how to sell gold jewellery

"It 's time to act, the gold and get it sold," said MC Hammer, American rapper promotes Cash4Gold, the Florida company that promises a "sound money" to consumers in the United Kingdom, who want to sell the jewels' gold. However, the company admitted this week that it sometimes pays to customers, only 20 percent of their market value of gold. Other companies often pay 90 percent.

As the price of bullion broke the $ 1,000 an ounce-mark (608 pounds), consumers have been bombarded with advertisements urging them to cash in unwanted jewelry. Money Times, examines how to get the most out of the Gold Rally, if you want to buy or sell.

Sales in the short term

The gold price is rising for seven years, with some experts saying that bars could soon test the record high of $ 1,030.80 it reached in March last year.

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Bonanza has received a Tupperware-style gold shares, people gather to sell their jewelry, and flowed into new businesses such as postal mail and Gold CashMyGold Ounces2Pounds.

Buying gold jewelry is a great company, with more than 35 tons of gold bullion is produced from scrap in the UK this year. At current prices, worth around £ 700 million. CashMyGold Justin Pritchard, said: "The gold is 21 percent more than last year - good news for consumers. Now is the perfect time for people to sell items that are broken or unwanted."

However, the figures in the industry warn that many companies are offering less than a quarter of the market value of precious metals. Cash4Gold told the fold, offering a 20 per cent and 85 per cent of market value.

Phil Williams, the gold traders, says his company, founded two years ago, was affected by the influx of competitors. "Companies like Cash4Gold spend a fortune on advertising on television and in newspapers," he said. "Then they have to offer customers low prices -. often 40 percent or 50 percent of market value "

Gold-buying companies admit that they do not offer full market price, but consumers say they do not rip. To verify the complaint, asked to bend some of the new gold buying companies than you would pay an ounce 24-karat gold, currently worth about £ 608, although this varies on a daily basis.

CashMyGold said it will pay up to € 545 - about 90 percent of market value - based on the quality weight, and condition.

Or post said it would pay 520 pounds (85 percent), while Cash4Gold offers 367 pounds (60 percent). Meanwhile, gold traders, their price lists on its website, said it would pay 546 pounds (90 percent).

You want to receive the indicated price is an open question. Basically, most companies do not quote prices on their websites, you do not get a price until you send your merchandise by mail and the trader has carried out an assessment.

"Retailers can not promise to attract high careless or desperate sellers, but do not publish their prices online real - so people do not realize that they could be ripped off," Williams said.

Traditionally, gold has been bought by the high street jewelry and pawn shops and customers could get up to 90 percent if the market value shop around. However, these new companies insist that customers post their articles and wait for an assessment, which can accept or reject.

Frank Shepherd, direct consumption, advisory service, says that consumers have little recourse if the gold is lost in the mail or something goes wrong. He says vendors should ensure they have adequate insurance before sending their gold, and think to pay higher compensation. It is also important to have proof of delivery, he said.

"Remember, if you accept an offer they later regret, is not entitled to change his mind later. Just like a good idea to shop around for the purchase of goods is also interesting to ask for quotes from a number of buyers to make sure they are priced right. "

Buy long-term

If you were to invest in gold in the last seven years, you may think you have the Midas touch. However, the recent rally to continue, or soon will reduce the price?

Gold is generally considered a "safe haven" because it keeps its value during the economic crisis, and when the purchasing power of dollars or pounds is on the decline.