THE GOLD JEWELLERY RESALE MARKET REMAINS UNPREDICTABLE

 

Are you hoping to cash in as others on the gold rush selling gold jewellery? Then according to gold buyers Melbourne specialists, it is best to have it appraised and ask around and choose your buyers carefully. The dealers say buyers offer different prices for the same piece of jewellery according to clients.

One gold buyer mentioned that one of his regular customers said he went to three different dealers. The customer had a gold necklace and four rings previously appraised by him worth more than $1,000. The client discovered that the three gold buyers’ offers varied between $275 and $600 for the batch.

With the gold price now standing at $2,500 an ounce and people going through difficult times, they need to be extra careful of some dealers, especially online. According to Melbourne, gold buyers that evaluate gold jewellery clients cannot expect a total return on pieces if they paid up to $1,000 in the past.

Customers can expect $600 to $700 as an example for a gold chain, but many online dealers quote below this price. For instance, according to customers, one dealer quoted half of the recommended amount offered as they buy it as scrap gold for $375.

The same client visited a pawnshop in town, and the dealer said the customers could get $160 for the gold chain. Instead, they gave an offer of $275 for the entire collection. Yet, the best price offered was the original gold buyer assessing the jewellery pieces initially as another dealer only provided $600 for the collection.

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Gold buyers Melbourne experts say many of their clients have complaints against online dealers. Clients advise they are not paid enough when sending the gold to the firms. Sometimes, clients told them they received a cheque for as little as 10c.

While others asked for the dealers to return their gold. The customer was informed that the jewellery was already melted down. Hence, according to many Melbourne gold buyers, the best advice they could give is to visit a gold buyers’ shop.

Secondly, they feel that clients need to have their jewellery appraised by a trustworthy gold dealer to know the buyback price when selling it. Therefore, always get several quotes from different gold buyers to choose your buyer carefully.

The Melbourne gold buyers advise instead of mailing your gold to have it appraised, waiting weeks to hear the evaluation and be paid money. Instead, visit one of them at the shop to complete the assessment. You will then receive a quote to compare with other dealers.

Or, if you accept the offer the same day, you can receive cash in hand before walking out of the shop. The same applies to selling or buying precious metals online, like in places such as eBay. Unfortunately, many scams are around.

According to gold buyers, customers need to prepare themselves with warning signs. So a good place to start is reading the warning signs of the CFTC to prepare yourself for tricky promises.