New Ways To Trade In Your Gold Jewelry For Cash

The price of gold has been skyrocketing to record highs. So much so that people are finding ways of 'cashing in' on their own jewelry in a big way.

Ever wonder what to do with that single gold earring you lost the match to five years ago? Or the broken chain you never got fixed and just haven't worn since?

Robert Madruga has decided to sell his old 14kt gold necklace and four rings to Sharif Jewelers in Sacramento.

"Just gold jewelry I knew that I had that I've just been kind of hanging onto for too long and thought it was time to make some money on it," says Robert.

And timing is key here. The value of gold has been steadily going up for five years and is now valued near $900 an ounce. And, Madruga isn't the only one cashing in.

"I think people are taking little bit more notice to it," says Erica.

Erica Clark, who works at Sharif Jewelers, says everyday several people come in asking about selling or trading in their gold pieces. With a single earring, you have three options:

"You're first option would be to bring it in, and we can custom make an identical match for you, you would be paying for the labor and the materials need to make the additional pair," says Erica.

The second option is to trade in the jewelry for something else in the store.

"And your third option would be to sell it outright," Erica explains.

And that's exactly what Madruga wanted.

"I'm cashing out. I'm getting $800 for this right here," Robert says.
Source: cbs13