The recent rise in popularity of Gold Parties has given me flashbacks to simpler times when they made bikes that braked when you pedalled backwards, a computer memory upgrade was 16KB, and your packed lunch at school came in a virtually unbreachable plastic tupperware container. The same could not be said of the lidded beaker that briefly contained orange squash until you accidentally back-pedalled a little abruptly.
In later years I realised that obviously these parties are little more than an excuse for a girls-night-out, the ladies congregate with bottles of wine and sour cream dips, shooting the breeze whilst the sales rep pedals their snake oil. If you\’ve ever wondered where the decorative candle holders, plastic rotary cheese graters and acrid scented candles come from – in my experience they generally show up a week or so after one of these soirees. The key to the success of these parties is the unwritten obligation of the attendees to buy something to show support for the party hostess.
The latest party trend that has made it\’s way across the Atlantic however is a different kettle of fish entirely. The Gold Selling party just seems a step too far to me. Gather 15 of your closest friends and their collection of unwanted jewellery and take it in turns to have your gold tested, weighed and bought from you. Having been convinced that the price of gold is at an all-time high and now would be the sensible time to sell, you are then put on the spot, subjected to the unspoken participation obligation and before you know it you have been parted from your formerly prized possessions for a little over half their actual value.
As it happens, actually hosting one of these parties is a pretty lucrative proposition in itself. According to the Gold Party companies websites the hostess can expect to receive an average of about 300 in commission and a contribution towards refeshments of 40. Not bad at all for an evenings work.
The problem is that unlike most of these parties where you are very unlikely to discover the product you bought anywhere else – let alone cheaper, the price of gold is publicly listed and there are countless places to sell your gold, and most of them (apart from a couple of much publicised websites) are going to pay you much more. If I discovered a friend of mine had been complicit in effectively robbing me, there would be a definite shortening of the Christmas card list to say the least.
Almost every commercial break on television at the moment includes at least one advert telling us that now is the time to sell our scrap gold because of the record price levels. It stands to reason therefore, that if you are going to sell, you should at least try to get todays prices rather than 50-60% of the value which is closer 20 the price in 2007. The trick is to check your gold for hallmarks, weigh it, and calculate the approximate value yourself before attending a gold party, or posting your gold to an online buyer. Alternatively pop into town and at the very least get a reputable jeweller and a pawn broker to give you a valuation. You could save yourself and your friendly party host a lot of grief in the long run.
Brian Aitchson offers helpful Advice and commentary on his website regarding all aspects of Selling Scrap Gold including advice on Selling Gold Jewellery
Tags: gold buyers, gold parties, gold party, home finance, jewellery, jewelry, party planning, Personal Finance, precious metals, scrap gold jewellery, selling scrap gold