry out simple magnet and sound tests to eliminate this possibility.
The magnet test involves using a solid magnet to check if the metal is attracted to it. If the metal exhibits magnetic properties, it may be a base metal or an alloy.
Tap the metal with a non-abrasive object for the sound test and listen for a clear, bell-like tone. If the metal produces a dull thud, it may not be genuine.
A small scratch is made on the metal’s surface for the acid test, and acid drops are applied. The reaction, or lack thereof, helps identify the metal’s authenticity.
Insurance for Peace of Mind
When dealing with valuable precious metals, consider obtaining insurance. Precious metal insurance policies can provide coverage in case of theft, loss, or damage. Insurance safeguards your investment and adds an extra layer of authenticity verification when applying for coverage. Insurance companies often require authentication before insuring high-value metals.
Ensuring the authenticity of precious metals for sale is essential for maintaining trust and confidence in the precious metals market. Remember that authenticity is crucial for financial transactions and preserving the integrity of this timeless and valuable asset class. Selling authentic metals raises your economic and social capital since clients trust your brand entirely.
If you do authentication right, you grow fast.