Trusted Gold and Silver Buyers

Should You Sell Your Old Jewelry At A Gold Party?

Should You Sell Your Old Jewelry At A Gold Party?

Gold parties have been popular for years. Today, with the economy uncertain and the price of gold flirting with its historic peak, more people than ever are becoming receptive to attending. If you own old gold jewelry that is collecting dust in storage, you can sell it at these parties to generate near-instant cash flow. The question is, are these events the opportunity they seem? Is it worthwhile to sell your gold items there, or can you enjoy a higher price elsewhere?

Below, we’ll explain how these parties work and the reasons you should avoid them. When it comes to selling your gold bracelets, rings, and chains, there is a much better option available to you online. We’ll provide a few tips and describe how you can take advantage of it.

How Gold Parties Work

The event is held in the home of a host. This person will arrange to have a gold appraiser attend. The host will also call his or her friends and family, and invite them to attend the party. These prospective attendees are strongly encouraged to bring any gold jewelry they would be interested in selling. This includes damaged or broken jewelry that cannot be worn without first being repaired.

When people arrive at the party, the host typically has food and beverages ready for them. Guests are encouraged to mingle and share stories about the individual pieces they have brought to the party to sell.

Eventually, the appraiser invites each attendee to have his or her gold jewelry appraised. This is typically done in private. The appraiser will determine the amount and quality of the gold in the pieces and make an offer to the attendee to buy the items at that moment. If the attendee accepts the appraiser’s offer, a check is immediately written.

The Problem With Gold Parties

Up to this point, the process by which people sell their gold jewelry at these parties seems fine. They have an opportunity to sell pieces that would otherwise remain hidden in their dresser drawers, attic, or boxes in their garage. However, it’s worth peering under the surface of the transaction.

The appraiser will usually give the host 5% to 10% of the appraised value of all items purchased. This is a commission. The problem is, many hosts choose not to communicate this fee to their guests.

Another issue with these parties involves the appraiser’s actions following the event. This person is merely a broker. They have no plans for the jewelry other than to sell it to a refiner for a large profit. This suggests you would receive a larger offer for your gold jewelry by working directly with the refiner.

A Better (And More Profitable) Option

One of the worst-kept secrets of the gold-buying industry is that brokers are middlemen who sell to refiners. By working with a refiner, you can effectively remove the broker from the transaction. Any profit that would have gone to this person as the result of their markup would instead be split between you and the refiner. That means you’ll receive a higher price.

Taking The First Step

So, how do you find a reputable gold refiner? The best place to look is online. Look for buyers who have been in the precious metals refining business for at least ten years. Visit their website and search for a phone number you can use to contact them. Look for details regarding how quickly a check will be mailed in the event you accept their offer (two business days indicates a high-quality buyer).

Once you have mailed your old gold jewelry to the refiner, you can expect to receive an offer as soon as they have examined each piece. The entire process is smooth and efficient. And it poses a far more profitable opportunity than selling your items at gold parties.

Tags: Gold Parties, Sell Gold, Sell Jewelry