Gold prices have surged past $3,000 an ounce, doubling from just a few years ago. This rise is prompting many people to cash in on old gold jewelry they no longer wear.
Jewelry and gold-buying stores have been busy recently. Kurt Shearer, among many others, brought in pieces he hadn’t worn in years. “Stuff I don’t wear anymore, so why not bring it here,” he said.
Becky, another seller, brought rings and bracelets she hadn’t touched for a long time. She said even if she only got a few dollars, it was worth it.
Though gold prices have dipped slightly from their April peak of $3,400 an ounce, shop owner Adam Andrus says sellers can still get good money. “It all depends on the weight, and what carat it is,” Andrus explained. For example, an 18-carat gold bracelet could be worth around $15,000, while a typical thin necklace is usually 14-carat and weighs about 10 grams.
If you have gold jewelry you don’t wear and no one to give it to, now is a great time to sell. “If you’re not going to wear it, and don’t have anyone that wants it, it does no one any good sitting in a drawer,” Andrus said.
Shearer was happy with his sale. “It went very well, glad I came in,” he said.
As long as your jewelry isn’t costume pieces, you might be sitting on a small fortune. Take a second look through your drawers and closets—you could turn forgotten gold into cash.
