Posted on 03/23/2009 3:58:59 PM PDT by patriotgal1787
If you’ve considered selling some of your unused gold jewelry for some cash at $900+ an ounce, you might be in for a very rude awakening.
Selling gold jewelry is pretty easy, even if you spend the extra time to avoid the scam artists and rip-offs, but the reality is that whatever you sell will be melted down and the gold will be reused. Since it will be melted and reused, you will only be paid for for the gold in the piece minus whatever markup and fees that the buyer has. $900 an ounce sounds pretty good, but you won’t get anything near that for typical pieces of jewelry.
Monday, Mar. 23rd at 9 pm ET.
The economy is sagging. Some people are using the "D" word to describe where our economy is heading. Maybe you've just lost your job and need a quick cash infusion.
Are you eyeballing that stuff in your jewelry box and wondering "I wonder how much I could get for that gold chain or diamond ring? "
Gold now above $900 an ounce shows no sign of dropping. Maybe you're thinking you could use the cash to pay off debt. Or you're strapped and need to make a costly auto repair. If you're like many, you're not sure where you can get the most for your valuables. And you don't want to get ripped off.
Pawn shop? Cash for Gold mail-in operations? E-bay? Jewelers? Coin and gold dealers?
Tonight we're talking to a fine jeweler who is seeing a marked increase in people like you and me coming in to trade their jewelry for instant cash. He'll give us his best advice on how to convert your bling for cold hard cash.
What do you need to know before you hand over your loot? Tune in tonight at 9 ET to find out. Call in with your questions or tell us your experience. 646-478-4604. Link to the show here.
I am very wary of those ads. on TV inviting folks to send their gold by mail. How do you know you will get the true value?
I sold some of my old chains and stuff and was floored when she handed me a check for $975. I thought $3-400 tops. If you go to a reputable place you will get fair value.
Just sell it to the end user for $900 an ounce. You know, just like you sold that $50,000 condo you paid $500,000 for, for $900,000. Oh, wait...
Nice surprise. Was it from a reputable jeweler?
Just put it in an envelope and mail. You will receive “fair market” return :’)
I picked out some junk, and the jeweler’s apprentice said it was 23 pennyweight. I said, what’s that in ounces? No answer....
Do you, or does anyone know? It was a bunch of mismatched earrings, some rings with no stones, and some other stuff.
Just keep in mind that 14Karat gold is only 14 out of 24 parts gold - the rest is filler...
Also, the spot price is for pure gold and nobody will pay spot price. It is the average between 'buy' and 'sell' prices. Then factor in that 10 Karat is only .417 pure, 14 Karat is .583 pure and 18 Karat is .75 pure and remember that refineries don't refine for free and the gold buyer is going to make a profit.
In my opinion, anything near 50% of the actual intrinsic value of a gold jewelry item is a fair offer in today's second-hand jewelry market. This usually translates to about twenty cents on the retail dollar cost of recent purchases.
I hope this helps.
One pennyweight (dwt.) = .05 oz. Troy (the unit by which gold is measured). So 23 dwt. would equal 1.15 oz. Troy. Put another way, a Troy oz. contains 20 dwt.
Was that the total weight of your gold or the net weight of pure gold? Remember, 14 karat gold contains .5833% pure gold, 18K .7500%, etc. Your payment would be based on the total amount of pure gold in the parcel after the dealer's profit, refining fees, etc. Even "reputable" gold buyers expect a return on their money but keep their profit in the range of 15% of your gold's value. And sometimes they lose money for a variety of reasons like unknowingly buying stolen goods.
A Dallas tv station just did a feature on this process whereby they took some gold items around to five differnt buyers and got prices. The prices ranged quite a bit between high and low, something like the high was over double the low price. There point was to shop around before turning loose of your items.
don't forget to declare it when you file your TAXES!!!!!!!!!
don't forget to declare it when you file your TAXES!!!!!!!!!
You won't!
They know that you have little or no recourse, thus the standard rip-off is applied.
Yes..Leo Hamel Jewelers in San Diego.
Nice...I have been wondering how it works. I have some very good jewelry that I know I will never wear again. Never thought about selling it. I only thought about leaving it to my children.
The guy separated 10, 14, 18K and figured the percent pure gold out of the little pieces, and the weight of the gold out of the percent, etc.
The 23 pennyweight was the total weight of the actual gold.
I was just curious. I decided to keep the stuff, because at the time, he was only offering me a couple hundred dollars, and I thought it would go up, and actually it has.
it was really interesting..She showed how they test to see what karat it is...They rub it on some black hard substance and then pour a little chemical on it. And depending on the color they know what karat it is. I had a gold nugget that I thought wasn’t even gold..and it was 24K! So that was worth more...but I really was shocked by how much I received.
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