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Gold Parties Explained Selling Your Unwanted Gold Jewelry

Gold Parties Explained Selling Your Unwanted Gold Jewelry

Gold parties have existed for several years, but the current bull market has caused their popularity to soar. More people than ever are deciding to sell their gold jewelry at these events. Some want to lock in the current high price per ounce; others are motivated by the chance to recycle their old, broken bracelets, chains, and mismatched earrings; and still others have adopted a minimalist lifestyle, and are taking the opportunity to clear away useless jewelry.

Most people simply want to raise money. They need funds to pay bills, have their vehicles repaired, or pay for long-awaited vacations with their families. A gold party gives them a chance to sell their gold jewelry, and fulfill these and other goals. Below, we’ll describe how they work, so you’ll know exactly what to expect when you arrive. We’ll also compare selling your jewelry pieces at these events versus selling them to an online buyer (you may be surprised by the differences).

What To Expect At Gold Parties

Unlike Tupperware and candle parties, where attendees are pressured to buy items, gold parties are organized so you can sell your gold jewelry for cash. Typically, the events are organized by a friend or family member. You’ll find food and drinks available when you arrive, and will have an opportunity to mingle with other attendees, many of whom you’ll likely know.

There will also be a jeweler or broker in attendance. This person will have brought a few tools, such as a scale on which to weigh your unwanted brooches, rings, and watches.

Every person at the party will have been encouraged beforehand to bring any gold jewelry they would like to sell. The broker sits in a separate room to ensure a private transaction. One by one, attendees are invited to bring their bracelets, watches, and other pieces to the broker, who weighs and calculates their value. He or she will make an offer on the spot, which you can accept or decline. If you accept the offer, you’ll be paid immediately in cash.

A lot of people find these events enticing since they can often leave with hundreds of dollars in their pockets. But it’s worth comparing gold parties to the experience of selling your gold jewelry online.

Gold Parties Versus Selling Your Gold Jewelry Online

One of the drawbacks to these parties is that most brokers will only buy jewelry (with a few exceptions). This means you will rarely be able to sell old gold dental work, gold alloys, or other scrap pieces that contain gold content. By contrast, many online buyers are willing to purchase these items, as well as any others that contain the precious metal.

Another key difference involves the offers extended by both types of buyers. The brokers who attend gold parties will typically sell your unwanted gold chains, wedding bands, and other items to refiners. They must offer a low enough price for your jewelry to make a profit when they sell it. Online, however, you can work directly with a refiner. By doing so, you can essentially remove the broker from the transaction, and sell your pieces for a much higher price. The result is that you’ll make more money.

Also, keep in mind that the person who is organizing the party usually receives a portion of the combined sales. This means the broker needs to lower his or her offer even further to compensate for the “commission.”

Yet another problem is that brokers who help organize gold parties will avoid purchasing jewelry pieces that contain a high level of non-gold content. In fact, many will bring a magnet to the parties to test each piece (gold is not magnetic). If a watch, ring, or bracelet sticks to the magnet, the piece is usually rejected.

Are gold parties worth attending in order to sell your old, broken gold jewelry? Maybe. The answer depends largely on whether you are willing to forfeit a much higher offer from an online refiner.

Tags: Gold Parties, Gold Party, Sell Gold