Welcome to morganton.com. Skip directly to: our Keyword Search, Section Navigation, Content.

Morganton.com - Morganton - The News Herald

HomeNewsEntertainmentSportsLifestylesOpinionCommunityWeather Online Tools Jobs | Real Estate | Shopping | Classified

Some tips for selling jewelry

By Iris Taylor

Media General News Service

Published: May 12, 2009

"Top Cash for Gold and Silver." "Sell Your Gold Here." "Cash for Gold Jewelry."

Those advertisements are all over the place these days.

So are you thinking about liquidating some of your jewelry?

First know the risks, then follow some tips.

The risks: You may receive a lowball offer and not know it, or mail in your jewelry and it does not arrive. A jeweler might weigh your jewelry in a backroom where you can't see it or use a scale that may not be properly calibrated.

Why are we seeing these ads now?

"Gold is pretty high in value right now," said Robert Bailey, program manager for the state's Office of Product and Industry Standards, which tests the accuracy of all types of scales and equipment.

"A lot of buyers are trying to take advantage of that."

Gold is trading at more than $900 per ounce.

Jerry Ehrenwald, president and CEO of the International Gemological Institute in New York, said, "There's no question, the economic downturn has caused people to reach for additional dollars. One of the nice things about precious jewelry is it holds its value better than any luxury item I can think of."

"Acquiring product knowledge is key to fetching the highest price for the jewelry that one would like to liquidate."

Follow these tips:

* Consider getting your jewelry appraised first. Go to a professionally accredited gem and jewelry appraiser who does not buy or sell jewelry. You'll walk out with an appraised value that you can use.

Expect to pay a fee. The gemological institute charges $35 to have a plain gold item appraised.

* Look for an inspection seal on the scale. "The main tip is to make sure the scale that your gold is being weighed on has been tested and verified that the calibration is correct," Bailey said.

* Think twice about mailing your jewelry. A recent complaint received by Virginia's Office of Consumer Affairs was from a Virginian who sent gold jewelry to a company in Maryland then heard nothing further.

The case is pending. Consumer Affairs tracked the company to Florida, spokeswoman Marion Horsley said.

The Better Business Bureau of Southeast Florida and the Caribbean in West Palm Beach, Fla., warned consumers about one company, Cash4Gold, which it rates a D minus. That company is the subject of 348 complaints.

"There appears to be a serious problem with packages sent to Cash4Gold not being received," the BBB report said.

Consider selling your jewelry locally, Horsley said. "I would say it is preferable, when you are selling something, to see who you are handing your jewelry to," Ehrenwald said.

* If you mail it, get a delivery confirmation and insure it.

Spend a few cents more and add a delivery confirmation to your package, urged Cathy Boule, district communications coordinator for the U.S. Postal Service. Also, proper packaging is critical, she said. Place the items in a well-padded envelope or a box.

Photograph and describe what you're sending and stick in a copy to the recipient, Ehrenwald said.

Insure it for what you feel it's worth.