Precious metals are considered as one of the ideal assets to hold in investment portfolios. Many individuals invest in silver, gold, and others to diversify their portfolios while hedging against inflation. It also helps them prepare for significant life events like retirement.
When it comes to precious metals investment, Gem State Gold and Silver is one of the trusted names. The company is based in Boise and helps many individuals to invest in precious metals.
Keep reading our unbiased Gem State Gold and Silver review to know more about this company.
About Gem State Gold and Silver
Gem State Gold and Silver is a trusted precious metals company in Boise, Idaho. The company has been run and operated by owners Marvin and Yvonne Tanner for over 30 years. It assays, purchases, and sells precious metals.
The company began operating in Texas in 1990 and moved to Boise in 2006. In 2007, they became an official LLC in Idaho.
While the company has recently moved to its newest private location, it gives them a better opportunity to provide their customers a more discreet and safer place to buy and sell precious metals without others seeing what they do.
Interested individuals can make appointments within given business days and hours. Customers are advised to make a call in advance.
- Monday: 9:30 AM to 5:30 PM
- Tuesday: 9:30 AM to 5:30 PM
- Wednesday: 9:30 AM to 5:30 PM
- Thursday: 9:30 AM to 5:30 PM
- Friday: 9:30 AM to 4:00 PM
- Saturday: Closed
- Sunday: Closed
(The business operation schedules above are based on Yelp.)
As of February 9, 2022, the spot prices are:
What Products and Services Does Gem State Gold and Silver Offer?
The precious metals company offers a number of services. Interested individuals can work with them to start:
- Selling old and broken gold and silver pieces
- Selling precious metals coins and bars
- Buying precious metals coins and bars
- Melting down old pieces and turn them into bars
- Doing an X-ray study on a precious metal using an energy dispersant X-ray fluorescent spectrometer.
The Gem State Gold Silver buys and sells all precious metals in any metallic form. They use the most advanced methods to assay and purchase silver, gold, palladium, and platinum in any form, be it raw gold or broken pieces.
The company is known to pay as high as 94 percent on gold. They are considered as largest silver and gold sellers in Idaho, having 500 ounces of gold and 15000 ounces of silver in stock at Boise vault. They also repair pieces of jewelry and buy and sell ammunition and weapons.
From the company’s website:
“We will not let any local dealer beat us on any legitimate price on new gold coins. We stock the most gold and silver in Idaho at our bank vault, with same day delivery.”
Since the end of 2020, the Gem State Gold Silver has had three state-of-the-art spectrometers used to test various metals’ authenticity. Bringing metals in to get authentication services, the company will:
- Analyze different kinds of powders, liquids, rocks, elements, and metals
- Analyze silver and gold coins and bars to determine the value, purity, and authenticity
- Analyze dental gold, including crowns and fillings made with rare metals
- Analyze the authenticity and quality of different precious metal pieces of jewelry to get a price estimate
- Measure the thickness of platings and coatings on various coins and bars to know how much of each metal there is
The company also provides a service that takes black sand and garnets out of gold jewelry. They can separate gold from the sand and remove mercury from the gold.
Is Gem State Gold and Silver Legit?
Yes, Gem State Gold Silver is a legitimate company and has been part of the precious metals industry for over 30 years. They got an A+ rating from the Better Business Bureau (BBB). However, some people are concerned about not having a BBB accreditation.
The company has no complaints filed against them through the BBB. One customer reviewed the team 5 stars, saying that the company owner was easy to work with, never pressured her into things she did not like and answered all questions.
That customer even said she paid less than the item’s spot price. In conclusion, she highly recommended Gem State to others.
Here is a list of positive feedback from Yelp:
“The owners are real, trustworthy, and are very helpful. I learned quite a lot about the process required to determine the purity of gold. I have been to other establishments that were less informative. I will not go anywhere else from now on! Thanks so much for putting me first and for being so helpful!” – Matthew E.
“I’m glad I did not read the Reviews for Gem State Gold and Silver, as several appeared to be vitriolic and hurtful on a personal level. I found Marvin Tanner to be highly professional, educational, and hard-working. He was straight-up honest with me 100% of the time. Given the nature of this business, he exceeded my expectations in every way. I truly appreciated him taking so much time to educate me about PRECIOUS metals and the volatile market potential of owning precious metal. I was highly impressed with all the Resources he has to determine the value of my few things. The machines are incredible. Thank you to Marvin and his wonderful wife for providing me with a first class experience!” – Deborah D.
“I went to this shop for probably the same reason most people do I was in a tight spot financially, needed to make it to pay day so I got out the old jewelry box and took in some gold that hasn’t been worn in years. I first went to a few pawn shops that offered me basically nothing then I stumbled upon this shop in the shopping center on Fairview near five mile.
I honestly had no idea what to expect but my mind was literally blown by the time I left. Not only did I get TOP dollar for my gold jewelry I also learned a lot and had a most pleasant conversation with the owner and his wife.
I have no idea why people have reviewed this business so negatively in the past but in my opinion this is a wonderful shop ran by a very sweet couple with the best equipment in Boise and honest dealings through and through. Couldn’t have asked for a better experience during such a low point in my life.” – Alisha L.
Are there Red Flags for Gem State Gold and Silver?
One way to determine whether this precious metals company is the right one to work with is determining whether there are any red flags surrounding them.
Looking up the Gem State Gold Silver reviews through reputable review sites, only a few customer feedback is found. For instance, no feedback is listed on the Trustpilot, TrustLink, or Business Customer Alliance website.
While an A+ rating from BBB is available, it is still not based on customer reviews. Aside from the company is not a BBB accredited entity, only one customer review is found on the BBB website.
There are only a few negative reviews for this precious metals company, but a few positive ones also. If interested customers want to know what previous customers say about them, they may not get a complete picture of what they can expect from the company.
As for the Yelp reviews, the most recent 5-star review was written by Yvonne Tanner more than two years ago.
The review says, “We attempt to be honest and helpful. Marvin is always giving FREE advise to anyone that asks. A lot of people don’t even understand what “spot price” means, and he takes the time to explain things. What’s the difference between various coins, he explains. Looking to buy in the future, he takes time to discuss things. Many people come in with heart-wrenching stories. Marvin talks to them and helps them with money, even when they don’t have items that are real. He may even tell you a joke or two. Or a story. Don’t have time, just say so.
Come in and say ‘hey how ya doing’ or ‘good to see you Marvin.’ He wants to know who you are and why you’d like to buy precious metals. If you don’t have money for diapers he will give you good, sound advise, even when it means he won’t make a penny on you.
So ya’ll stop beating up a disabled veteran who chooses to get out of bed every day and work no matter how much pain he is in. Say whatever you want about me, his wife, as I have very thick skin!”
Gem State Gold and Silver Pros and Cons
Like other companies out there, Gem State Gold Silver is not a perfect company. Customers may experience many advantages from the company, but some drawbacks may affect customer experience.
First, let’s examine the advantages of working with Gem State Gold Silver.
Understandably, buying or selling precious metals requires careful actions to prevent unwanted situations. So, many customers appreciate that the business moves to a more private location. It will give them peace of mind knowing that no other person will see what they are doing. Customers can expect discreet transactions from the company.
Interested individuals can view precious metals coins and bars in person through the company’s showroom. They can make appointments to visit the showroom.
More than 30 Years in the Business
The years of experience in an industry also help determine whether a business is supported by its customers. The Gem State Gold Silver has been in the industry for over three decades, which indicates that the company offered its customers satisfying performance. After all, it will not last for several decades if they cannot satisfy their customers.
Perform X-Ray Studies
The company wants to ensure that its customers will experience 100 percent satisfaction, and one way to do that is by utilizing state-of-the-art equipment.
According to Marvin, they got the most advanced energy dispersant X-Ray fluorescent spectrometer in October 2021. The machine helps him evaluate silver, palladium, platinum, or gold. It allows him to tell the plating thickness of metal in either micrometers or microinches. He can also determine the ore’s oz per ton.
Additionally, the company offers a comprehensive X-Ray study of up to 3 shots for only $50 per item. Customers will receive a Basic Irradiation to know all elements’ identification detected in the preferred spot for $25.
Old and Broken Jewelry
It does not matter if the jewelry is old or broken because the company can still turn it into something valuable. The Gem State has the skills and equipment to melt old or broken pieces down and then turn them into silver or gold bars.
Now, it’s time to reveal the drawbacks of the Gem State.
Limited Customer Reviews
Customer reviews are critical to determining customers’ past experiences with a particular company. These reviews help interested customers know whether a company provides the product or service they search for or not. However, only a few customer reviews about the Gem State Gold Silver is available in various online sources.
The company’s official website seems outdated. It also looks not well-organized, and some information is difficult to read, making it challenging to find the necessary information and data quickly. Some customers may find the web design not attractive.
The Gem State Gold and Silver has been around for more than three decades. Many people work with the company to buy, sell, or assay precious metals. The company utilizes some of the most advanced and latest equipment to ensure efficient services.
However, there are some puzzling complaints about the business, like false quotes and unreliable spectrometer readings or gold rates. It seems to be focusing on the local market. So, the company would not be ideal for those who navigate the online environment.