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Educational Consumer Tips

Selling Gold Online or in Person

Author: Better Business Bureau
Published:

 Have you thought about making a few extra dollars by selling some of your gold jewelry? Whether you do it through a gold-party (in-home party usually held with a group of friends), over the Internet, or through a local jeweler, here are some things you should consider.

· Your jewelry may be stamped “14-Karat,” but that does not mean it is gold. Some necklaces can have catches stamped as such, but the number alone means little.

· For an appraisal, if possible, go to someone locally whom you know and trust by checking with the Better Business Bureau (BBB), www.bbb.org. Look to see if others have reported issues with a particular jeweler or jewelry store. The BBB suggests obtaining two or three appraisals to compare prices, prior to any sale.

· Check out any online companies with the BBB too, and use a search engine to see what other consumers are saying about their experiences with the companies.

· If gold is worth $930 per ounce, you aren't going to be paid $930 for every ounce of gold you have.

o Ask what you will be paid (if an online company, make sure you ask for specifics and give details on items you’ll be sending).

o The ounce quote is for pure gold only.

o 14-Karat gold is composed of just 58.5 percent gold. Ask how much the company’s going rate is for each ounce of each karat you are sending.

o The lower the karat, the less the gold content.

· Don't let anyone steal your diamonds from gold pieces. Single gold stud earrings might be worth $5 or $10, yet diamonds in the earrings can be saved. Some are too small, and the labor to remove them might exceed their value, but engagement ring diamonds, for example, should be given a value separate from the gold.

· Gold pieces with less color, or fewer stones, are worth more. A jeweler must break the stones out before the item goes to the refinery.
· Make sure your items are insured when being shipped, so if they are lost you can recover the value.

o Obtain appraisals prior to mailing items, so if they are lost you have proof of their value.

o Check the company’s policy as to what they will reimburse if they lose your product. Many limit their liability.

o Make a list of the items included in the package, keep a copy for yourself, and put a copy in the envelope.

o Take a picture of the items you are sending, including any identifying marks.

· Ask about the company’s guarantee if you are not satisfied with the price offered.

o Can you get your product back, if you return the check (many companies melt down the items in 10 – 14 days)?

o If you send the check back, send it “return receipt requested,” so you have proof when it arrived at the company.