Places to sell diamonds
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Gold prices are running up at surprising rates, and you may want to sell the gold you have to jump aboard the bandwagon. The following are a few tips to consider before you run out and sell your gold jewelry, as knowing the best and worst places to sell your gold can dramatically enhance your return.
At the time of this writing at 10:40AM Central Standard Time on November 9th, 2009 gold was selling for $1,106.90 per ounce! Dang! This gives me “Gold Rush Fever”! You know the saying, “The bigger the crowd, the more people show up for it!” And it’s getting to be quite the crowd! But the wisdom of this crowd is more a bubble in the making. And as we all know, the only thing bubbles do is pop!!
There is a good rule of thumb to keep in mind to know if gold is over valued. It’s called The Fifty Percent of Platinum Rule.
Example: Take the current value of platinum ($1360.00 an ounce) and divide it by 2. Half of $1360.00 is $680.00 so gold is currently $426.90 over valued! So if you were thinking about liquidating some old scrap jewelry you aren’t wearing any more NOW IS THE TIME!
Here’s what you do:
Go to your local retail jeweler that has been around for five generations and put your trust in them. If you have just a small amount of gold, expect a 70% to 30% split for the jeweler’s trouble and an 80% to 20% split if you are sitting on a sack of gold.
- Avoid the Tupperware style gold parties your friends are throwing because you will lose more than 50% of your gold nest egg!
- Avoid department store jewelers (there you will probably be talking to somebody who was working in the purse department yesterday) and chain stores where employees are paid by the hour and do not know enough to guide you through your transaction.
- Avoid, most of all, anybody who says for you to put your jewelry in a sack and mail it to them! These guys are taking people to the cleaners!
The biggest crook is Cash-4-Gold! They might as well put a ski mask on and stick a gun in your back! Their world is imploding with all the write-ups on how they are not honoring return policies and giving just pennies on the dollar! So my final advice is if you are sitting on gold or have it hiding under your mattress waiting for some dooms day scenario, now is the time to sell it before you lose your shirt at the cleaners!
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Check out our free resource for continued education on jewelry value and diamond quality today. Fred Cuellar is an internationally known diamond expert and author of the bestseller, “How to Buy A Diamond.” He is the diamond expert for the Wall Street Journal. Let us help you find your next loose diamonds or engagement ring purchase. Article Source: |
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