NOON NOTEBOOK: Investing in precious metals the smart way

Updated: Apr. 4, 2018 at 5:33 PM MST
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There are many ways people try to secure their financial future, one of them is buying up anything containing precious metals.

Robert Chorost, owner Precious Metals Refinery, has some suggestions for you.

Q: Why should someone choose PMR?

A: At Precious Metals Refinery, our Gemological Institute of America (GIA) trained staff evaluate all items. We use our extensive knowledge as well as the current "book value" to determine the retail value of your watch or jewelry. This allows us to make you the best offer possible. Now, there are a couple of things that sets PMR apart. All transactions occur in a private setting and your items will always remain in your sight. PMR is also one of the only jewelry stores in Tucson that utilize a radar gun. This lets us know the exact composition of your item. This is another reason we are able to offer you the most. In fact, PMR customers receive on average, 30-40% more for their valuables.

Q: Are Rolex watches a good investment? Do they hold their value?

A: Rolex watches are known to hold their value extremely well, even appreciating in some cases. One of the reasons for Rolex's success, is that they have kept the product line small. Omega, in comparison, does okay on the second-hand market, but has hurt itself by flooding the market with so many different models over the years.

Q: What makes a watch more valuable?

A: There are many factors that makes a watch more valuable. High-end watches are usually made with higher quality materials and will be heavier and gold watches that are hallmarked, will be worth even more. The movement of your watch is also an indicator, a cheaper watch's movement will never be as good as a high-quality watch. Most luxury watches have extremely smooth mechanisms, which means they will have smooth movement and should have a quiet ticking sound. Original paperwork can also add value.

Q: How can you tell if a watch is real or not?

A: Counterfeit watches are becoming more widespread and some look and function so close to the originals that they can be hard to spot. However, there are many tell-tale signs which can look for. You should pay close attention to the material, metals, and finishes. Engravings on fine watches are also usually sharper and more distinct. Font type can differ in shape and size too, if you notice any text distortion or even a spelling error it is almost definitely a counterfeit watch.

Q: What should you know before selling your watch?

A: The best way to sell a watch or any jewelry is an in-person consultation, avoid selling online because you might not be getting an accurate quote. If you are looking to sell your watch or jewlery, Precious Metals Refinery will provide you with a free appraisal and we guarantee that we will give you the best price.