What a (gold) rush!

11 02 2009

Almost as ubiquitous as the campaign commercials of last fall is the seemingly endless barrage of ads urging you to sell your scrap gold for cash.

With gold prices at record highs, I was interested in cashing in on my gold, but I just wasn’t comfortable taking my jewelry to a random hotel room where out-of-town dealers have set up shop. I was even less comfortable with sending it off in the mail, though I’ve heard this has become very popular.

Earlier this week, I decided to take my small stash of junk gold to my local jewelry store, a mom-and-pop that has been in business for decades. I wanted to go somewhere I could trust.

After examining or testing each piece, the jeweler made piles of 10k, 14k and 18k and handed me back a couple stray pieces of costume jewelry. Before weighing, he removed one diamond and a couple of fake gems.

For a couple tangled and/or broken chains, a gold tooth, a couple of rings and pairs of earrings, he offered me $457.20. Adding in the $66.88 he offered for a separate bag of silver chains, bracelets and pins, I walked out with a check for $524.08.

It would be a huge understatement to say I was happy. These were all pieces purchased in the 70s, 80s and 90s that I would NEVER consider wearing in this decade or any decade going forward. Going through my jewelry boxes, it was really like a bad walk down memory lane. Was my taste really that awful?

I’ve never been paid so well for purging. Left in my jewelry boxes are the classic pieces I love and will likely wear for the rest of my life. What a great feeling to be able to see all my favorite pieces at a glance. On top of it, I got paid for the pleasure.

If you’re thinking of selling your bling from decades gone by, check out this site to see up-to-date gold prices. There are 30-day, 60-day, five-year and 10-year charts to give you some perspective on gold price fluctuations. I would highly recommend going somewhere local, where you can do business with a reputable store and leave with confidence that you’ve received a fair price.




5 responses

15 02 2009

Hey I cashed mine in too. I dropped it off on Friday and the jeweler will get back to me this week. ( Friday they were swamped for Valentines day).

15 02 2009

Can’t wait to hear your total. Be sure to post!

24 02 2009
Coins in the couch « Free to be Frugal

[…] already written about how profitable it was to go through my jewelry. Click here to read about the more than $500 I received from a local jeweler for my broken chains, add-a-beads […]

3 03 2009
Free time, free fun « Free to be Frugal

[…] our life. I organized, sold and donated a lot of “stuff” in our house.  Click here to read about my experience selling my scrap gold jewelry. Not only did this bring in $524.08, but […]

3 04 2009
My April challenge: Cashing in on clutter « Free to be Frugal

[…] experience with selling my unwanted gold and silver jewelry in February to my local jeweler. Click here to read about how I sold some broken chains and outdated pieces (think add-a-bead necklaces from […]

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