It's beautiful it's valuable and Dave knows his jewelry has never been worth more.
Dave, gold jewelry owner"It’s at its highest price in years."
Maureen, with her own stashed-away gold thinks–that means–its time to sell it
Maureen, gold jewelry owner"With the price of gas it’s a good way to get extra money."
But when we took a hidden camera into jewelry stores that advertise they buy jewelry, we found its not so simple to change your gold into green.
We took pricey but dented gold earrings, a nice but machine made necklace and an Italian hand-made necklace in perfect condition. We know the price of gold changes every day, so we shopped our pieces all on the same day to see how much we could get.
Now remember we have three items. And you'd think stores would, up front offer a price per piece.
Nope, in six out of seven places we checked, clerks picked up the jewelry and put it on their scale at the same time.
Hank Phillippi Ryan"When they just plunk the gold all together on the scale, is that the right way to do it?"
Donna DePrisco, Vice President and General Manager, DePrisco Jewelers"No, no, don't sell it that way"
Here's why: these earrings are 18 karat gold. DePrisco showed us this necklace is 14 karat. They should be valued differently.
What's more, DePrisco said this necklace is handmade and in perfect shape, worth more because it can be resold.
So watch: Putting them all together and multiplying the weight times the price of gold: they're worth $552.
But individually we could get $840.
Hank Phillippi Ryan"So we've lost $300?"
Donna DePrisco, Vice President and General Manager, DePrisco Jewelers"That's right if you don't know what you're doing."
But, back at the stores, we had demanded individual prices, and checked to see if thee scales were properly certified. But that's when the offers got even more surprising.
For our 18 karat gold earrings DePrisco told us we should get at least $270.
But look at these offers! Five out of seven stores offered us less-and some much less $120 dollars.
Donna DePrisco, Vice President and General Manager, DePrisco Jewelers"No way!”
For the simple necklace, her appraisal was $140. But only one offered that, all the rest were lower.
Donna DePrisco, Vice President and General Manager, DePrisco Jewelers"I can’t believe, I can't believe those prices!"
And for the Italian necklace, DePrisco said $280.
But check these offers: Not one even came close.
Hank Phillippi Ryan"So they're taking advantage of us?"
Donna DePrisco, Vice President and General Manager, DePrisco Jewelers "Absolutely."
Problem is, there are no rules that require stores to make an offer based on the current price of gold so go in "guessing" and your treasure hunt is going to be a disaster.
And finally–a place that buys jewelry must be licensed. Check for that–before you show your gold. In the newsroom, I'm Hank Phillippi Ryan.
(Copyright (c) 2008 Sunbeam Television Corp. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)