selling gold

Tesco Supermarkets Will Buy Customer's Old Gold Jewelry

The business of selling gold has come to the supermarket, at least in the UK. Supermarket giant Tesco launched a gold exchange program online and in stores that allows customers to turn in their gold jewelry and receive cash deposited directly to their bank accounts. According to reports, the program, which began in November, works similar to other mail-in programs which have potential customers sending away unwanted or damaged gold jewelry in a prepaid package. After the package is evaluated the customer receives an offer letter and can choose whether or not to accept. Valuations are not done in the stores.Tesco's website says it will pay £7.81 per gram of nine carat gold. It will also accept gold coins. Like many services, the Tesco service does not compensate for stones in the jewelry so this is best of chains and other pieces that aren't set with stones which could be valuable.

Tags: buy gold jewelry, gold, selling gold, selling gold jewelry, tesco

A Warning For Sellers Of Gold Coins

by Deidre Woollard (RSS feed) —

Our colleagues over at WalletPop recently mentioned some things you might need to know when looking to sell your gold. With the price of gold continuing to skirt $1,200 an ounce, there are reasons to be concerned about getting a top price, especially when it comes to gold coins. Gold coins may be worth far more than the mere weight on the scale. The Professional Numismatists Guild (PNG), a nonprofit organization composed of many of the country's top rare coin and bullion coin dealers, warns that some traveling gold buyers are offering pennies on the dollar for valuable gold and silver coins. In one instance, an out-of-town buyer offered only $60 for the rare 1925-dated Denver Mint $2.50 gold coin shown at right which was valued at $10,000 by PNG experts.

"Recent news media investigations conducted with the assistance of Professional Numismatist Guild member-dealers from Texas revealed that some traveling gold buyers who set up for a few days in a hotel, then move on to another town, sometimes offered as little as three percent of the actual value of coins they were offered. You may see bigger promises than payouts," said Robert Brueggeman, PNG Executive Director. "The scales used by some itinerant buyers to weigh gold jewelry may not even be lawfully registered with government agencies. That could result in inaccurate weight measurements to your detriment when you're selling gold jewelry for its melt value," said Brueggeman.

Brueggeman encourages those interested in selling gold or silver to prepare in advance and get multiple offers. He suggests consulting with local merchants who have a good reputation in the community. Some traveling buyers have lawsuits filed against them or are targeting areas of the country undergoing economic distress. PNG Executive Director Brueggeman emphasizes: "If you don't know coins, you'd better know your coin buyer." The PNG has a strict Code of Ethics for its members in the buying and selling of numismatic items. For additional information and the locations of PNG member-dealers, call (760) 728-1300 or visit online at www.PNGdealers.com.

Tags: gold coins, goog, numismatics, professional numismatists guild, selling gold, selling gold for cash

More Jewelers Fall Victim To Gold-Selling Scams

by Deidre Woollard (RSS feed) —

Filed under: Jewelry, Crimes and Misdemeanors

With gold's high prices more and more people have been selling off gold. In some ways that has been good for jewelers but it has also meant that gold-related frauds are on the rise. JCK Online reports on the findings of the Jewelers' Security Alliance which has received over 28 reports of gold-related frauds committed against retail jewelers in 2009. That number doesn't sound like a lot but last year saw just six scams.

There have been two major types of fraud, a bait and switch in which the seller shows the jeweler a gold item and then switches it with a lookalike fake, and a scenario in which the jeweler buys a piece that tests positive as gold but is instead a heavily plated item. Jewelers are advised to be aware of the proliferation of fake items and to test it as much as possible. Both buyers and sellers should be aware of the possibility that even if a piece is stamped as gold that does not mean it really is.

Gold sellers are also warned to be cautious. Check the daily prices and be aware that while any jeweler or gold dealer will also take a share of the profits it pays to shop around because the percentage may be different and different stores may offer varying prices for pieces. Depending on the value of the piece it may also be advisable to have it evaluated by an independent appraiser before shopping your jewelry around that way you know the range that it could fetch.

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Tags: gold, gold jewelry, GoldJewelry, jewelry stores, JewelryStores, selling gold, SellingGold