The price of gold is currently more than $1,600 an ounce and many consumers are looking to turn their old jewelry or coins into next month’s car payment. In fact, more than 2,600 people have turned to BBB for advice on local gold buyers this year. If you are considering trading gold for cash in the near future, consult the following tips to ensure you get top dollar for your old gold:
- Separate your gold by karat. All gold is not created equal. A 14-karat necklace will not have the same value as an identical piece in 24-karat gold. The rule of thumb: the higher the karat number, the higher the monetary value.
- Get at least three estimates. Comparison shop to see which company will offer you the most for your gold. Use BBB’s Member Pages to find BBB Accredited gold buyers in your area.
- Evaluate gems separately. Some jewels are too small and the cost to remove them can exceed their value. But engagement ring diamonds, for example, should be given a value separate from the gold.
- Read the fine print.Before mailing items, find out what happens if you don’t agree with the amount offered by the company, and check the company’s policy on lost or stolen items. Many limit liability.
- Document and insure any items you mail. Make a list and take pictures of the items included in the package you mail. Include a copy of the list in the envelope as well. Insure your items when shipping them, so you can recover the value if they are lost.