Cash for Gold
Should you mail in Grandma's old brooch?
By Candice Lee Jones, Reporter
From Kiplinger's Personal Finance magazine, July 2009
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If you have heaps of gold chains stuffed deep into your dresser drawers, those commercials offering to take unused jewelry off your hands in exchange for "cold hard cash" may sound mighty tempting. Cash4Gold.com even ran a Super Bowl ad featuring Ed McMahon.
If you take the risk of mailing your jewelry in an envelope, can you actually expect to get anything back?
Yes, but assuming that your bling makes it through the mail intact, even reputable companies will pay you based only on the weight of the gold; they do not pay for gemstones. Jewelry that's still wearable and in good shape can fetch a higher price elsewhere than it would being sold for scrap. You can check the market value of gold at www.goldprice.org.
Howard Rubin, of the National Association of Jewelry Appraisers, says local jewelers, protective of their reputations, are likely to give you a square deal and may pay more if you trade in the gold toward a new piece.
Reader Comments (1)
Posted by: Joe Brandt at 06/10/2009 07:14:26 AM
The bottom line is who gives you the most money for your gold, regardless of who pays for advertising- but sellers should always make comparisons with local buyers before sending gold off in an envelope. Sellers should also be aware that certain items should NOT be sold as gold "scrap", since the value as an "estate" piece may far exceed that of the gold content. Also, mail-in gold buyers pay nothing for colored stones or diamonds. ALWAYS check with local jewelers first, and be sure to get multiple offers!