BBB Tips for Selling Gold, Online or in Person
VICTORIA, Texas — As the price of gold continues to rise, many consumers are taking the opportunity to make a little extra money by selling their gold. In the past 12 months, BBB has received 2,790 inquiries on gold buyers. Better Business Bureau warns consumers to be cautious and informed before selling gold items.
Many of the complaints BBB receives against gold buyers claim buyers are paying less than what’s expected and in some cases, with mail-in options, consumers report never receiving payment after mailing in their gold.
With so many options available for selling gold — online stores, local jewelry stores, etc. — it is important to take time and do the proper research. Get at least two or three appraisals to ensure the buyer is offering a fair price for each piece being sold. Check with BBB to find Accredited trustworthy businesses, both local and online.
If you are looking to sell your gold items, BBB offers the following advice:
· Separate your gold. 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.
· 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.
· Document what you send. Make a list of items included in the package you mail, keep a copy, and put a copy in the envelope. Take a picture of items you send, including any identifying marks.
· Insure your items. Insure your items when shipping them, so you can recover the value if they are lost.
· 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.