When it comes to something that’s as valuable as gold, there are bound to be plenty of scammers out there looking to take advantage of sellers and their lack of knowledge. Gold is valuable and having information about gold is valuable as well, so anyone looking to sell their gold should know how to avoid gold ripoffs.
Due Diligence
The first step that should be taken in the gold selling process is background checking. Sellers should research jewelry buyers and pawn shops to see what kind of reputation they have before getting in touch with them. Sites like the Better Business Bureau, Ripoff Report, and Jewelers Vigilance Committee are all good bets.
One thing to keep in mind with any review site is that some people will simply use them as a way to complain. Read each comment or submission with a discerning eye. If there’s a trend in the comments that people are making, then chances are good that the trend is something to beware of.
What’s Their Interest in Business?
Aside from checking out the business, it’s also a good idea to also dig deeper into their interest in the business. While checking out a jewelry buyer or pawn shop site, pay attention to what they say about other companies and businesses that buy gold. If they badmouth other companies, pawn shops, jewelry buyers, or anyone else who buys gold, then they might be more interested in luring customers to them through scare tactics as opposed to enticing them with excellent service. Individuals should ask themselves if the company seems more interested in telling what they can do for their customers or what their competitors can’t do.
Know How to Compare Gold Services
The internet has made it easier than ever to compare different gold services with one another. Compare reputation, pricing, shipping, and customer service. It’s also a good idea to see how long the service, pawn shop, or jewelry buyer has been in business. An experienced and established business might be the way to go since they will most likely have more knowledge about the current and fair price of gold.
Check Their Policies
Before deciding who to do business with, sellers should check the buyer’s change-your-mind policy. With this policy sellers will be able to get their money back if they reject the buyer’s offer within a specified amount of time. If the seller doesn’t have this kind of policy, they might have a guarantee with similar stipulations. Offering this policy or guarantee is usually a sign of a reputable business that is truly concerned with offering their customers good service.
One final item to look out for when selling gold is a company’s explanation of their service process. Is the process easy to understand? Is it similar to other gold buyers’ service processes? Is there anything in the process that doesn’t sound right? Don’t be afraid of calling up the company to ask questions. Phone etiquette is another good indication of how the seller treats their customers.
Rather than be afraid of being scammed while selling gold, be afraid of being uninformed about selling gold. Never underestimate the power of information.
I never thought about all the steps one should take if one was selling gold. These are great tips, especially checking the buyer’s change-your-mind policy. At least the internet makes it easier to compare services.
This is a great article – I don’t have gold to sell, but I feel more aware in case I know anyone who is thinking about it – so many things to be careful about out there!