Home › Forums › Open Discussion › Wanting to sell my gold wedding band
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March 18, 2009 at 10:22 pm #590126
chefMemberI have my old 18k/Platinum wedding band that I thought would be worth selling these days given the market price of gold and platinum being up. My ring weighs about 7 grams and so I stopped by a place in the Junction today that advertises it will buy gold jewelry. The guy behind the counter offered me only $130 for the ring, stating that when they refine it he wouldn’t get credit for the platinum. That price is way below what we paid for it at Alvin Goldfarb originally.
Does this sound right to anyone? I thought that during the refining process the metals naturally separated? Not only that – platinum is worth slightly more than gold – you would think they would want the platinum.
If anyone has any suggestitons about places that buy gold/platinum jewelry for a good market price, I would appreciate it. The ring is engraved so it wouldn’t go over for resale very easily.
March 18, 2009 at 11:26 pm #661013
flowerpetalMemberChef, I would suggest going to Wyatt’s in Westwood Village. You can read the post about Jewelry repair.
I understand that Wyatt’s has the highest return for gold in West Seattle. Many places throughout the greater Seattle area are robbing people (figuratively) of their gold. Yes, gold is up; and people need fast cash. Many jewelry stores and pawn shops are “seizing the opportunity.”
March 19, 2009 at 12:15 am #661014
celeste17ParticipantI would try Russell Jewelery on California Ave. Patty and Ron are very honest and knowledgeable. If tney can’t buy it they can give you a recommendation of who can buy it.
March 19, 2009 at 5:41 pm #661015
dhgParticipantIf you were to send it in to one of those “cash for gold” places that advertise on cable, you’d get about $3. And when you called to complain they’d offer to up it to $9. And when you say forget it, they’ll say sorry it has already been melted.
March 19, 2009 at 6:01 pm #661016
flowerpetalMemberThis is why its best to shop around first. I’d be surprised if you found someone who was giving you more for your gold than Wyatt’s in Westwood.
March 19, 2009 at 7:05 pm #661017
rs261MemberToday the current price of platinum is $1121 an ounce, 7 grams is about 1/4 of an ounce. Generally speaking platinum is measured in purity not karats. usually 90-95% pure for jewelery in the united states. so lets say you have 6.5 grams of pure platinum, that would be worth $257 dollars based on todays prices. of course that would be with 0 profit if sold already pure/refined etc. Based on that, 130 might be just about right…but who am I to say, im no jeweler.
March 19, 2009 at 11:23 pm #661018
chefMemberThanks all for the tips – Wyatts was definitely the way to go:) Glad to know we have such good businesses in W. Seattle:)
March 20, 2009 at 4:51 pm #661019
flowerpetalMemberI’m glad it worked out chef. I hear repeatedly that Wyatt’s is giving the customer the highest return on gold definitely in West Seattle if not a wider range. Some “buyers of gold” are charging usury rates and preying on people who need cash in hard times.
March 20, 2009 at 4:55 pm #661020
flowerpetalMemberI should add that I am not implying that any of the other jewelry stores in WS are charging usury rates. The well established businesses like Russell’s are trustworthy and an important part of the WS community.
March 20, 2009 at 10:40 pm #661021
RainyDay1235MemberA friend of mine up in rural North Bothell/Woodinville area recently got laid off. He’s been supplementing his unemployment with mining for gold. I guess he’s making several hundred dollars a month doing it too….some riverbeds have just enough to make it worthwhile.
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