Be careful when selling your gold jewelryPosted: Updated:
KENNEWICK, Wash. -- As recent as Tuesday, companies that advertise to buy your gold have come into town. The rules are clear for these so called transient gold sellers; any item they collect must be in town for 30 days. However, some business owners who sell, appraise, and buy jewelry say the rules are often skipped for a profit, and warn consumers to pay close attention to out of town gold buyers.
"A lot of these transient buyers will try to tell the seller that it has no value to them. But, what do they do with it after they're gone with it, do they throw these diamonds away? I don't think so, so it's just another profit margin for them," said Vincent Rundhaug from Desert Gem Studio.
Randy Harris, owner of Ace Jewelry and Loan says that profit margin could go to local business. Harris says consumers should weigh their options before making a quick deal with cash for gold buyers.
"I think what they need to do is go to the local dealers which are doing these things on a daily basis, and at least compare what those people are offering to the local dealers," said Harris.
Jewelry sellers like Rundhaug strongly advise consumers to understand what exactly they have before making a quick decision to sell. "Is it 14 karat? 18 karat? Was it 10 karat? Because each gold content will bring a different value at the scale. What are they paying per gram or per penny weight for that type of karat gold. Something with the platinum and the silver if they're buying that," explained Rundhaug
According to a representative from Porcello Jewelers, one of the businesses visiting Kennewick Tuesday, the company obeys all rules for the town they are in. Kennewick police agreed in this case, even though other business owners stress other gold buyers have not always followed the rules.