Purchased gold-did I pay too much?

[Tsu89]

quick question, I recently purchased a piece of jewelry from a highly reputable retailer- a necklace, 10k 3mm d/c rope(12.2 grams) for 700 dollars instead of the regular asking price of 1100-did I get ripped off and if so by how much.

 

[papertiger]

quick question, I recently purchased a piece of jewelry from a highly reputable retailer- a necklace, 10k 3mm d/c rope(12.2 grams) for 700 dollars instead of the regular asking price of 1100-did I get ripped off and if so by how much.

It depends on the karat/carat, 10 means 10 parts out of 24. You can check the gold price on any day. Obviously, you will pay for the work that's gone into the jewellery, the better the work the higher the cost will have been. Basically, if you went for it because you thought you were getting a bargain and you paid above scrap and you hate the design then you overpaid because you'll sell it for scrap or use it to make a new design (the cost of which you'll have to add). If you like and will wear the piece, who cares?

 

[mewt]

For 10k gold at 12.2 grams, scrap price is $200. Usually work in Asian countries is charged at 15% on top, so you didn't exactly get a bargain. However, if the design is unique and you like it then whatever, jewelry is just luxury anyway. Personally though I'd stay away from under 14k.