Gold Rush!

You can hardly turn on your TV without seeing a commercial about someone wanting to buy your gold. What the heck is going on?

By: Mimi Vanderhaven
Date: 02/24/2009
During a recession it’s not uncommon for people to look for ways to find extra cash. These include “liquidating assets,” like selling unwanted gold jewelry. Many women have hundreds or even thousands of dollars in their jewelry boxes, made up of out-of-date heirloom pieces, broken chains, rings that no longer fit and “old boyfriend” pieces they simply don’t like to wear.

In addition, Wall Street investors try to beat the recession by shifting some of their investments to gold. The result is a high gold price (a whopping $1,000 per ounce at press time).

The current price of gold—combined with a shortage of cash in even the most affluent households—means many people are anxious to clear out their jewelry boxes and take the cash.

Right now you’ll see countless advertisements from companies wanting to buy your gold. But is it safe to sell your gold to an enterprise temporarily set up in a hotel room? Or worse, place your gold in a pre-paid envelope and mail it to a total stranger?

Duh.

“It’s not a good idea to sell your gold to people you don’t know,” explains Cheri Bonner who together with her mother, Chris Reed, own Westlake’s Stanton Jewelers. “If they are here today-gone tomorrow, it’s unlikely you’ll get the best price.”

For example, Cheri and Chris recently paid a client $550 for a collection of gold jewelry. A hotel show had offered only $200 for the same collection.
How can that happen?

In the manufacture of jewelry, gold is typically combined with other alloys to make it stronger and more brilliant. Here are the percentages of gold in different types of jewelry:

10k = 41.7%
14k = 58.5%
18k = 75%
24k = 100%

So the first thing a qualified jeweler will do is determine the type of gold your jewelry is made from. “Once we know how much gold is in your jewelry, we check the daily rate—which is a function of the current gold price—and that’s what we offer you,” Chris explains. “Some companies offer far less. They get away with it because many customers have no idea what their gold is worth and they don’t bother shopping around. They just accept it.”

Of course if you don’t need cash right now, today is still a fab time to transform your unwanted gold into a stunning, modern piece you will actually wear. The high price of gold means jewelers like Stanton can offer you more design and manufacturing services.

Cheri, a certified gemologist who started at the jeweler’s bench when she was just 17 years old, is a master at re-manufacturing gold. “Many clients come in with old jewelry they no longer wear and walk out with a gorgeous brand new piece. And thanks to the high price of gold, they don’t pay a dime.”

In addition to gold, diamonds, manufacturing and repair, Stanton Jewelers specializes in high-quality colored gemstones, too, including popular ones like Paraiba tourmaline, apatite, certified tanzanites and Santa Maria aquamarine. “There are so many beautiful stones available right now at good prices,” Chris smiles. “We carry many pieces in stock or we can create a truly one-of-a-kind piece.”

So before you take your treasure trove to a hotel room, drop it in the mail, or trust it to an out-of-the-area jewelry house promising the best price, you might want to let Chris or Cheri check it out and give you some legitimate options.

The gold rush is on.

Stanton Jewelers is located at 29209 Center Ridge Road in Westlake. The phone number is 440-871-7090. Hours are Monday, Wednesday and Friday 10-5:30; Tuesday and Thursday 10-7; Saturday 10-3; closed Sunday. For more information, visit www.StantonJewelers.com.

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