Silver Stockpile Inc — Local services in Bethany Beach

Please read and understand what you are buying from this establishment.

Before I get into my horrible interaction with the older gentleman I have to explain precious metals.

First, this place is a Sterling silver jewelry store (generally 92.5% pure silver). I invest in pure precious metals, 24k or .999 fine (99.9% pure).

Jewelry is valued by metal, craftsmanship, design, brand, etc. That means jewelry has high premiums, especially for well known brand jewelry. Pure precious metals (.999 fine) in bar or coin form are valued by weight according to spot price. Rare coins have higher premiums due to rarity and condition, etc. The day I was in the store, pure 99.9% fine silver was valued at $1.19 per gram or $37.17 per ounce.

I walked in to the store and was interested in some necklaces and was greeted by a pleasant younger gentleman who had great customer service and was very helpful. I asked him to weigh the necklaces and he told me the necklace I wanted weighed about 34 grams. So to me as an investor, I noted that the melt price for sterling silver was roughly a dollar per gram since it was not pure and considering its crafted jewelry. That means for me the necklace was roughly $35 to $40 dollars in melt weight since extra steps (potential of fatality through chemical process) needed to be taken to purify it to 99.9% pure silver.

Before I made an offer to the older gentleman, who was talking to other folks, I heard him tell these individuals that he bought the majority of the silver while spot price was around $22 dollars per ounce or $0.77 cents per gram.

The particular necklace I had was priced at $185 for 34 grams, or roughly $5.50 per gram. I offered him the value of 2.5x spot price per ounce, well over expected premiums for Sterling silver and he declined. He counter offered to reduce by $15 dollars for a total of $170 dollars, still more than 4x spot price for decently crafted unbranded jewelry.

He bought the 92.5% pure silver at $0.77 per gram, I offered him $2.50 per gram, and he still expected a counter offer of $5.00 per gram at $170. When I declined to pay over 4x the value of the necklace he cut me an evil look and with a nasty attitude said he needed to sell at a set margin and that's what it is worth. I just walked out after that.

Now I understand this is crafted sterling silver at retail value and the guy needs to make profit and support himself and the buisness.... but what he was expecting was unreasonable.

If you are buying jewelry from this individual, just make an educated purchase and know what its true value is. If you try to sell it at another jewelry store or someone how has knowledge of precious metals, you are not going to get anything near what its true value is by purchasing from this individual. If you do try to sell it elsewhere, you are going to be disappointed. If you buy from him, just know you are buying it as expensive jewelry, not as a precious...

This guy is a jerk! I tried to exchange a necklace that broke after 2 days , he asked me if I knew how to use a phone and if I knew what one was,How rude! Then asked what I expected him to do for me? When I suggested for him to put up his —- since I had already asked for an exchange, he wasn’t very happy but neither was I after the 3 rd insult, and offered to call the police and leave his building. I don’t know how this guy stays in business treating people like this? He said and don’t come back? Like I...

This place is an absolute GEM!! THE OWNER IS THE NICEST GUY! I have been coming here for years and always get amazing stuff! I'm sad to hear that they may be turning in and going to retirement. They hope to find someone to manage our run the place. Otherwise, they may be gone next year 😭 I just love love love this new Navajo ring I got, and my new paper clip and dash dot bracelet and the other bead one I got a year...