Cash for gold; who has the best deals? - WECT, weather & sports Wilmington, NC

Cash for gold; who has the best deals?

Reported by Lynda Figueredo - bio|email
Posted by Debra Worley - email

WILMINGTON, NC (WECT) - Some companies say they will give you cash in exchange for gold at top dollar, but is it really the best offer?

This weekend there was an ad in the Star News of Wilmington by Eden Jewelry, of Eden NC, advertising they would be in Wilmington to pay top price for your old, used, and unwanted broken jewelry.

But how do you know if you are really going to get a good deal?

To find out, WECT's Investigative Reporter Lynda Figueredo tried to sell three gold necklaces to three different area jewelers.

Each piece was weighed and analyzed with precision instruments to determine gold content and laser etched for identification purposes.

At Perry's Emporium and College Road Jewelry and Pawn, WECT was offered about $100 for the necklaces.

The out-of-town jeweler who advertised to give top dollar, gave the lowest offer for the jewelry at $60.

It is not illegal for people to buy jewelry at lower-than-advertised prices.  Like any other business, the cheaper they can get it, the larger their profit margin. 

Some people in the industry say there needs to be more regulation for trade shows.

According to police, pawn shops are regulated and have to hold jewelry for at least 5 days, but for companies like Eden Jewelry, those rules do not apply.  Instead of having a work week to reconsider your decision, the company can melt down your gold minutes after you leave.

Jewelry expert Don Palmieri offers the following tips to people considering selling their gold jewelry:

(source: Inside Edition)

  • Only sell pieces with no sentimental value.
  • Only sell gold jewelry for scrap if the pieces are in poor condition. Pieces in good condition can sometimes be sold as estate jewelry for more money.
  • Do your homework. Know as much about your jewelry as possible, including its weight and karat grade. If possible, have your jewelry appraised by an independent appraiser.
  • Remove any precious gems before selling your jewelry to a refiner.
  • Don't take the first offer you receive. Visit several dealers to get the best offer you can.
  • Start with a local, trusted jeweler.

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