I have done it at local jewelers and there is nothing suspect about it. I brought in some 14k jewelry that I just don't wear and more and walked out with a nice check twice. My mother also sold her old sterling place settings that none of us 'kids' wanted. They weigh your gold after determining the karat, pop out any stones, and then offer you a check at the posted per OZ rate. I wouldn't mail mine anywhere, though, since there are jewelry stores right in my area who buy gold and silver.

I sold my "ex" wedding ring and a few unwanted pieces several months ago by taking them to a local "We buy yer old gold" type place, and was a bit taken aback at how little money I received. Of course, I didn't have to sell them, but I figured a few hundred dollars was better than a poke in the eye with a sharp stick (and letting those pieces just continue to gather dust), so I accepted what was offered to me. And I don't really regret it. I was never going to wear that stuff again, and had no interest in having them re-made into a new creation. It's entirely personal, though. I think if you feel like you might regret letting things go, it's probably better to keep them.

Before I went to the local shop and sold my stuff, I did send away for one of those envelopes from a place - I'm thinking it was called Red Swan or something like that? - that promised to pay "the highest price for old gold". First of all, I was a little iffy on the idea of doing the exchange through the mail, but the thing that really put me off was that after I submitted my request for them to send me my "kit", it took weeks to receive it. I decided that going that route made me feel too uncomfortable, so I opted not to.

I hosted a "sell your junk gold" party at my home last February. I sold broken chains, earrings in which I had no match, and some other ugly charms that I would never wear again. Everyone who attended the party had a blast since they went home WITH money instead of spending it, and they got rid of some stuff they would never wear again. I made $25 for every person who attended and sold more than $200, and the lady who came to weigh and test the gold reimbursed me for the refreshments I served. It was so much fun, and I made some extra money.

I really have no emotional attachment to the gold chains, so I guess it can't hurt to ask for a quote for them. The way big, chunky jewelry is in style now, I'm sure slim gold chains won't be back in fashion anytime soon. (Even though I see stirrup pants, skinny-leg jeans, and peplum-hemmed jackets out there, LOL)

There have been some stories in the news about this lately and they offered some good tips. Many of the ones you mail things to offered ridiculously low prices so they suggested taking it to several local places and comparing prices. And of course don't fall for the "this offer is only good today" line. They also suggested that you sort through your jewelry first and arrange it by weight. 14k in one bag, 12k in another, and the GF (gold filled) etc. That way the buyer can't claim everything is a lower gold weight and then show you one piece and try to say they all are.

What is a reasonable per oz amount to expect?

Yesterday, gold was trading at over $1100.00 per oz (Troy Oz).

Definitely shop around different stores rather than taking the first offer. Take your pile to every store that says "we buy gold", from the snooty-poo high-end jewelry stores to pawnshops and ask for their best price. Once you've had a couple of prices quoted, you can say "well, Johnson's Jewelry offered me $1200" if Stan's Jewelry is only offering you $900 - Stan may shrug, or he may bump up his offer. My mom found a 50% difference between about a dozen stores when she went to sell a bunch of unwanted jewelry. Yeah, it might take you a tedious afternoon of trekking around to different stores, but it may be a very profitable afternoon. Mom suggests making a very detailed inventory of your items, photocopying your inventory, and then have each store write their offer on a copy of the inventory, because a verbal offer is only worth the paper it's written on. ;-)

If you have any truly valuable items, you should have them checked over by an independent appraiser before trying to sell them, so you can get the best price you can.

We went a different route - we traded the unwanted material in our jewelry box (we inherited a lot of broken and fugly junk, but there was at least a lot of it LOL ... like a shoebox-full!) for repairs to things we did want, like fixing clasps, resizing rings, changing dangle earrings to posts, resetting or changing out gems. Back when we were more flush we had had a good relationship with an estate jeweler who is also a talented goldsmith; he would call me when unusual (but fairly inexpensive, he was cognizant of our budget) antique items he knew I would like came in, and we would swap stuff with him. DH was able to pay for the white-gold custom ring/setting made for the boulder opal he brought home from Australia for me by swapping Peter an equal weight of junk gold, and the labor was paid for by the few gemstones in the assortment.

Now if I could only find someone who buys stainless-steel body-piercing jewelry - we've got a good bit as we've given up our various piercings over the years but the local piercers don't want it. I may put the whole baggie-full up on eBay.

So these places are paying somewhere near that kind of money (1100/oz)? Not bad. I've always figured they were ripping people off and not paying much at all, compared to what it's worth. Maybe I'll check it out and see what they're up to.

1100/oz. is for pure gold. There is a calculation based on the karat weight because of all the alloy metals mixed in to make it stronger.

I see. Thanks. Knew that sounded too good, lol!

We're in the jewelry manufacturing business and we mail our 'scrap' gold to the refinery all the time. They pay us the going price or send us pure gold, whatever we want.

My DH says anyone can send gold scrap to a refinery. We use 'E. H. Fell' in Los Angeles (City of Industry). We UPS our scrap gold and sweepings all the time.
DH says don't sell your gold anywhere else. It is a rip off.

Golddust - What if it's not scrap gold, though? What if it's good gold jewelry?

Good gold jewelry would probably fetch a fairer price being sold as jewelry. Unwanted stuff that is sold is usually melted down and reused.

By the way, a troy ounce is not the same as a regular ounce (what our scales weigh). It's actually a bit heavier.

OK, I'm a little confused about this. I wasn't thinking I'd get much for those slim gold necklaces I have. I believe most are 14kt-18kt, and probably cost me $100-$200 each back in the 1980s. I was thinking I'd get like $100 for the chains and the earrings, but that estimate is just based on wishful thinking so far. I'm sure it would be sent to some refinery place, not to be sold again.

Found this on the internet:
Definition: The karat system is used to reveal the amount of pure gold found in an item.
24 karat (24K) gold is pure gold.
18 karat (18K) gold contains 18 parts gold and 6 parts another metal or metals, making it 75% gold.
14 karat (14K) gold contains 14 parts gold and 10 parts another metal or metals, making it 58.3% gold.
10 karat (10K) gold contains 10 parts gold and 14 parts another metal or metals, making it 41.7% gold. 10k gold is the minimum karat designation that can still be called gold in the US.

AND

One troy ounce is 31.1034768 grams .

So, if you were able to weigh your gold on a scale that gave an accurate gram weight, you should be able to do a mathematical calculation of its value if you know the rate for gold that day, right?

Theoretically, yes. But it all depends on what the buyer is willing to pay for it. They're not likely to give you the going rate...I'm pretty sure that rate is for raw gold (not mixed with alloys) and is the commodities trade price, not the price you'd get for selling old jewelry or teeth. But it could give you an idea of value...I'd say most buyers will give at least 50% of current value.

Just tonight on CNN there was a feature where the reporter was 'selling' her gold necklace and got offers all over the board. She was going to places in New York advertising buying/selling. So you definitely have to shop around.

This has been such an interesting thread to read! I've been wondering about this myself, as I have a complete wedding ring set that I'd love to get rid of. All three bands are thick and 14K; the engagement ring has some nice diamonds, set in the shape of a flower. This was "THE" most popular and most advertised Wright Kay wedding ring set from the early '80's. All these years that I've had the set, I've always thought that someday I could get more for the complete set than by selling it for the gold and diamonds. Only the engagement ring was ever used/worn, and just for a short time. Hmmmmm, now it sounds as if I should take them to several jewelers who are buying gold locally and see what they'll give me for them, both ways.
Thanks for starting this really informative thread, Deedee!
Lynn

Good (but used) gold jewelry that is 14K or 18K *is* called scrap jewelry, unless it is a rare family heirloom. If I have a gold chain I don't want anymore, I throw it in scrap, even though it may be perfectly good. (Just so 80s, or too long, etc.) To jewelers, the only value is the gold value. It is all called 'scrap'. Used jewelry is generally scrap jewelry.

Being in the business for over 30 years, we also saw that story on CNN. DH and I totally disagreed with CNN's advice. There is no reason a jewelry store must make a profit off your gold or that someone would have to go store to store shopping their scrap gold. Refineries have solid reputations, unlike those shoddy looking jewelry stores shown on CNN.

These stores who "buy gold" won't be reselling the jewelry as is, they will refine it. Unless it is a very rare piece of jewelry then I can't imagine anyone considering selling it, KWIM? (I am talking jewelry like on the Antique Road Show.)

If we send 4 oz of scrap to the refinery, they charge us $35. to assay it (remove impurities) and about 4% of the total value of the refined 24K gold. Big difference between 65% and the poor advice that man who buys gold at parties, which was to take nothing less than 50%.

Very good info and advice, Golddust . . . thanks!!!!
Lynn

Just an update: I went to the local jewelry store with my 5 gold chains and 3 earrings (nothing heavy, all very delicate). I ended up with $225.00. Not bad for stuff taking up room in my jewelry box. I may have gotten more if I "shopped around", but I just don't have the time. I plan on using the $$ for DH's Christmas present. Thanks for helping me with all the advice from everyone.