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With the economic downturn and with the price of gold at an all time high, the lure to make extra money by selling the precious metal has increased business at local jewelers and pawnbrokers by more than 50 percent.
Aaron Tetrault of Fall River's Pawn Brokers said he is now buying back gold chains at a higher price than what he initially sold them.
"People that bought from us and got a decent deal last decade, they are almost getting double for their stuff," said Tetrault. "You don't have to go back that much, if you bought a gold chain for $1,100 three years ago, the same chain worn out is worth $1,362."
But to Tetrault, his best advice is to make his store the last spot. If anyone has any doubts about selling their gold, they should go to five or six stores before making a final decision, he said.
The price of gold in 1999 hovered around $300 per troy ounce. Now, it is more than $900 an ounce.
And that increase has led to a jump in advertisement for retailers looking to buy unwanted gold. Including advertisers that ask you to mail them your gold in return for cash.
The advice from local retailers is universal - stay way from shipping your gold out.
Most said there isn't an established tracking mechanism and no insurance on the items. One went as far as saying that your valuables would be at the mercy of some "(explicative) out there in California."
"I would never trust the gold to cash mail business, without knowing what you are going to get upfront," said Denis Tetrault of Patenaude Jewelers in Fall River. "You have to do business face-to-face with an established business."
To Lewis Pacheco, of Pacheco's Jewelry and Gifts in Taunton, once you ship out your valuables you are at the mercy of whoever receives it.
"Whether you are buying or selling, stay with someone who is reputable and has been in business for a while in your community," said Pacheco.
A few weeks back, Bill Ustinovich took some valuables to a jewelry/gold buy back event at a Dartmouth hotel. He was told that his gold coin was not gold but that they would consider giving him $100 for it.
However, the coin that he held was worth $900.
How did he know it was worth that much?
He has been in the business for more than 30 years and runs the Ustinov Jewelers in Dartmouth. He was troubled by what he saw in events "that are all over the place" and "held almost every weekend."
"I'm afraid of anyone passing through the night... here today and gone tomorrow," said Ustinovich. "These dealers going around don't care if someone comes in with a Tiffany piece... to them it's junk. A piece that is from a family heirloom has more value than just the scrap gold."
He said that most people don't understand the real value of the items and before considering selling anything they should have them appraised.
Also on the increase are jewelry house parties, reminiscent of Tupperware parties, where jewelry is tested for karat content and gold weighed by someone while the host gathers friends with unwanted valuables.
Pacheco is wary of house parties.
"The ones that I have seen are pyramid deals," said Pacheco. "The prices are not as good as they should be. There are too many hands in the till. A percentage goes to the person throwing the party, another to the appraiser and another to whoever is responsible for it all."
Ustinovich is also wary of such parties, but he believes that they are more respectable than hotel shows because of the reputation of the person throwing the event.
But he also added a gem.
"You can teach a monkey to buy gold, but you need an expert to tell you if what you have is an antique," he said. "You can scrap it there for $100 or have someone recognize it as a $600 dollar design piece."
He added that he often sits with clients who walk in with hundreds of items, of which they have 'no clue' of their value, explaining the value of each piece.
The majority of jewelers recommend that sellers should look for establishments that are certified by associations such as Jewelers Board of Trade and Jewelers of America.
Aaron Tetrault's final advice is to hit the road and talk to as many dealers as possible.
"Going around and getting prices; there is no better advice. In a competitive market, the consumer always wins," he said.
