People sell gold and silver for various reasons and not always because they need quick cash. Many people have unwanted, unused or broken jewelry and with gold and silver at or near all time highs it may make sense to sell now. It used to be that diamonds were forever but today they seldom survive a divorce. The same holds true for other types of jewelery for a variety of reasons. Some people get tired of wearing the same piece and want something new. Fashions change by the hour or someone wants to "trade-up" to a better quality piece.  Whatever your reason, if you do decide to sell your gold or silver it is important you deal with a reputable and licensed dealer who is willing to explain what you have and it's potential value. Like most other businesses, legitimate precious metal dealers want you as a repeat customer and most are generous in sharing their knowledge. 

  Precious metal dealers  work on thin profit margins and rely on repeat customers and volume to maximize the investment in their business. They are extremely carefull to inspect each and every item you bring them. Fake pieces marked 14k or 18k or sterling , while not rampant, are not entirely uncommon and dealers are vigilant in separating these from genuine pieces. Mistakes can be costly and this explains why legitimate dealers inspect, test and weigh each and every individual item and base their offer on this calculation.

FRAUD ALERT

Dutchess County works to protect consumers from fraudulent precious metal and coin purchasing operations. Inspectors insure precious metal establishments operate certified scales for measuring metal weight and have met other legal requirements for transactions. Establishments are required to post Precious Metal Licenses in a clearly visible area for consumers. Positive identification is required for all transactions, which helps to deter theft and subsequent selling of stolen precious metals.

“We encourage residents to contact Consumer Affairs and report any establishment that promotes “Cash for Gold” or similar promotions when a Precious Metal License is not clearly displayed or if the seller is not asked to present identification,”

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http://www.co.dutchess.ny.us/CountyGov/Departments/CountyExecutive/17603.htm

CLICK HERE FOR MORE INFORMATION ON DUTCHESS COUNTY PRECIOUS METAL LAW 

   No reputable licensed precious metals dealer,  jeweler or knowledgeable antique dealer would ever consider buying ANYTHING without careful inspection , weighing and/or testing  each individual item. If a dealer simply looks at your items and makes you an offer you can almost be certain you are getting ripped off.  If a dealer looks through a collection or jewelry box full of items and without further inspection or investigation makes an offer you should  get a second opinion from a licensed reputable dealer.

 Perhaps the oldest trick in the book is to "bad mouth" your items and then make you an offer. If a dealer tells you that what you are selling is mostly junk or nothing of value and THEN MAKES YOU AN OFFER you would be wise to get a second opinion. Not only is it insulting to disparage your items  but he or she possibly spotted something of value and is trying to get it for cheap. Should this happen perhaps you should inquire why is it that if the items are so junky and worthless they would  want to buy them? 

If, without any further inspection or test, a dealer tells you everything you have is COSTUME JEWELRY then you would be wise to get another opinion prior to accepting any offer that dealer makes. If he or she did not check your pieces with a magnet or other precious metal testing equipment  to eliminate the possibility it may be gold or silver then that should be a warning to get a second opinion. Most gold jewelry is marked 10K, 14K or 18K. Gold jewelry can also be marked 417, 585 or 750 which represents the equivalent fractional percent of the gold content. You can check your items for silver or gold content by using a simple magnet. Most, but not all inexpensive costume jewelry will be attracted to a magnet.  Precious metals ARE NOT MAGNETIC and thus will not be attracted. A licensed precious metals dealer will perform this and other tests in front of you and advise you of the results. An unlicensed shyster trying to rip you off will never perform these tests and instead offer you a quick $20 or $30 and hope you are ignorant enough to accept. By stating that all you have is costume jewelry and trying to purchase it from you they are also trying to circumvent both the letter and spirit of the Precious Metals Law. An unlicensed dealer who tells you they want to buy your items for their "personal use" is also attempting to circumvent and break the law. 

 A licensed reputable dealer will always tell you what you have and whether it is gold or sterling or platinum. An unlicensed dealer will almost never advise you of this because to do so would be an admission of violating existing precious metal laws and risk fines and/or imprisonment.  

After inspecting and weighing your items a dealer will make an offer based on the total value calculated. Please feel free to use our precious metal calculator to estimate the value of your gold and silver. If you don't have an accurate scale that measures in grams or troy ounces stop by and we will weigh it for you at no charge.If you are unsure if your items are gold or silver we will test them for you free of charge. Remember, you do not have to sell right away. It is always best to get several offers before you decide to sell.   

THE LAW REQUIRES YOU MUST BE ISSUED A RECEIPT DOCUMENTING WHAT YOU SOLD AND DESCRIBING IN DETAIL ANY IDENTIFYING MARKS AND THE EXACT WEIGHT AS WELL AS WHAT YOU WERE PAID