Selling Scrap Gold

By: Smith

I saw a story on Good Morning America the other week where two reporters took a bunch of their broken necklaces and ugly gold jewelry to the NY jewelry district and sold it as scrap gold. One reporter got close to $1000 and the other got about $500. At that moment, gold was close to $1000 an ounce. This truly intrigued me, as I have some old gold jewelry I don't wear and never will wear ever again.

The reporters in the story mentioned online ways to sell the gold as well. I researched various sites to see what the process was and if there was a difference in what they pay. There is a huge difference in what they offer.

Goldkit doesn't publish what they pay for gold at all. I'd personally worry I was getting ripped off.

Goldpaq used to have a listing of what they paid per dwt and it wasn't much (very tiny actually)- They have since taken the prices off their website and offer a 110% max cash guarantee but you would have to send them someone else's written estimate to get it. That seems like a hassle. But they also offered to appraise your jewelry as fine jewelry and buy it that way rather than as scrap.

Several others that I looked at started their pricing at 5 or even 10 ounces of gold. But they don't show the price they offer for under that amount. I'd worry again that I was getting ripped off.

I used GoldFellow.com. They published good prices for under 1 ounce, 1 - 5 ounces, and above that. There wasn't a huge difference between the price ranges so that seemed very fair. They offer to return gemstones from your jewelry to you.

The process was very easy.
One, I gathered all my gold jewelry that I was willing to sell.
Two, GoldFellow gives you an inventory form to fill out to itemize what you are sending. Three, I enclosed the jewelry and an inventory form in a FedEx pack that they insure for $500 (most others only insure for $100).
Fourth, they give you a tracking number that you can follow to make sure they receive the package.
Fifth, they then call you to tell you that your settlement is available to view and approve. Sixth, they give you 24 hours to approve the settlement or they send you a check. Finally, you have 10 days to dispute the amount and request your jewelry be returned or otherwise the settlement is final and your gold is melted.

I sent my gold on 3/17. I received my call on 3/19. I approved my settlement on 3/20. I received my check and my gem stones I wanted returned on 3/24. I cashed my check for $742 on 3/25.

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