Daily Dupaco

Wednesday, September 21, 2011

A gold mine in your jewelry box?

With the price of gold rising steadily in recent weeks, there's been a rush to sell old gold for cash.

And it's happening locally.

Gold was up 12 percent last month after touching an all-time high of $1,917.90 an ounce on Aug. 23, Bloomberg reported.

As a result, Mike Doland, owner of Doland Jewelers in Dubuque, says more people have been coming into his store to sell their gold.

"We see a lot of broken chains, class rings, worn-out rings and sometimes dental gold, with the teeth and all," he says. "Sometimes divorced jewelry will show up."

If you're on the fence about cashing in on your old jewelry, Doland has some advice for you:

  • Once it's gone, it's gone. Make sure there's no sentimental attachment to what you're selling. You don't want to part with Grandma's ring and regret it later.
  • It's worth finding out. Rather than assume a piece of jewelry is worthless, take it to a jeweler who can identify it. "Once in a while, a person is surprised. They can have a handful of costume jewelry and in the middle of that can be a nice piece of gold," Doland says.  
  • Keep it local. Be leery of TV commercials that instruct you to package your gold in an envelope and wait for your check. Instead, look to familiar places such as the jeweler who sold you the piece. 
  • Be realistic. When you sell scrap gold, you're not selling the craftsmanship or work that went into the piece. You're receiving the value of the raw material. Jewelry is never made of pure gold.

For more tips, visit the Home & Family Finance Resource Center.

By Emily Kittle

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