Thursday, February 23, 2012

$$$ for Gold - Part 3

Hello loveleigh's!

Today is Part 3 of my Gold selling journey :) (You can go back and read Part 1Part 2 if you missed it.)

After I decided what I did and not not want to sell (I kept the ring with the small diamond and my Grandpa's wedding ring...more on that later!), I took all the items (gold jewelry, coins, watches & pocket watches) to a place called Precious Metals & Gems. They have been around for over 30 years and they buy AND sell all different kinds of jewelry, coins, etc. (not just gold). The guy who helped me was very nice and really helpful. He went through all the gold, separating the 10k from the 14k, then weighed them separately then gave me a price. He then looked at the wrist watches, pocket watches and coins and gave me prices on those as well. Total for everything? $688!

This gave me a starting point and an amount for comparison. Next, I went to a Cash for Gold place (a different one than I originally went to) that was just down the street from Precious Metals & Gems. From going in before and doing a little research online, I know these are NOT the best places to go. I mainly went here to see how Precious Metals & Gems compared. I just took in the gold (the watches and coins were not things they bought). At Precious Metals & Gems they offered me $430 for my gold. The Cash for Gold place offered me around $250. Almost $200 difference!!! The last place I went was to House of Diamonds, a locally owned jewelry store. A few days had passed and the price of gold had dropped a bit from when I took it to Precious Metals & Gems to House of Diamonds. House of Diamonds offered me $386 (again, just for the gold). However, after I told the owner that Precious Metals & Gems had offered me more (and the price they offered me), he decided to match that price plus $5 in hopes that the price of gold would go back up again. I decided to accept that offer and walked out with a check for $435!! I did end up going back to Precious Metals & Gems and sold 3 men's wrist watches (some of them were broke/not in good condition), a couple silver rings and a tiny, thin gold necklace for $80.

If you are thinking of selling gold or old jewelry, coins, etc. make sure you do your research. Take them to a few places, use the internet and compare! I, personally, would stay away from the Cash for Gold places and go to actual jewelry stores (and if they are locally owned, i.e. not a chain, that's even better!) Remember, no matter where you sell to, they are going to make some type of profit. That's just business. However, some places might only take 20 or 30% while other places are well over 50%. Don't be afraid to ask questions and don't be afraid to walk away and give it some thought!

Tomorrow, I will post the last part of my gold/jewelry selling journey (yes, there is a little more) :) Have a loveleigh day!! :)

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