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Reported by: John Matarese
Everyone has some old gold jewelry collecting dust... a chain you haven't worn in decades...your class ring...Grandma's old necklace.
And with gas prices up, food price up, and the value of your dollar down, many of us are trying to cash in on the newest gold rush.
Finding out what your jewelry is worth
Stephanie Clements decided to give it a try. To see what her old chains, bracelets, and rings might fetch, we accompanied her to a jewelry store, Richter and Phillips in Downtown Cincinnati.
Stephanie says "I had a few pieces that I no longer wear...They had no value to me."
So Gemologist Rick Fehr inspected and weighed her collection...and gave her a rough estimate of its value. "$300 to $600...buying it outright," he told her.
Fehr says with today's high gold prices....even a few old chains can bring good cash. He says "A collection of chains they haven't worn for a long time may bring $200."
But it seems for every honest gold buyer...there's a questionable one.
Be Careful of these...
The Better Business Bureau has stacks of complaints about traveling jewelry shows and the hottest new thing: "jewelry parties."
Cheryl moss recently attended a gold buying party at a friend's house...Where she says the buyer classified her 18 carat gold as cheaper 14 carat!
She says "he wrote $585, 14 carat."
Offended, she took the jewelry to a store, where she learned it was worth double that! "I think it was worth $1,156," she says.
Before you say "yes, I'll Sell...
The BBB says before allowing someone to buy your gold...
--Find out if you have 10k, 14k, or 18k gold.
--18k is purest and brings the most money.
--Find out what the price of gold is that day.
--And watch the scale when your items are weighed.
Then, say you receive an offer...like Stephanie did with her chains.
--If you're not sure its the best deal, get a second opinion.
--And if dealing with an internet buyer, research them and insure your jewelry before you ship it. Never ship jewelry uninsured.
In the end, Stephanie was happy to get a few hundred dollars.
Bottom Line
So where is the best place to sell gold?
Jewelers are easiest to find...But not all jewelry stores buy gold. Most coin shops or pawn shops will buy, though the BBB says pawn shops usually offer the least.
And while traveling events and parties might be easiest ...Remember that their main goal is making a profit: They're not charities!
So take your time, and don't waste your money. I'm John Matarese.
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