Your Better Business Bureau offers some tips to make sure you know the facts, get the best deal and avoid scams.
In addition to pawn shops, jewelry stores or coin companies, gold can be sold online or by mail. Whichever route you take, check companies out beforehand with your BBB. Visit www.bbb.org or call (937) 222-5825 or (800) 776-5301.
To help you get the most cash for your gold
Know the value. Determine your gold's karat and weight before selling. Consider having it appraised, keeping in mind that you may get less.
Understand the price of gold varies. Store estimates received one day may not be the same the next.
Shop around. Compare resale values with other stores to determine the best offer.
Guard your jewelry. Watch stores weigh your jewelry and never leave valuables with unfamiliar dealers or buyers.
Carry identification. Jewelers are required to ask for identification from anyone selling gold.
Get appraisals prior to mailing. Some buyers will send checks for jewelry without allowing you to reject offers first. Be sure you can get your merchandise back once you return the check and send it certified mail with a return receipt requested.
Ship wisely. Make a list, take pictures of and insure items being shipped.
Get the details. Determine the reimbursement policy in case your merchandise is lost.
Watch out for phone offers. Trustworthy buyers will need to see the piece.
Don't be pressured. If you're pressured into selling or you feel uncomfortable, walk away and find another buyer.
Beware of expos. Companies may rent hotel or conference rooms for a limited-time and advertise high prices for gold, but pay significantly less.
John North is president and CEO of the Dayton Better Business Bureau.
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