Gold Diggers
SmartMoney Select
By Brad Reagan (Brad Reagan Archive) )
YOU WON'T GET rich from it, but with gold near $900 an ounce, it's tempting to see just how much Grandma's jewelry might be worth. But don't go digging it out just yet (and definitely hold off on prying out that dental crown). We've been scouring those "we buy gold" ads and hitting some shops ourselves, discovering that it's not as easy as it looks. Some lessons:
Keep expectations in check
Retail jewelry prices include a steep markup, says Cecilia Gardner, CEO of the Jewelers Vigilance Committee. So that $10,000 necklace you bought not long ago could be worth less than half that when you try to sell it. Further, Gardner says, consumers are sometimes surprised to find that their pieces stamped "14-karat" are actually 13 karats or less.
Shop around
The price offered can vary widely, depending on the buyer. "There are a lot of weasels in that business," says Mike Reese, a precious-metals consultant in Greenwich, Conn. The best bet is a dealer who will assay the gold to determine its value. Retailers and pawn shops often make unscientific estimates.
Check credentials
Reputable buyers are licensed by accredited trade organizations such as the Jewelers Vigilance Committee or the International Precious Metals Institute. Those bona fides are particularly important when dealing with mail-order companies.============================================
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