Gold Buying, Sarafa Markets & Jewelry Guide for New York
The world's most concentrated jewelry trading block, handling billions of dollars in diamonds, 24K bullion bars, and fine luxury jewelry daily. The United States is the primary driver of global spot gold pricing via the COMEX futures exchange. Investment-grade bullion (American Gold Eagles, Buffalos) is traded primarily in Troy Ounces.
When buying gold jewelry in New York, always distinguish between raw bullion value and finished jewelry cost. Finished jewelry carries additional craftsmanship making charges (typically 12%) and applicable local sales tax (State Sales Tax (Varies by State)). Always demand an itemized digital receipt specifying the net gold weight, gross weight, karat hallmarking certification, and stone deduction.
Hallmarking & Purity Testing
Always verify the official karat stamp or laser hallmark on jewelry (e.g. 916 for 22K, 875 for 21K, 750 for 18K, 999 for 24K bars). Request an electronic density or XRF spectrometer test before purchasing high-value pieces.
Craftsmanship Making Charges
Standard casting jewelry carries lower making charges (6–8%), whereas elaborate antique, Kundan, polki, or meenakari bridal jewelry can range from 10% to 15%. Making charges are negotiable at major Sarafa bazaars.
Islamic Zakat Nisab on Gold
The classical Shariah Nisab threshold for gold is 7.5 Tolas (87.48 grams) of pure gold (approx. $7,722 in New York today). Holding wealth above this threshold for a full lunar year obligates 2.5% Zakat.