Plan To Sell Your Gold Jewelry? Seller Beware

BOSTON (CBS) – Selling old gold jewelry is an easy way to pick up some extra cash, which is why it has become so popular during the economic slump. Even if you have just a few small pieces, the stash in your jewelry box could be worth more than you think.

“The price of gold has been spiking,” explained Andy Perpertsian, who owns a rare coin shop near Boston’s Downtown Crossing.

Many people have taken the easy way out, selling their gold online and dropping it in the mail. However, comparison tests show websites are paying substantially less than local shops.

WBZ-TV’s Paula Ebben reports.

Claire Rosenzweig of the Better Business Bureau said some of the websites that offer to buy your gold have questionable practices.

“You might send it thinking you are getting a certain amount of money. Then you get a check back … and it’s nowhere near what your thought,” she said. “When you call them they say ‘sorry, it’s melted down already’,” Rosenzweig explained.

Check: Current Price Of Gold

Selling your gold by mail or over the internet is like rolling the dice, according to Pepertsian. He said sellers are much better off doing a transaction in person. “You can look them in the eye,” he said. “If you are not satisfied, you can shop around.”

In Boston, there are several shops near Downtown Crossing that specialize in buying and selling gold all within a few blocks of each other, which makes it easy to compare prices.

You can also try the jewelry shops closest to you. Experts say you should call and get three estimates over the phone then go in person to get estimates.

Read: Latest Business News

Keep in mind that gold buyers need to make a profit, so if gold is trading at $1,300, don’t expect to walk out with that entire amount. You can, however, negotiate what the buyer’s take will be, and you always have the option of taking your business elsewhere. We discovered buyers will often up their first offer if you decide to walk.

More from Paula Ebben
  • Denise

    this site is getting terrible – I entered my comment twice and both times it didn’t get posted! Thank goodness for freedom of speach!

    • Cynic

      Denise…. Doesn’t this drive you up the wall? I sometimes keep reposting my comment and eliminate one word at a time until I find the one that sends the BZ censors into orbit. Then to test my theory I submit a one sentence comment and include this word. Usually the comment disappears. It is interesting that we are allowed to see these words in the Dictionary but not on BZ. Often I find that we aren’t allowed to use the correct technical term but if we substitue the less accurate word that fits WBZ’S agenda it flies right through. The message that I get is “You will only be heard if you agree with us”.

  • Ron

    Wow! This is very old news. The Cash4Gold guy defended his lower payments by saying they receive very few complaints. Tough to complain if you don’t know you’re getting ripped off. Not to mention the fact that their business model seems to cater best to thieves.

  • Cynic

    Years ago I bought a bunch of Kruggerands for $72.50 each. They kept going up and up and up. The higher they went the more nervous I got….When they got up to $240.00 iI dumped them…. SMART !

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    […] Read this article: Plan To Sell Your Gold Jewelry? Seller Beware […]

  • Phil

    The only place to sell your gold is with – They pay more cats for your gold, guaranteed!

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