National Jewelry Buyers Sheds Light on the Gold Buying Industry

Proceed With Caution—It’s A Jungle Out There

ALBUQUERQUE, N.M.--(BUSINESS WIRE)--With all the new “Cash for Gold” signs and commercials buzzing around the country, millions are flocking to turn their old jewelry into cash. Gold & silver exchanges, coin shops, jewelry stores, and pawn shops are bustling with customers. Even check-cashing centers, payday loan businesses, and barber shops are getting in on the action.

The president of National Jewelry Buyers, one of Albuquerque’s most prominent gold exchanges, shares his insight on this booming trade.

“In the past, our industry catered mostly to those needing some extra cash. People were often embarrassed of looking desperate if they sold their jewelry,” explains Romie Salem. “All of that has changed.”

He elaborates, “With gold at record high prices, people recognize it’s a great opportunity to cash out the unnecessary jewelry they have accumulated over the years. We are now seeing a wider range of customers, including the upper-income crowd that would rarely be seen selling their personal treasures.”

Despite the spike in gold and very tempting advertisements, many are still hesitant and skeptical. “Complaints are rampant about businesses that gouge customers and pay a small fraction of what pieces are actually worth,” says Salem. “Indeed, all gold buyers are NOT the same. Customers frequently tell us about other places that offered them much less than what we paid. The difference is sometimes shocking,” he acknowledged.

So how should one go about selling her/his jewelry? “Use the same common sense you would when making a major purchase,” urges Salem.

Some specific advice offered by the National Jewelry Buyers staff includes:

1.	SHOP AROUND. Always get more than one quote. “You’ll be amazed how far apart offers can be. We love our policy of ‘no games & no negotiating—just our best straightforward offer’. Customers really appreciate it,” says one employee.
2.	COMPARE “TOTAL AMOUNT”. Do not bother asking how much per gram/pennyweight or what percentage of gold they pay. Just see how much they will pay you in total for your jewelry. By comparing just “the bottom line,” you’ll avoid falling prey to the misleading tactics some dealers use to make their offer sound great.
3.	SELL DIAMONDS TO A DIAMOND BUYER. Despite their signs displaying “buying diamonds,” most cash-for-gold businesses will actually pay little to nothing for diamonds. They are only interested in melting the gold in which the diamonds are set. National Jewelry Buyers is one of the few specialized gold and diamond buyers in Albuquerque, where your diamonds will be graded and appraised by an expert.
4.	PLACES TO SELL GOLD? “When you think of buying appliances, you think of Sears or Best Buy. When you want household supplies, you go to Walmart or Target. Use the same logic,” says Salem. “Sell your valuables to a strong, specialized, reputable place.” His opinion on places to avoid:
		A.	Pawn shops are useful for “pawning” something temporarily. They will rarely pay highest to buy your gold jewelry outright.
		B.	Check-cashing, payday loans, or other business that buy gold as a “sideline” part of their business will never pay the highest.
		C.	Mail-in centers and fly-by-night hotel buyers that set up on weekends will not be your best venue. If you live in a rural area where a strong gold buyer is simply not available, it will usually be worth driving to the nearest city where a reputable gold exchange is open.

For more information, including current market prices and other details on getting the most for your jewelry, visit www.nationaljb.com.