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selling gold

 

CityGirl
(@CityGirl)
Advanced Member
Joined: 11 years ago
Posts: 79
September 5, 2011 2:05 pm  

HAs anyone had experiences with selling / pawning gold on Stx? I found a box with some old/ broken jewelry (including an old wedding ring) and was hoping to get some cash for them.


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STXBob
(@STXBob)
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Joined: 16 years ago
Posts: 2138
September 5, 2011 2:16 pm  

I cannot recommend a place to sell it, but the local cash-for-gold market involves a lot of stolen goods, so be aware of this, from 2010: http://www.vipd.gov.vi/Public_Interest/Press_Releases/Show_Press_Release/10-07-08/Police_Continue_to_Crack_Down_on_Illegal_Cash_for_Gold_Business.aspx

"Police Commissioner Novelle E. Francis, Jr. reminds businesses who are involved in trading cash for gold that they must be licensed to sell gold by the Department of Licensing and Consumers Affairs and must follow the rules of the VIPD by submitting information on the sellers.
...
Persons trading cash for gold must provide the buyer with a valid identification and provide their correct mailing address and telephone number. After a sale of gold, the dealer is required to send the information to the police department. The gold must be held for 10 days so police can check that the sale is legitimate and the items sold does not match any jewelry reported stolen."


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BeachcomberStt
(@BeachcomberStt)
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Joined: 12 years ago
Posts: 1017
September 5, 2011 4:23 pm  

My understanding is they photocopy your valid ID (driver's lic., passport, voter ID), you fill out a form with correct info.& sign it, they take photos of the gold jewelry. You get paid with receipt.

They hand in the paperwork to police dept. every week. Then follow the procedures STXBob writes.

Make sure when you walk into the business you see their license & it's current. It should be displayed on the wall where you can see it.

I think you get paid better in the states than here. So, if you are traveling to a state where they buy gold, I would do it there rather here.

You can get an estimate how much they are going to pay you. You don't have to sell, if you don't like the price. Shop around, here and in the states.

There is no pawning here. Only selling.


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divinggirl
(@divinggirl)
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Joined: 14 years ago
Posts: 887
September 6, 2011 12:24 am  

"I think you get paid better in the states than here. So, if you are traveling to a state where they buy gold, I would do it there rather here."

I called local businesses to get a quote then went to the states and got TWICE as much the as I was quoted on STX (about 3 years ago).


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BeachcomberStt
(@BeachcomberStt)
Trusted Member
Joined: 12 years ago
Posts: 1017
September 6, 2011 12:50 am  

More than likely in the states they divide your gold by karets and pay you accordingly. 14k is worth more than 10k. 18k is worth more than 14k. Etc.

Whereas I don't think the buyers on island do that. You would have to ask them, because I'm not 100% sure.
They are just concerned that it is real gold and not gold-plated.

If you have any jewelry, I would take phots of them, just in case.


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CityGirl
(@CityGirl)
Advanced Member
Joined: 11 years ago
Posts: 79
September 6, 2011 1:23 am  

"I cannot recommend a place to sell it, but the local cash-for-gold market involves a lot of stolen goods, so be aware of this, from 2010: [www.vipd.gov.vi]"

I figured as much, thus my question. Thanks to everyone for the helpful info! Think I'll just take it all back to the states with me whenever I go! 😎


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onthespot
(@onthespot)
Advanced Member
Joined: 11 years ago
Posts: 380
September 6, 2011 12:06 pm  

Know the price that day. It varies quite a lot.
kitco.com
click on the jewelry tab on top of the page for more info.
Click on the small black graph to the right of the page for daily gold, click on the enlarged graph for daily highs and lows, bid/ask prices. Knowledge is power.


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