Do you own jewelry that you're not wearing anymore? It may be a great time to take stock of your trinkets. Precious metals are worth a pretty penny right now.
"I’ll take a look at what you have, Simon," says Brett Barrad.
Jewelry store owner Brett Barrad says business is good, but these days, he's the one doing most of the buying...
"We’ll weigh up the gold, see what the price of gold was on that day, and determine the purity of the gold," says Barrad.
Gold prices are near a 25 year high, so lots of customers are toting in their treasures and coming away with cash.
"They're going to get maybe 60, 70, 80% of the gold value out of it; and sometimes more," says Barrad.
"This is just not in style anymore," says Toni Marie Abbey.
Toni Marie Abbey hopes to make some money off some jewelry box rejects.
"I think with the price of gold, if I haven't worn something in 4 years, there really isn't any reason for me to hang onto it anymore," says Abbey.
But keep in mind; selling for scrap will not bring you anything near retail value. For example, a 14- karat gold chain that retailed for 500 dollars may bring you 250 dollars for scrap, more or less depending on the deal you strike.
"I’m hoping to get somewhere in the neighborhood of $100," says Abbey.
Jewelers will often pay more for artistic items they can re-sell.
"Some pieces can have the provenance that would make them quite valuable, but you wouldn't know until you had them appraised," says Cos Altobeli with the American Gem Society.
So, you may want to visit an experienced appraiser first. Then when it is time to sell, shop around to get the best price. Lots of places are dealing, from local gold buyers to jewelry retailers to refining companies.
"I can do 170 for you," says Barrad.
Toni has experience in the gold market and is still happily surprised with the offer today.
“That’s better than I was anticipating,” says Abbey.
And she's already got plans for the money. "I’m probably going to spend it this weekend!"
When selling your gold, you'll get more profit out of pieces with higher gold content, such as gold coins or bars. Jewelry has varying grades of gold, and it denotes the actual gold content of a piece. Fourteen karat gold, for example is about 55% actual gold. The remainder contains other metals.
