Gold Records Highs Cause People To Go Through Their Jewelry Box
Gold Records Highs Cause People To Go Through Their Jewelry Box
The Do's & Don'ts About Selling Gold Jewelry
Excerpts from ABC News
Before you part with your gold for its scrap value, make sure it's not worth more in its present form. There's a big market in estate jewelry. Older jewelry often represents better quality than what is available at the same price today. Think twice about selling for scrap value an object that may be worth more intact, because of its artistic merit or historical significance.
While the accuracy of scales used by jewelers and pawnshops typically is verified and re-checked periodically by the local department of weights and measures, the same may not hold true for scales used by transient buyers or for house-party situations. With the price of gold so high, the difference of a few grams can mean a difference of several hundreds of dollars.
Excerpt from Consumer Awareness article by Tony Swicer
Selling Jewelry- Compare dealer pricing. A good price is anything over $25 per pennyweight, for 14kt. House parties pay about $20 dwt. People advertising on the street corner pay $12 dwt. A certain party that has you mail in your gold pays $4 to $8 dwt. This company said that it has purchased from one million customers. Now you can see why full page ads, selling absolute junk, in the newspaper work. There are plenty of suckers out there.
Jewelry is generally tougher to sell because of holding requirements and time and cost of refining. 10K gold is worth .416 X spot X 70%. 14K is .585 X spot X 70%. 18K is .750 X spot X 70%. Example; 10K .416 X $900 X .70 = $262/ oz. or $13.10 pennyweight, 20 dwt. in an ounce. 31.1 grams in an ounce would be $8.42 gram.
Sterling silver is .925 fine X spot = melt value. However, everyone wants a cut, so when you sell, expect to get 70% of melt. Example; spot at $48 X .925 X .70 = $31.08 oz. All silver flatware MUST BE MARKED with the word “STERLING” or “.925”, NO EXCEPTIONS.
The key is, get several estimates and sell to the highest bidder.
Before you sell to anybody, there are a few things you can do to ensure you get the best deal.
1:Check with the Better Business Bureau to see if there are complaints against your buyer. The BBB reports, for example, that a leading online buyer based in Florida racked up 339 complaints in the last 36 months.
2: Check the latest price of gold and silver, go to www.kitco.com
3: Get an appraisal of the jewelry you wish to sell.
Some quality appraisers can be found at:
National Association Of Jewelry Appraisers
ASAHome.aspx American Society of Appraisers
Links to other appraisers
4: Weigh the jewelry you wish to sell BEFORE taking it to the buyer. It is best to know the pennyweight in advance to ensure you don’t get taken advantage of by the buyer.
Jewelry drawers a gold mine as prices soar
Jewelry drawers a gold mine as prices soar
From: AFP | Jul 18, 2011 |
As gold reaches an all-time high, French women are digging into their jewelry drawers to turn unwanted trinkets into hard cash. Duration: 01:52.
Click to viewABC News
There are 4 other videos on this topic at ABCNews.Com There is also an article on this topic as well.
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