Frequently Asked Questions

Tulsa Gold & Gems works off a high volume of sales and low profit margins. Meaning, in order for us to pay the most, we have to have a lot of customers. Customers have told us that other competitors simply put a price at or just above our payouts on their website, but once they arrived, those prices changed for one reason or another. Don’t fall for this trick, as they are simply trying to lure you into their store. We have also been told the same practice happens over the phone. The customer is quoted one price over the phone, then once they receive an offer, it’s much less. Please understand, unlike other gold buyers, the Tulsa Gold & Gems staff does NOT work off commission sales. They work for you, getting you the highest price possible for your items. Our staff is rewarded by completing a transaction, not simply offering the least amount for it. We want our clientele to come back again and again!

Gram, Pennyweight (DWT) and Ounce are different measuring standards used to weight precious metals. Each standard can be converted to the other using a conversion formula. Typically we convert our measurements into Grams when informing you how much your items weigh. Grams is a more appropriate measurement for items such as jewelry. NOTE Many of our competitors and online metal buyers use the various measurements to mislead the client. Pennyweight is a measurement often advertised since the price per Pennyweight yields a higher payout. What is often unknown to the client is 1 Gram is a fraction of a Pennyweight. Since jewelry and miscellaneous items of Gold rarely equal 1 Pennyweight we consider it to be an inappropriate measuring standard for small items with little weight. 

Yes, our prices reflect the Troy Ounce. There are 28 grams in a conventional ounce and 31 grams in a Troy Ounce.

The only items our establishment retails are: Investment-Grade Bullion in Gold, Silver, Platinum, and Palladium. (Bars/Coins of various sizes, Constitutional Silver (“junk silver”, U.S. Dimes/Quarters/Half Dollars from Pre-1964) Sovereign Coins/Bars from government mints, Numismatic Precious Metal Coins)

Bullion is a term that refers to non-ferrous metal that has been refined to a high standard of purity. It is usually applied to precious metals such as gold and silver, which are often used as a form of investment.

A retail premium refers to a concept in the retail industry where certain products or brands are priced higher than their counterparts due to specific factors.

The forms of payment our business accepts: Cash, Personal/Business Checks, Bank Wire. (NO CASHIER CHECKS)

Our business DOES NOT facilitate the storage of purchases. The advice we give as a business when it comes to the storage of your precious metals is, a safe, secure location that you can always have access to.

Employees at Tulsa Gold & Gems DO NOT work off a commission, and are able to give their unbiased/personal advice to our customers. The state of Oklahoma passed a law in 2014 stating there is no sales tax on precious metals in the bullion form.

While we do have a large and constantly flowing inventory, we DO NOT have a showroom or showcases! Our business was first established as a brokerage firm for diamonds and precious metals in the jewelry form. It was not until a few years ago that we started facilitating bullion transactions. We do have our inventory in a set location within view of our windows that our customers can always ask to see/handle any and all items they wish to invest in. This layout weeds out the “looky-loos”, as our time is valuable, and we know yours is too. We cater to people that are serious and ready to invest.

The reporting requirement on bullion is ONLY stringent with the use of CASH. For example, a CASH PURCHASE THAT EXCEEDS $10,000 is subject to a 8300 FORM, which is in regard to the ANTI-MONEY LAUNDERING aspect of the IRS. With the use of CHECKS OR A WIRE, there is NO REPORTING REQUIREMENT of any kind, regardless of dollar amount. While the only “reportable” transaction with bullion purchases is one exceeding $10,000. We as a business do require an ID OR DRIVER’S LICENSE to complete a purchase. The use of that is strictly for our own INTERNAL AUDITS/CPA.

There is NO MINIMUM OR MAXIMUM quantity or dollar amount you have to follow with our business. Our goal as retailers is not to “TAKE” all of your money, but to help you SECURE your money by investing it into something tangible, like precious metals. Any purchase is important to us, regardless of size or quantity. If the quantity you wish to order currently is not in our inventory, we are more than happy to try and order in that amount for you, so it is readily available locally.

ALL ITEMS that enter our business are tested and certified before ever reaching the sales inventory. We use a couple different methods to test/verify bullion. Also, items are video logged when ordered in bulk from manufacturers. We in turn provide a RECEIPT of your transaction to you that has the breakdown of the items and price point of your purchase.

Currently, we DO NOT offer the conversion of 401K or IRA accounts.