If you’re still planning to buy some last-minute high-end gifts, it may be a tempting thought to sell old jewelry for additional cash to make those purchases. But, Better Business Bureau serving Western Michigan advises consumers to research companies first before turning in old gold and silver treasures.
Consumers have lots of options when it comes to selling their gold and silver items, including local jewelers and pawn shops, gold parties at friends’ homes, pop-up events by traveling dealers and mail-away gold buying services. Regardless of where you choose to sell your old gold and silver, it’s important to know its real value first, as well as the reliability of the business you’re selling to.
In 2012, BBB received 700 complaints nationally against Gold, Silver and Platinum dealers. Some consumers were dissatisfied when told their items had little or no value, while others complained about delays in receiving the money owed to them after mailing their items.
BBB has this advice for consumers considering cash for gold and/or silver offers:
Know the value of your items. Calculate what your gold and/or silver is worth on the market. Consider a third party appraiser to find out the overall metal content of your jewelry, along with its grade, measurement and weight calculation. Also, ask the appraiser for a full explanation of its value.
Get two or three bids. Shop around at more than one dealer to try and get the most out of your investment.
Know who you’re dealing with. Check out jewelry stores and gold buyers with BBB at bbb.org first to check out the company’s BBB Business Review for any advertising-related issues and detailed complaint information.
Send the items insured. Make sure your items are insured when being shipped, so if they are lost you can recover the value. If possible, include a "return receipt requested," so you have proof when it arrives to the company.
Understand the terms and conditions. Find out how long you have to turn down the offer is you’re not satisfied with the price. Ask what the company prefers if you decline an offer and the fastest way to get your merchandise back if you use a mail-away service.