PITTSBURGH (KDKA) – You could call it a modern-day gold rush without having to pan for it and this your opportunity to cash in.
Get ready to eye your old jewelry in a whole new light.
Those willing to buy your gold and silver seem to be everywhere these days, but how do you get the best deal?
There is a lot of money to be had, but KDKA-TV’s John Shumway found that shopping around is important and if you’re not careful you could leave a lot of money on the table.
“I just wanted to find out the value of the ring whether it was worth anything,” Nick Kratsas said.
Kratsas’ was curious about the value of his platinum ring with three princess cut diamonds.
That set off the search for the best price and to sweeten the search, Shumway borrowed a few pieces of his wife’s jewelry.
The first stop was Jeweler Mike Masters at L.J. Boss for an assessment of what they had.
The extra gold came in at a value of $1,758.
As for Kratsas’ ring?
“They are nice diamonds. Very clean, white stones. [It] looks like you’ve got about a 75-point stone in the center,” Masters said. “In this ring, you’ve got about $1,450 in this one if you scrap it out.”
What about if it was sold in tact?
“Probably about $3,000 for that piece,” Masters said.
There had to be a willing buyer, so armed with the assessments and the understanding that the world of selling your gold and silver is subjective, they set off.
They sent KDKA Intern Alison Blackwell into five jewelry buyers north, south, east and west with the gold and the fakes. In each place, she asked if she could video the process on a cell phone and most said yes.
There were a variety of ways to test the metal for authenticity.
As Blackwell went into St Clair Jewelers in McMurray, Mary Elabarger was coming out. She was hoping to get $300 for her piece, but ended up with $930.
Which brings us to critical point number one.
Many places will try and ask you what you think the piece might be worth. Do not answer the question because you could low-ball yourself.
Instead, generalize a response to give off the impression that you know the value already.
Second, never assume your jewelry is worthless. Even old jewelry that looks like nothing could be worth something.
Third, sentimentality has no bearing on the overall worth of the item.
Also, selling jewelry for its component parts is not always the best idea.
Now, back to the search for the best price.
For their handful of gold alone, they were offered between $1,140 dollars at Werner’s in the North Hills and $1,980 at Atlantic Gold in Monroeville.
As for Kratsas’ ring, most places were only interested in the platinum. However, Blackwell did get two offers to buy the entire ring.
Gold Buyers in Monroeville offered $365, while the other came from St. Clair for about $1,000.
The best advice if you’re looking to sell some jewelry, is to do your homework. If you know the value of what you’re trying to sell, you’ll end up making more money in the end.