If you’re looking for ways to make extra cash, selling your gold jewelry might be worth considering. More people are cashing in on their gold as prices reach historic highs.
KPRC 2’s Amy Davis has what you need to know before selling and what to look for in your jewelry.
Gold prices are hovering around $4,000 an ounce — a significant jump from last year. Gold buying parties have been around for years, but with prices this high, they are busier than ever.
At these parties, women gather with champagne and snacks, but instead of buying, they’re selling unwanted jewelry. Broken or mismatched earrings, old bracelets, and other unused pieces are brought in to be appraised.
Amy Robinette, known as The Gold Buying Girl, explains, “What happens at a gold buying party is women show up with the unwanted items they have from their jewelry box — broken, mismatched earrings, bracelets, whatever that they’re not using or wearing anymore.”
At one party, a total payout reached $4,323.31, prompting excited reactions and the ringing of a bell to seal the sale.
Robinette says her average party now brings in between $15,000 and $20,000 — more than triple what she saw when she started in 2010.
“Back in 2010, the gold price was $1,000 and people thought that was a lot. Now it’s $4,000, four times as much. And the amount of money that they’re getting for a little bitty amount of jewelry is just incredible,” she said.
Some sellers have even turned in gold dental fillings, which can fetch about $50.
Before selling, Robinette advises knowing what you have.
“The price is at, it’s hovering at $4,000. And that’s for pure gold. 14 karat is 58.5% pure gold. 18 karat is 75% pure.”
For those uncomfortable hosting a party, private appointments are available with no pressure to sell.
“It’s easy, and it’s fun. And if you don’t want to sell it, that’s fine. You can look at it, I can tell you what it’s worth. And people will come back to me a second time and go, ‘I decided to sell,’” Robinette said.
Some jewelry and coin stores also buy gold. If you have antique or rare pieces, auction houses may be an option.
While pawn shops will buy gold, Robinette warns they often pay less than specialized gold buyers.
You can check a business for reviews on the Better Business Bureau website.