Scrap gold jewelry kits? What do you think?

Question

Has anyone seen those commercials where people get money for their scrap/old gold jewelry? They advertise that you send in your old gold in a "kit" and they send you money for it? Anyone tried it, heard anything about it? It almost seems too far out there, or that they aren't going to give you much money for your gold and you can't get it back? any thoughts out there?

Answer 1

If you choose to sell your gold as scrap, please do not use one of the outfits that advertise on TV--they will not give you the best price because they are marketing their services to the general public and not to in-the-trade individuals who are more knowledgeable.

Send your gold to a reputable refiner. There are several who offer refining services to the jewelry, dental, etc. industries and that is where you would get the fairest shake for your scrap. Collecting scrap, sending it to a refiner and being reimbursed for it is a normal occurence for jewelers.

I've used David H. Fell & Co. in Los Angeles for years. They are a very reputable company with a good history and a well set-up refining service. They will send you a free packet to help you set-up sending in your scrap and will explain the different options for reimbursement.

Please realize that you will have deducted from your scrap value the cost of assaying the gold and fees for the processing.

Good luck.

Answer 2

I have never used them and never plan to. I think it is a sham and you will get screwed over. I think the best way to get rid of scrap gold is to go to a jeweler and get it appraised and then sell it accordingly. You could get some good deals on Ebay or at a pawn shop. Some jewelers even buy it from you. Don't use the "kit."

If you want more info about it, try the Better Business Bureau.

Answer 3

They send you very little for the amount you send to them. They're in it to make money and definitely do not give any of it to you.