Since the price of gold is such a hot topic these days, I thought I'd share this release about trading in your gold for cash from the Better Business Bureau.
As with everything, you really have to do your research.
Here's their release:
BBB offers Consumer Tips for Choosing a Reputable Gold Dealer
(Phoenix, AZ – April 1, 2008) With the price of gold futures rising in the past weeks, it leaves room for unscrupulous dealers to prey on sellers.
“Consumers are looking to sell gold jewelry they no longer use, as well as gold coins they no longer want,” said Matthew Fehling, BBB President/CEO.
To aid consumers who are considering selling their gold coins or jewelry, BBB offers the following tips:
Consumers contemplating the sale of their gold jewelry and coins should understand that gold content and quality may differ from one piece to another, thus varying the value of the jewelry or coins. Most gold jewelry is 14 or 18 karat gold, not 24 karat.
Consumers should understand that gold is appraised according to that day’s value, meaning the value of your gold may increase or decrease depending on the rate for that particular day.
Have an independent appraisal done, and understand that appraisals vary widely depending on who is estimating and for what purpose. Ask for “insurance,” “replacement,” and “sell” values and note the differences.
If you sell when you are under pressure, you won’t get the best price. It is hard to negotiate a good deal when you are in urgent need of the money.
Jeweler’s scales are not regulated by the State of Arizona, leaving room for weight statements to vary from store to store.
Beware of cash offers made over the phone; a reputable jeweler will need to see the piece. Find a locally established jewelry house.
BBB advises consumers to obtain two or three offers from different dealers before finalizing a sale. The cash value of the piece will be lower than the appraised value.
Never leave your valuables with an unfamiliar dealer, or buyers who surface out of nowhere. Deal with businesses that have storefronts and long term reputations in your area.
If mailing jewelry to an out of state company, make sure you have researched the reputation of the company. In addition, certify and insure the pieces you are mailing in case of loss or theft.
If you don’t agree with the amount of the check received, contact the company as soon as possible. Company policies vary on how long they keep pieces they bought from consumers before they sell them.
Check the buyer’s record with BBB at www.arizonabbb.org or by calling 602-264-1721 or 928-772-3410 in Yavapai County.
Arizona Moms Editor Yvette Armendariz shares stories about raising her kids and tips for busy parents in her Time-starved (goddess) Mom blog. She and her husband are raising two children, ages 8 and 11.
