Click the play button on the video window to the see the storyYou've seen the commercials and ads that ask:
Do you have unwanted, broken or mis-matched jewelry? Turn it into cold, hard cash fast.
And you've heard the reports that the value of gold is rising.
How do you know you're getting the most for your gold?
The ABC15 Investigators went to five different venues, all of which promised cash for gold: jewelry stores, hotel events, the internet, private appointments and Craigslist.
First we bought three identical necklaces, and had the gold content verified by certified PA Gem Laboratory in Pennsylvania and had them examined by jewelry expert appraiser, Craig Lynch.
Even though we spent $89.99 on each of the necklaces, Lynch said we should get about $38.75 each for the gold melt down value.
We then took our neckaces and hidden cameras to each venue.
Our first stop was a gold buying event at a Valley hotel put on by
GoldStashForCash.com.
They offered us $13 for the melt value, well below what our expert said we should get.
Next, we went to a jewelry store in a Valley mall. CR Jewelers has signs hanging from the ceiling advertising that they buy gold.
The manager told us on hidden camera, “Right now gold for an ounce fluctuates anywhere from $750-$900. We give penny weight which means dollar per gram. So right now it's $8 a gram for 14-carat gold.”
Their offer was $20. Even our expert didn't expect that one.
“I am a little surprise by that,” said Lynch, “That is a little bit on the low side.”
Our next stop was a coffee shop where our buyer we found on Craigslist wanted to meet.
After examining the necklace, Valley resident Walter Aguilar offered us $30.
We didn't bite, and instead took our necklace to yet another buyer.
This time it was a private meeting with Valley Goldmine. They see people by appointment only.
They told us they did not resell jewelry and offered us $40. That was our highest offer.
Our lowest offer was from
Cash4Gold.com.
We sent one of our necklaces to Cash4Gold.com and exactly three weeks later, they sent us a check for $8.32. A tenth of what we paid.
Even though our necklaces were identical, during our investigation, we were offered from $8.32 to $40.
“I found that it is quite difficult to predict who will pay the highest price for things,” said Lynch.
He said the cost for overhead may affect the offers. And every buyer has a different relationship with a refinery. Both may affect the price.
So, how do you get the best deal? Lynch suggests you get organized.
Divide up the different carats and metals, put 14 carat in one pile, silver in another. Then get at least three bids.
“You really have to shop things around. You can't just go into one place because it looks good,” said Lynch.
For more tips on selling your jewelry, visit Craig Lynch's website,
Ouellet & Lynch.
We contacted all the dealers in our story and three responded. The following are their entire statements.
