Consumers have lots of options for selling gold, including local jewellers and pawn shops, gold buying services, gold parties in friend’s homes, pop-up events by traveling dealers, and mail-away gold buying websites.
“No matter where you choose to sell gold, it’s important to know the value of your gold as well as the reliability of the business buying the gold,” says Danielle Primrose, President and CEO of Better Business Bureau serving Mainland British Columbia. “There is often a big difference between the market value of your gold items, and what you end up receiving for it.”
Generally, complaints are concerning dissatisfaction with the amount offered for gold. With mail-away services, complaints also are about delays in receiving the cheque, or not getting gold items back when an offer is turned down, as well as difficulties getting in touch with the business.
The true price of gold may not be what you receive. If gold is worth $1,600 per ounce, you aren’t going to be paid $1,600 for every ounce of gold you are willing to sell. Ask what you will be paid (if an online company, make sure you ask for specifics and give details on items you’ll be sending before you send them). The going price for gold is for pure gold only.
Don’t let jewellery of different karat value be weighed together. Some dealers will weigh all jewellery together and pay you for the lowest karat value. Separate your jewellery by karat value before selling.
Keep up with the price of gold. Know how much gold is going for on the day you sell. This will help you know whether you’re being offered a fair price and will help you make a decision to sell or walk away.
