Selling Gold and Diamonds in Chicago
According to Kiplinger’s https://www.kiplinger.com/article/saving/T015-C000-S002-smart-ways-to-sell-your-gold.html “The Better Business Bureau reported 574 complaints against gold, silver and platinum dealers for 2010, and that number was expected to double in 2011.
Some complaints involve inflated offers in advertising. Other consumers say they mailed gold pieces to have them appraised, but never received a check, nor did they get their jewelry back.”
Chicago consumers need to be aware that fraudulent practices can happen in the gold and diamond buying industry, and they need to protect themselves accordingly. Fortunately, honest gold and diamond jewelry buyers do exist, but you do need to be aware of clues that can alert you when a gold buyer is not acting in good faith. We have put together 3 hidden secrets you can use when selling gold and diamonds in Chicago that can warn you to walk away.
What to look for when selling gold and diamonds in Chicago
Secret 1#: Not all measurement scales are equal. When you are selling your gold and diamonds, ask the buyer when they last had their scale inspected for accurate measurement. Because the weight of your gold jewelry is a critical factor in how much you get paid for your item, you will want to make sure you work with a gold buyer, who uses an accurate scale. The best way to do that is to bring a quarter with you to the meeting. A quarter weighs 5.670 grams, and your gold buyer’s scale should read that back to you when you place it on the scale. If the gold buyer makes you feel like he is inconvenienced by your request to ensure the scale’s accuracy, it’s time to head for the door.
Secret #2: Research the current spot price for the gold. Before you head to the meeting with your gold buyer check the current price of gold. Gold prices fluctuate from day to day and week to week. By taking a look at the gold price before your meeting, and doing some simple math you can make sure you are getting a fair price for your items. https://www.kitco.com/charts/livegold.html .
Secret #3: Gold and diamond buyers’ require a license
When you are selling your gold and diamonds in Chicago make sure the buyer has a license on display or they can produce a copy of their license upon request. You should also bring your ID when selling your gold jewelry because gold buyers are required by law to check your ID if you decide to accept their offer. If the gold buyer doesn’t ask for your identification or seems put off when you ask to see his license, it’s a clue they not be on the up and up.
Cook County Gold Buyer, Owner, Michael Jacobson encourages his customers to familiarize themselves with the gold and diamond buying process, and he encourages his customers to ask any questions when buying their gold. Mike Jacobson will appraise your gold and diamonds in your presence, and if you decide to sell, Mike will pay you 75% of the spot value for your gold.