Although it can be a little tricky zeroing in on jewelry stores that also buy gold, there are some easy-to-find stores that are national chains or located online. The key is to compare and contrast their gold buying procedure and choose the one that appeals to you the most.
The Kay Jewelers Gold Exchange is a smooth-operating system run by a famous, well-respected national jeweler. Their well-conceived process makes selling gold painless. They also offer a 10 percent bonus incentive.
- Sign up for a gold exchange account under the "Get Your Packet" column on the right of the Gold Exchange primary page linked above. Once you sign up, they will send you a packet.
- Once you receive the packet, place your gold in the insured shipping package provided in the packet. You don't have to know what karat the gold is. The Kay exchange team will examine it and appraise it for you. They buy a wide range - 10K, 14K, 18K, 22K or 24K gold or European equivalent - so it's a good chance your gold will be eligible.
- If the gold has colored stones or diamonds in it, remove them first before sending the gold. Kay cannot offer compensation for any stones still in the gold when it is received.
- Do not send new jewelry. Kay only buys used gold.
- Other restrictions: no watches or timepieces or investment metals (ingots, coins, bullion, or bars).
- Golden teeth are just fine! Kay will buy dental gold, scrap gold, gold flakes and gold nuggets.
- Once you send it in, Kay will appraise it and notify you the dollar amount you are eligible to receive. If you choose to receive your payment as a Kay gift card, they will add 10 percent to your payment balance.
It's nice knowing you're selling to a reputable, nationally-known jewelry brand. If you're open to receiving a Kay gift card, the extra 10 percent just sweetens the deal.
Jared Gold Exchange
Another well-known national jewelry brand, Jared also has a gold exchange. It works exactly like Kay: you sign up for an account and packet, you send your gold in the provided shipping envelope sent with your packet, and they send you a check once your gold is appraised. They also offer the 10 percent bonus if you choose to get a Jared gift card instead of a check.
What's the Difference?
Sure, Kay and Jared have the same policy and procedure. However, if you happen to like one jewelry brand over another - perhaps you bought an engagement ring at Jared and had a great experience but had a bad experience with Kay once - then you can choose the one you like the best.
Featured in Kiplinger and rated "A" by Better Business Bureau, GoldFellow® has a somewhat similar process as Kay and Jared but with a few differences:
- You sign up for their GoldFellow® Track Pak that includes free FedEx shipping insured up to $2,500.
- They appraise your gold, then send you an offer in writing before you are paid.
- You can request a free, "no hassle" return if you don't like the deal.
- If you accept the written offer, you get paid via wire transfer. (Wire transfers over $1,000 are free.)
They've been featured on America's Money Class with Suze Orman, and they have physical stores across the nation in case you'd prefer to do it in person. (See their store locator.)
Heart of Gold: It's About Trust
When it comes to selling your gold to a jeweler, it's all about finding a company with a good reputation. Many gold buying companies have poor customer ratings or a high number of complaints filed against them. It's a good idea to check a company's profile on the Better Business Bureau before shipping your gold off to anybody. The key is to find a company with a heart of gold and a well-run, reliable operation.