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Old 05-25-2018, 04:30 PM
 
Location: Toronto
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Looking for some feedback on the topic of Gold in Colombia. I was watching this show on Netflix about trafficking. The gold market in Colombia came up. I have to re-watch it was I was tired and think I missed some of the major points. Based on what I understood Dubai has the largest Gold Markets/ largest shops selling gold jewelry, but most of the gold in the world and that is used to make Jewelry in Dubai comes from Colombia. This is what I understood, but again I could be incorrect.


When in Colombia I go to the Gold Market in Bogota and I did go shopping for Jewelry in Cartagena. I was not the best at doing conversion in my head going from Colombian Money... to American ... to Canadian so I could not really appreciate if I was buying gold jewelry in Colombia was actually significantly cheaper or then then buying from Canada or the USA.


Is buying gold cheaper in Colombia?


I think that the show I was watching was suggesting that when people buy gold from Colombia some of the money of the gold trade is funding criminal activity as FARC, the paramilitary, criminals and former Narcos etc are getting a cut as people are paying them off for protection or to not harms people. This entire situation I found a bit off because it is pretty likely that criminal activity is associated with industries of high value items all sorts of industries all over the world including in Canada and the USA.


Back to my point ... is gold cheaper to buy in Colombia?


*****


Follow up comment to my thread about Emeralds in Colombia/ Engagement Rings in Colombia. I was in the Tiffany Store in Toronto and noticed a similar Emerald Ring that I noticed in the store window in Bogota so I asked to try it on ! It fit perfectly like it was meant for me . Then I looked at the price and it cost $300 000 !!!!! So I smiled and slowly tried to take it off my hind without damaging it lol! It was really hot and I was scared it was going to get stuck on my finger . Like next to no women read this part of the thread ... but sharing this free advice when you go shopping for jewelry in high end stores always walk in wearing very nice jewelry and then they let you try on anything ... if not they brush you off. I was wearing my nicest jewelry so they let me try on all the super nice stuff. You got to act really confident and direct or they will avoid letting you touch or try on things. If you are buying resale or from a smaller shop where the prices are a bit negotiable don't walk with wearing a lot of jewelry as they will be less likely to cut you a deal ! So glad I did not walk in to Tiffany's in Bogota to ask to try on that ring. To date this is the most expensive piece of jewelry I tried on. Ironically it looked like costume jewelry and even if I had $300 000 I had to spend on a ring that would not be the one I would choose .
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Old 05-25-2018, 04:51 PM
 
Location: Toronto
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Colombian drug cartels mine illegal gold, spread violence | Miami Herald

... ok .. this explains it better.

That lady in the documentary should have made her point a bit more clear.
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Old 05-25-2018, 06:12 PM
 
Location: Cebu, Philippines
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Gold is the same price everywhere. There are a few minor variables. For example, US double-eagle one-ounce gold coins may sell for a few dollars more than Krugerrands, due to political sensitivities. And gold retailers may have a slightly higher spread between their buy and sell price. Gold jewelry, of course, is higher priced, because of workmanship in creating a fashionable and wearable product.

But at this moment, gold buyers are offering $1301.20 an ounce, and sellers are asking for 1302.20, everywhere in the world, for pure gold. People who mine gold get that when they get to town and have their gold assayed.
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Old 05-25-2018, 06:52 PM
 
Location: Toronto
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Default ......

Quote:
Originally Posted by cebuan View Post
Gold is the same price everywhere. There are a few minor variables. For example, US double-eagle one-ounce gold coins may sell for a few dollars more than Krugerrands, due to political sensitivities. And gold retailers may have a slightly higher spread between their buy and sell price. Gold jewelry, of course, is higher priced, because of workmanship in creating a fashionable and wearable product.

But at this moment, gold buyers are offering $1301.20 an ounce, and sellers are asking for 1302.20, everywhere in the world, for pure gold. People who mine gold get that when they get to town and have their gold assayed.
Good to know.
I have a love of jewellery and have started to collect some more expensive items.
I am actually debating to start designing my own stuff as there are certain types of jewelry I am looking for that I can't find or when I do find can't afford.

If I can make what I like and buy the gold it is better then trying to buy something I some what like and paying a crazy mark up because it was crafted by Cartier, Tiffany, Van Cleef or whoever.

I wear jewelry and I know the look and feel of what I want in an item.

Hmmmmm

So does Colombia still have the biggest accessible gold reserves? If I find it can I keep it !
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Old 05-25-2018, 11:38 PM
 
Location: Canada
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Colombias true gold is its people.
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Old 05-25-2018, 11:53 PM
 
Location: Toronto
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Originally Posted by UrbanLuis View Post
Colombias true gold is its people.
I can't wear a person around my finger, neck or wrist..... but cute .
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Old 05-26-2018, 11:52 AM
 
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You really like jewelry, don't you? Hehe
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Old 05-26-2018, 07:51 PM
 
Location: Toronto
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Originally Posted by Oraculo View Post
You really like jewelry, don't you? Hehe
A million percent true!

I was watching how people were doing illegal mining in a certain parts of Colombia and it looks like a lot of work.

It is a shame that the government can't cease control of all mining, hire people to work the mines with fair wages and employment benfits and improve safety conditions for those working the mines.

Colombia seems like realky complicated place to govern that is loaded with natural resources.
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Old 05-27-2018, 01:42 AM
 
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Quote:
Originally Posted by klmrocks View Post
A million percent true!

I was watching how people were doing illegal mining in a certain parts of Colombia and it looks like a lot of work.

It is a shame that the government can't cease control of all mining, hire people to work the mines with fair wages and employment benfits and improve safety conditions for those working the mines.

Colombia seems like realky complicated place to govern that is loaded with natural resources.
Yeah, it's a shame. We even get illegal miners from abroad. They come all the way from Brazil.

It's ridiculous. More control over these areas must be reinforced.
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Old 05-27-2018, 11:57 AM
 
Location: London, UK
2,870 posts, read 1,544,263 times
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Quote:
Originally Posted by klmrocks View Post
I was watching how people were doing illegal mining in a certain parts of Colombia and it looks like a lot of work.

It is a shame that the government can't cease control of all mining, hire people to work the mines with fair wages and employment benfits and improve safety conditions for those working the mines.

Colombia seems like realky complicated place to govern that is loaded with natural resources.
Yes this is a very sad situation. Unfortunately a lot of the gold is mined deep in the Pacific jungle, the most bio-diverse place on Earth where the state hardly has a presence therefore its a playground for mafias.

This is a popular protest song, as you can see the guy has a Brazilian Sertanejo hat. The lyrics say "some guy with a foreign accent came and promises us a lot of money in exchange for gold but now more poverty has arrived, the rivers are polluted, the owners are now employees, the innocence has gone". I'm paraphrasing but that's more or less the gist.

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