Anyone sold any gold jewelry?

[creditcardfree]

There seems to be lots of advertisements around for selling your gold jewelry. I know gold is up...so it makes sense. I have a high school class ring, probably 10K gold, that I would consider selling if the price was right.

Has anyone sold anything lately? What was it and how much cash did you get?

[boosami]

Originally Posted by creditcardfree

I have a high school class ring, probably 10K gold, that I would consider selling if the price was right.

I can already tell you the price will be wrong. There's not much gold in there... 10k gold is only 40% pure gold.

A man's ring might weigh 12 grams; at 10k the gold content would be ~5 grams.
Gold is ~$23 a gram, and scrap gold price is 20% less than that (~$18).
5 grams of gold * $18/g = $90

It might be more or less depending on the gram weight of the ring. Most women's rings weigh half of what a man's ring would weight and thus are worth less.

[michaelo]

To put it simply, don't do it.

I can't post a link yet, but this info is important enough to pass along to anyone thinking about a cash for gold program.

Do a Yahoo search for: cash for gold scam (no quotes)

The second result should be for "Cash4Gold Scam | Cash4Gold Review"

Once there, take special note of the comment from a former Cash 4 Gold employee. They expose every step of the scam.

There are plenty of other people sharing their bad experiences, too.

Also, do a Google search for cash for gold scams, but be careful as people promoting those programs offer fake reviews to get your guard down.

~michaelo

p.s. I am not affiliated with that site in any way at all, but felt it was vital to share to help keep people from being scammed.

[creditcardfree]

Oh, I am aware of the scams. There is a local well known jewelry store that I would walk in to to get an appraisal. I was just checking what others have done to see if it is worth my time to even drive there.

I would also encourage others not to mail your gold jewelry anywhere either.

[momof1in150]

We have several jewelry stores that buy gold. I have several 22K pieces from the Middle East that I am interested in selling but haven't taken the time to bring them in. It can't hurt to bring them in to see what they will offer. If you think that it is fair then sell it, if not then take your items elsewhere.

[cooliemae]

My wife and I recently sold several pieces of gold (i.e. single gold earrings, a found ring, etc.) back to our usual jeweler. I figured we'd get around $250 for the 6 pieces, but we only got about half that. And this was back in August when gold prices were hovering around $1000.00.

[creditcardfree]

Thanks cooliemae for the information on your sale.

I haven't worn my high school ring since high school and I just don't think I ever will, so my thought is to sell it, while there is some money to be had.

[rob62521]

I was going to say, don't send it in...we had a letter to the editor in the paper from a guy who had taken his stuff to a local jewelry store, gotten a quote, and then thought he'd mail it in...he received less than half what the jewelry store quoted him.

We took some items in last summer. The jewelry store we went to weighed the rings, then took off what they thought the stone weighed. I asked if they would pay me for the stones (diamonds...not huge, but not chips either) and they said no. I asked for the stones, so they took them out, weighed them, and deducted that from the total weight. We didn't get rich, but it was money for stuff I didn't wear.

[creditcardfree]

I think I'm convinced that it might just be worth getting a quote from a local jeweler. I just won't wear that ring, and maybe one other...so why not get rid of the clutter and make a little cash, too.

I would sell on ebay, but have you seen how much jewelry there is...like finding a needle in a haystack?!!

[boosami]

Originally Posted by creditcardfree

I would sell on ebay, but have you seen how much jewelry there is...like finding a needle in a haystack?!!

You'll do better selling on eBay than to a scrap gold buyer. If that's what you decide to do, get it appraised not for gold value but a normal appraisal, as if for insurance purposes.

Anyone on eBay buying 10k class rings is an amateur most likely buying to resell the gold. They won't have any idea how little they'll actually get, and will be willing to pay more for it.

When they buy your $500-appraised ring for $150 they'll think they are getting a sweet deal. But when they sell the gold for scrap and only get $75, they'll realize they screwed up. If you can live with that, I'm willing to bet eBay is where you'll get the most money for your ring.

[creditcardfree]

Well, today I did take two of my rings to a jewelry store. They offered $25 total for the two rings. They weighed 2.7 together.

I passed on the offer for now. If they had offered twice that, then I would have taken them up on it. I just don't wear these rings...ever.

I will be researching ebay to see what my odds are of getting a better deal. One is a high school class rings, so I can only imagine who would want that.

[boosami]

Originally Posted by creditcardfree

They offered $25 total for the two rings. They weighed 2.7 together.

2.7 grams is not much metal! They must be tiny. If you list them as a lot of two on eBay you can probably get ~$40 for them, which is better than the $25 offered...