Gold parties are very popular in America.
Recently, companies in the UK have started promoting the concept of holding gold parties.
Gold parties are becoming popular it seems because people are keen to find some extra cash to add to the family pot and maybe more importantly the price of gold has increased dramatically.
Gold was priced at £180 an ounce ten years ago, it's now approximately £610 an ounce.
The price of all precious metals is fixed in U.
S.
dollars twice a day, and then converted into pounds.
But what is a gold party? Think of it like a body shop or the pampered chef party, only in reverse.
The party host invites their friends, neighbours and family around to their house, asking them to bring along any old, broken and unwanted items of jewellery for valuation.
There is also a jewellery appraiser at the party who tests and values each item.
If you are happy with the price offered, you are paid on the spot for your gold.
The host can of course sell their unwanted gold and they also make a commission on all the gold purchased by the broker.
So instead of spending money at the party the guests and the host have an opportunity to make some cash.
Sounds like a great idea? It may well be ideal for you and your friends but there are a number of issues to consider before you start searching the back of your jewellery box or attic for those unwanted pieces of gold.
So, yes, gold parties are appealing, they're a great excuse to enjoy a few glasses of wine and socialize with your girlfriends, but you may you may or may not get fair value for your gold.
Usually, people are so desperate that they think whatever money they get is fantastic.
The advice would be, seller beware, and do your homework.
Visit as many places as you can before you go to a gold party, have your gold sorted, and weighed before you go.
Write down the prices you got from a jewellery store, and then if you get more at the gold party sell.
Another problem encountered in America has been that of disreputable gold buyers using scales and even calculators that have been tampered with.
The best way to avoid this is to use a reputable company that you trust and remember to keep your wits about you.
The advice would be only to accept cash for your gold.
If you take a cheque payment and then the cheque does not clear you may well find yourself with no gold and no profit either.
Jewellery with precious stones can also cause problems.
The value of the stone is not normally included in the price offered.
To avoid losing out you could have the stone removed prior to the party, although this is not always practical.
If gold parties become as popular as they are in America there will soon by many companies offering this service.
Until this time, if you want to host a gold party then a local independent jeweller who buys second hand gold should be to help.
Gold parties.