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Selling Your Gold Jewelry: Expert Tips & Advice

Dozens of new businesses have sprouted up offering “cash for gold” in the Albuquerque area. Jewelry stores, gold exchanges, pawn shops and other traditional gold buyers have become more aggressive. Mail-in and hotel gold buyers are advertising heavier than ever. Even places unrelated to jewelry, such as payday loan and check-cashing centers, are hopping on the bandwagon.
With gold prices sky high, many believe that it makes sense turning unwanted jewelry into more useful cash. What was worth $500 just a few years ago will now bring about $2,000. Moreover, after witnessing the huge rise and fall of the housing and stock markets, some argue that metal prices are no different—and may fall drastically as well.
So if the “sell now” decision has been made, here are some helpful tips offered by National Jewelry Buyers, a prominent gold and diamond buyer in Albuquerque:
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.
COMPARE “TOTAL AMOUNT.” Do not bother asking how much they pay per gram or percentage of gold. Just get a total dollar amount they will pay for your jewelry. By comparing just this bottom line offer, you’ll avoid falling prey to the misleading tactics some dealers use to make their offers merely “sound” great.
SELL DIAMONDS TO A DIAMOND BUYER. Despite signs reading “buying diamonds,” most cash-for-gold businesses will actually pay nothing for diamonds and are only interested in melting the gold. 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. National Jewelry Buyers is one of the few qualified diamond buyers in New Mexico that is a member of Rapnet & GIA, the largest diamond networks in the world.
PLACES TO SELL YOUR JEWELRY? “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 Romie Salem, owner of National Jewelry Buyers. “Sell your valuables to a strong, specialized, reputable jewelry buyer.”
His opinion on places to AVOID:
Check-cashing, payday loans or other business that buy gold as a “sideline” part of their business don’t have the jewelry expertise required to make the best offer.
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.