BBB Advice for Making “Golden” Gold Transactions

Sept. 19, 2011 - PRLog -- RALEIGH, N.C. (September 19, 2011) — Better Business Bureau serving Eastern North Carolina is advising consumers to do their homework before making tempting gold transactions.
Whether through an online venue, an at home “gold party,” or local jeweler, many consumers are looking to sell their gold jewelry for some quick cash. However, not all dealers can be trusted. In 2011 alone, BBB has received more than 500 complaints nationwide against gold, silver and platinum dealers, a number that is well on its way to exceeding 2010’s 581 total complaints.
“Consumers need to be on the lookout for disreputable sellers,” said Toby Barfield, president and CEO of BBB serving Eastern North Carolina. “Many of the complaints we receive stem from false advertising and delivery issues where the consumer ends up being appraised far less than what they thought their gold was worth.”
BBB recommends the following tips to ensure a “golden” gold transaction:
Find a trustworthy appraiser. For an appraisal, go to someone locally whom you know and trust. BBB suggests obtaining two or three appraisals to compare prices, prior to any sale. Always check out the business first at bbb.org.
The true price of gold may not be what you receive. If gold is worth $1,700 per ounce, you are not going to be paid $1,700 for every ounce of gold you have. Ask what you will be paid and understand that the ounce quote is for pure gold only. For instance, 14-karat gold is composed of just 58.5 percent gold.
Do not let jewelry of different karat value be weighed together. Some dealers will weigh all jewelry together and pay you for the lowest karat value. Separate your jewelry by karat value before visiting a dealer.
Know the terms and conditions when shipping items. Make sure your items are insured when being shipped, so if they are lost you can recover the value. Also, obtain appraisals prior to mailing items, so if they are lost you have proof of their value. Check the company’s policy as to what they will reimburse if they lose your product, as many companies will limit their liability. Make a list of the items included in the package, keep a copy for yourself and put a copy in the package. Take a picture of the items you are sending as well, including any identifying marks.
For additional information, visit us online at bbb.org.

About the BBB serving Eastern North Carolina
The Better Business Bureau serving Eastern North Carolina is a 501(c)(6) not-for-profit corporation serving 33 counties in Eastern North Carolina. The organization is funded primarily by BBB Accredited Business fees from more than 2,900 local businesses and professional firms. The BBB promotes integrity, consumer confidence and business ethics through business self-regulation in the local marketplace.  Services provided by BBB include, reports on companies and charitable organizations, general monitoring of advertising in the marketplace, dispute resolution services, and consumer/business education programs.  All services are provided at no cost to the public, with the occasional exception of mediation and arbitration. Visit bbb.org.