Work Values Worth Their Weight

As a child, Joe Hylas, president of Omega Precious Metals in Glen Cove, was an avid coin collector.

Despite having a scholarship to college, he opted to sell his collection to cover some extra costs like textbooks. At a coin convention, while selling his own coins, he noticed another dealer selling similar coins at a lower price than the sale of his own. He purchased those coins and immediately resold it, making an instant profit.

After earning degrees in business and marketing in college, Hylas remembered his success with the pre-college coin sale and revisited the idea of making a career in selling coins.

In 1978, he started his first business on Staten Island. Three years later, after selling the business, he was hired by Deak-Perera as a regional precious metals trader. Within two years, he was running the precious metals operation for the company's 42 worldwide offices.  

It was during this time that he established trusted business relationships with the U.S. Mint, Royal Canadian Mint, Austrian Mint, Chamber of Mines of South Africa, The World Gold Council and Platinum Guild International. Those trade relationships were instrumental when Hylas decided to start Omega Precious Metals in 1995. Four years ago, Hylas relocated Omega from Glen Head to its present location on Village Square.

"The diversity of the people that live here, work here and frequent the city makes it very interesting," Hylas said.

Although Omega trades all of the major gold and silver bullion coins minted, Hylas is especially proud that it is the only U.S. Treasury preferred dealer for buying and selling gold on the North Shore, and only one of 17 in the state.

Many clients and local business owners have given favorable testimony to the integrity that Hylas upholds in the community, which the business owner proudly shares on his website.  

"I am a local, I live in the area. I have to see the people I that I deal with everyday," said Hylas. "I have to look at myself in the mirror."

Hylas is also known for his dedication to Glen Head Rotary Club. He has been a member for more than eight years and has held president and vice president positions several times since 2005.

"I think everybody's got to give back, that's really what it's all about," he said. "I am a firm believer that karma, to use my wife's phrase, 'karma is a boomerang,' it comes right back at you." 

One local business owner Hylas praises for her own community values is Jeanine DiMenna, owner of Page One Restaurant on School Street. Page One is commonly the location for Omega's local gold events, which Hylas noted has been a success.

"Everyone that has come to our gold events has been very happy, they tell their friends; personal referrals and word-of-mouth are the best recommendations you can get," he added. 

Hylas said he deals in different areas of the market, but primarily, his clients are purchasing gold to diversify their investment portfolios. In the past six months, however, he has seen an increase in people interested in selling their unwanted gold. 

Presently, U.S. gold coins start at $160 and there are options for someone with a range of investment funding, from nominal amounts and sporadic investment schedules. State laws regulate gold sales totaling less than $1,000 be subject to taxes. 

Anecdotes From The Appraisal Scene

Several weeks ago, Hylas recalled, a customer brought in a bracelet that she thought was silver. But After evaluating it, he informed the owner that it was platinum. The difference, silver is trading at $18 per ounce, while platinum is trading at more than $1,600 per ounce.

"I eliminate a couple of problems for my customers. First, I give a true and honest valuation of what they have; even if I quote a price and another dealer beats it by one dollar, I've done my job by educating them, so they're not going to be taken advantage of," Hylas said. "The other problem is that the value of the jewelry that they have sitting in a box somewhere, they sometimes have no clue, because they think it's worthless."

Another customer brought in a small box of broken pieces and chains, saying she'd be surprised if what she had totaled $300. Ultimately, what she had equaled more than $4,000 in broken gold, which was haphazardly placed around her home. Hylas said she was stunned.

For more information about this business, visit its website.