How can you turn your diamond jewelry into gold in your pocket? (Baloncici/Dreamstime.com)
With all the new "Cash for Gold" signs and commercials buzzing around the country, millions are flocking to turn their old jewelry into cash. Gold & silver exchanges, coin shops, jewelry stores, and pawn shops are bustling with customers. Even check-cashing centers, payday loan businesses, and barber shops are getting in on the action.
The president of National Jewelry Buyers shares his insight on this booming trade.
"In the past, our industry catered mostly to those needing some extra cash. People were often embarrassed of looking desperate if they sold their jewelry," explains Romie Salem. "All of that has changed."
He elaborates, "With gold at record high prices, people recognize it's a great opportunity to cash out the unnecessary jewelry they have accumulated over the years. We are now seeing a wider range of customers, including the upper-income crowd that would rarely be seen selling their personal treasures."
Despite the spike in gold and very tempting advertisements, many are still hesitant and skeptical. "Complaints are rampant about businesses that gouge customers and pay a small fraction of what pieces are actually worth," says Salem. "Indeed, all gold buyers are NOT the same. Customers frequently tell us about other places that offered them much less than what we paid. The difference is sometimes shocking," he acknowledged.
So how should one go about selling her/his jewelry? "Use the same common sense you would when making a major purchase," urges Salem.
Sell diamonds to a diamond buyer, the NJB recommends (IDI, illustrative)
Some specific advice offered by the National Jewelry Buyers staff includes:
1) Shop around. Always get Always get more than one quote. "You'll be amazed how far apart offers can be. We love our policy of “no games & no negotiating - just our best straightforward offer. Customers really appreciate it," says one employee.
2) Compare total amount. Do not bother asking how much per gram/pennyweight or what percentage of gold they pay. Just see how much they will pay you in total for your jewelry. By comparing just "the bottom line," you'll avoid falling prey to the misleading tactics some dealers use to make their offer sound great.
3) Sell diamonds to a diamond buyer. Despite their signs displaying "buying diamonds," most cash-for-gold businesses will actually pay little to nothing for diamonds. They are only interested in melting the gold in which the polished diamonds are set.
4) Places to sell gold? Salem says you should sell gold to a “strong, specialized, reputable place.” Places to avoid: Pawn shops; check-cashing, payday loans, or other businesses that make gold a side line; mail-in centers and vendors who set up temporary quarters
For more information, including current market prices and other details on getting the most for your jewelry, visit www.nationaljb.com.
(Source: Business Wire)
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