Gold sellers should be aware

Use caution when selling jewellery

  • Aug. 17, 2011 6:00 p.m.

With the price of gold soaring Better Business Bureau warns consumers to use caution and make smart decisions before selling or trading jewellery.

As stock markets plunge in the wake of the U.S. credit rating downgrade, gold prices continue to soar. This new high and increasing demand for the precious metal makes it very tempting for consumers to trade their unwanted jewellery for cash. Options to sell gold online, at in-home ‘gold parties’, or through local jewelers continue to gain in popularity, but the BBB would like consumers to think before they try to cash in on the gold rush.

“Selling old or unwanted gold is a growing trend for consumers during these uncertain economic times,” says Rosalind Scott, Executive Director of BBB Vancouver Island. “Whether you do it through a gold party, over the Internet, or through a local jeweler, consumers need to get informed before they sell their jewellery.”

BBB suggests consumers consider the following before selling any gold:

 

Find a trustworthy appraiser. For an appraisal, if possible, go to someone locally whom you know and trust. Check with the Better Business Bureau at www.vi.bbb.org. The BBB suggests obtaining two or three appraisals to compare prices, prior to any sale.

The true price of gold may not be what you receive. If gold is worth $1,700 per ounce, you aren’t going to be paid $1,700 for every ounce of gold you have.

Ask what you will be paid (if an online company, make sure you ask for specifics and give details on items you’ll be sending). Understand that the ounce quote is for pure gold only. For instance, 14-karat gold is composed of just 58.5 per cent gold.

Ask how much the company’s going rate is for each ounce of each karat you are sending. The lower the karat, the less the gold.

Don’t let jewellery of different karat value be weighed together. Some dealers will weigh all jewellery together and pay you for the lowest karat value. Separate your jewellery by karat value before attending a gold party.

Don’t let anyone steal your diamonds from gold pieces. Single gold stud earrings might be worth $5 or $10, yet diamonds in the earrings can be saved. Some are too small, and the labor to remove them might exceed their value, but engagement ring diamonds, for example, should be given a value separate from the gold.

Know the terms and conditions when sending items by post. Make sure your items are insured when being shipped, so if they are lost you can recover the value.

Obtain appraisals prior to mailing items, so if they are lost you have proof of their value.

Check the company’s policy as to what they will reimburse if they lose your product. Many limit their liability.

Make a list of the items included in the package, keep a copy for yourself, and put a copy in the envelope.

Take a picture of the items you are sending, including any identifying marks.

Ask about the company’s guarantee if you are not satisfied with the price offered. Can you get your product back if you return the cheque? Many companies melt down the items in 10-14 days. If you send the cheque back send it “return receipt requested,” so you have proof when it arrived at the company.

Submitted by the Better Business Bureau of Vancouver Island.

Tel: (250) 386-6348  • Toll Free (877) 826-4222 • Fax: (250) 386-2367

 

 

Just Posted

Emergency crews at scene of accident at Sooke’s Camp Bernard

First responders are on the scene of an accident at Camp Bernard,… Continue reading

UPDATE: Firefighters bring Sooke wildfire under control

Firefighters have a wildfire that burned an area about 100x150 feet at… Continue reading

Sooke club gets kicks out of karate

Sooke Martial Arts Association provides unique sports outlet

Langford has ‘no plans’ to make changes to Western Speedway after noise complaints

Flyer passed out to residents voices concerns over racetrack noise

Victoria police hand out Civic Service Awards

June 24 awards include recognition for help on days-long fire, cannabis robbery, volunteer service

VIDEO: Acknowledging skeptics, finance minister vows to build Trans Mountain project

Bill Morneau said he recognizes ‘huge amount of anxiety’ in Calgary over future of oil and gas sector

B.C. man faces deportation over father’s honour-killing conviction

Father lied to immigration, was later acquitted of charges in Jassi Sidhu’s murder

RCMP allows officers to grow beards

Members can now wear beards and goatees, as long as they’re neatly groomed

Sooke’s new library construction a sad tale

Reader says if the public library project was in the private sector, heads would roll

Girl, 10, poisoned by carbon monoxide at B.C. campsite could soon return home

Lucille Beaurain died and daughter Micaela Walton, 10, was rushed to B.C. Children’s Hospital on May 18

30 years later: B.C. woman uses sidewalk chalk to reclaim site of her sexual assault

Vancouver woman didn’t think her powerful story, written in chalk, would ignite such support

Slain friend motivates rookie football player to make it with hometown B.C. Lions

Jaylen Sandhu, stabbed to death in 2014, a source of inspiration for promising RB Jamel Lyles

Driver of stolen vehicle caught after fleeing accident scene in Island community

Section of Chemainus Road closed until suspect located and eventually taken into custody

Home care for B.C.’s elderly is too expensive and falls short: watchdog

Report says seniors must pay $8,800 a year for daily visits under provincial home support program

Most Read