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Is Selling Gold at a San Diego Gold Party a Good Idea?

February 25, 2011 by Administrator · Leave a Comment 

San Diego Gold Party & PartiesIf you are thinking about throwing a San Diego gold party or selling your old gold jewelry at a gold party of one of your friends, you might want to think again. For starters, most San Diego gold parties are illegal. Over the years several individuals have been caught buying and selling gold at illegal San Diego gold parties.

For example, back in 2009 JCK reported about how two retail jewelers in Watsonville, CA, were facing misdemeanor charges for allegedly purchasing used gold jewelry without proper licensing or crime-prevention procedures. This story about illegal San Diego gold parties was covered in the Register-Pajaronian newspaper.

Both of these jewelers were ordered to appear in court to answer for their failure to comply with state and city standards, said the newspaper. One of the gold buyers acknowledged having bought jewelry for over a dozen years, unaware that in addition to a business license, state law requires jewellers/gold buyers to have a second-hand or pawn license in order to buy used goods like scrap gold and gold jewelry.

The crackdown on illegal gold parties in California began in late 2007, when police say a series of complaints prompted them to issue a warning letter to all jewelry dealers and launch an undercover investigation.

Police sent a letter to 25 merchants, advising them of the licensing law and their need to comply with it if they were buying or pawning gold items, said the newspaper. The crackdown served to educate local businesses about laws known as the California Business and Professions Code and the city’s obligation to uphold them.

Outside the fact that most San Diego gold parties are illegal, you also won’t get the most money for you scrap gold at a gold party of one of your friends. Why? Because there are too many people involved who all need to make a profit. Rather than selling your gold at a San Diego gold party, you are better off selling your gold to a buyer that is both a gold refinery and an expert jeweler.

Not all gold refineries are the same. Some of the big nationally advertised gold buyers who are gold refineries have been exposed as paying the lowest amounts for your gold jewelry, while other gold refineries aren’t really refineries at all but ship the gold they buy to out-of-state refineries. However, San Diego Jewelry Buyers is unique in that they operate a local San Diego gold refinery and are expert fine jewelers to boot. They therefore pay the high cash amounts for scrap gold as well as high-end diamond jewelry which never should be melted down.

When selling your gold to a San Diego gold refinery or other kind of local gold buyer, make sure that you research who they are and how they do business.

Sell My Gold? Who is the Best San Diego Gold Buyer?

December 2, 2010 by Administrator · Leave a Comment 

Where is the best place to sell gold in San Diego?If you are looking to sell gold in San Diego, there are many places from which to choose. Which gold buyer is the best? Well, the answer to that question depends on different factors. But when deciding who is the best gold buyer for you, there are some specific questions that you should be asking.

The first question to ask a potential gold buyer in San Diego is how are they weighing the scrap gold, gold jewelry, and other gold gift assets that they buy. Are they weighing these products in grams, or are they weighing them in pennyweights?

The best gold buyers in San Diego weigh customer gold in grams. The reason for this is because when a gold refinery, jewelry store, or dedicated jewelry buyer weighs products in pennyweights rather than grams, this benefits them rather than you, the gold seller. Whoever you do business with, make sure that they weigh your items in grams (in front of you) and calculate their buying offer on the gram weight of your gold.

The next question you want to ask your San Diego gold buyer is how much they are paying for 14 karat or 18 karat gold today. They should tell you in a very simple and straightforward fashion what they are paying per gram for that particular karat weight. Beware of buyers who say what today’s gold price is, not what they are paying per gram. Some buyers deceptively tell customers the price that they are selling gold at, rather than what they are buying it at, in order to lure them into their stores.

If the gold that you are looking to sell is set with diamonds and gemstones, then you want to avoid selling it to a San Diego gold refinery who just buys gold to melt it down or at a San Diego gold party, whose buyer doesn’t have the expertise to evaluate the worth of pre-owned diamonds, rubies, sapphires, and other precious gemstones. Ask whichever buyer you are considering doing business with whether they pay extra for diamonds and gemstones. The best San Diego gold buyers always will pay more when the jewelry is set with precious stones that are significantly sized and of high quality.

In similar fashion, you want to be especially careful when selling designer gold jewelry. Once again, most buyers at California gold refineries or San Diego gold parties do not know how to assess the extra worth of branded jewelry. You want to ask the gold buyer if they pay extra for high branded jewelry and to name a few examples of these jewelry brands. This actually is a good question to ask even if you aren’t actually selling designer gold jewelry, because a positive answer will help show you the gold buyer’s level of professionalism. In addition, you might have an old vintage piece of gold jewelry that doesn’t look branded to you but could be worth a premium price.

When choosing a San Diego gold buyer, you also want to know something about their history. So, ask them how long they have been in the gold buying business and what is their background in the fine jewelry industry. There are a lot of gold scams and fly-by-night gold buying businesses that are looking to make a quick buck preying on uninformed folks who need to sell gold fast to cover some bills. The gold jewelry buyer you work with should certainly be in the gold buying business for over a year and have well-documented evidence of working in the jewelry industry for five or more years. In other words, selling your gold for the best price in San Diego means selling it to a professional buyer with a provable track record.

Speaking of track records, this leads us to another important aspect of choosing the best gold buyer. Be sure to ask whether the company has any complaints filed against it with the San Diego Better Business Bureau. Your gold buyer should have either no complaints filed against it or no more than a couple complaints due to misunderstandings which were successfully resolved and documented by the BBB. If the buyer has multiple unresolved complaints filed against it, this is a red flag.

Lastly, if you are going to sell gold in San Diego, ask the dedicated gold jewelry buyer, gold refinery, or jewelry store whether they are going to pay you cash for your gold or by check. For most transactions, you should be paid cash on the spot for your merchandise. But if you are selling a large amount of gold, it is okay to accept a cashier’s check, as long as the buyer is operating out of a bricks and mortar store in San Diego, and the business has been in operation for over a year.

New Jersey Jewelers Join Gold Rush

April 26, 2009 by Administrator · 1 Comment 

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San Diego jewelers take note, your colleagues in New Jersey are taking advantage of the recent popularity in gold buying parties, reports the Ashbury Park Press

When Thomas Calabro said, “We are at the heart of a gold rush right now,” he was holding up the heart: a mound of gold jewelry on a red velvet display board surrounded by South African Krugerrands.

All told, the assortment was valued at about $250,000. The coins alone were worth almost $40,000, sold to Calabro by a longtime client while gold was spiking at $954 an ounce.

“The last time gold was sky high was around 1979, the year we opened,” said the owner of Twin City Jewelers on Clifton Avenue in Lakewood. “We built this place on the last gold rush.”

In 1980, gold peaked at about $850 per ounce. Last March it broke the $1,000 mark for the first time in history.

Calabro has the current recession to thank.

As trust in traditional money investments erodes, many people are turning to the most reliable of currencies. And that means quadruple the business for Calabro in the gold sector.

The boost in the “scrap metal” trade for jewelers has hedged a slowdown in retail. So now’s the time when jewelers and jewelry owners are perhaps the only people in the country able to bask in this economic climate — indeed, they’re throwing parties.

After spending a while on the sidelines watching their businesses lose to private “gold parties” — the much flashier cousin to the Tupperware affairs — jewelers have started to play a hand.

Earth Treasures in Eatontown is advertising to host “gold-selling” fund raisers for charities, in which partygoers sell unwanted jewelry, silver, coins and scrap gold for cash, with the charity receiving a percentage of each transaction.

Calabro himself has visited many homes, arriving sometimes with $20,000 in cash and leaving after some hors d’oeuvres with a case of jewels.

“It was very frustrating,” Calabro said of the initial competition. “But if you can’t beat them, you have to join them.”

Gold Buying Parties

March 25, 2009 by Administrator · Leave a Comment 

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National Jeweler reports that the tough economic times, in combination with high metal prices, have people around the country gathering at gold parties to sell their old gold jewelry.

Folks in the media have been comparing the gold-buying parties to recession-era Tupperware parties, resulting in cash for participants, who are choosing to clean out their jewelry boxes as the price of gold rises above $900 an ounce.

According to news reports, the parties begin with guests bringing unwanted jewelry, watches and coins to a host’s house. The host, with the help of companies that are mining the trend like MyGoldParty.com, the Gold Refinery and Nassau Buyers, then tests the gold content and weighs the items, and pays out a certain percentage to guests based on the price of gold that day.

A percentage also goes to the party host, the party representative and the refinery that eventually ends up with the gold and melts it down, according to news reports. In addition to much-needed money, the parties also provide a safe haven, and a social outlet, for consumers looking to cash in on high gold prices but unsure about entering a jewelry store.

According to an Associated Press report of a gold-buying party held in Granby, Conn., one participant said, “It’s terrific because it’s a little bit intimidating to think about walking into the jewelry store, even though they may be heavily advertising it, and, you know, to someone that you don’t know and turning over your valuables to them.”

While gold parties can indeed be fun, San Diego consumers should be aware that the buying offers you get at such parties will most likely be less than at a reputable San Diego gold buyer, since the person who is throwing the party is taking a percentage off the top, which means less cash in your pocket.

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If you decide that a gold buying party isn’t for you and you plan on approaching a San Diego gold buyer with your gold jewelry, then you want to be prepared. Before going to a potential buyer, read this article: 7 Questions to Ask Your Gold Buyer

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