Selling gold in Cleveland

May 2, 2008 9:02 AM

I just got laid off from my job. Considering that I haven't worn my gold college ring in close to two decades, I'd like to sell it. However, the various "send us your gold" services advertised on television supposedly pay far below the market rate, and there's no New York City-style gold and jewelery merchants in the area. So, where can I sell a gold ring in Cleveland, and get a fair price for it?
posted by elmwood to work & money (8 comments total)

Many jewelers will pay you for gold jewelry. Stop by any non-chain jeweler and ask.

But I believe you'll find this: your class ring doesn't have that much gold in it - it's worth very little. It's probably 14 carrot at best, maybe 10. At 10 carrots (out of a total of 24 for pure gold) you're well under 50%

I'd say keep it.
posted by cptnrandy at 9:09 AM on May 2, 2008

Seconded. Its sentimental value is probably a lot higher than its gold content. You'd be lucky to get back what you paid for it. Really not worth it.
posted by kittens for breakfast at 9:11 AM on May 2, 2008

Even if your class ring were solid gold you'd probably be better off keeping it unless you desperately need the money and have no other choice. There's so much currency devaluation/reevaluation going on right now and gold will always be of the same value.
posted by Xianny at 9:21 AM on May 2, 2008

I'd be wary of the "send us your gold" service advertised on tv. Here is an interesting experience by a guy that received a check for items he spray-painted gold.
posted by spakto at 10:41 AM on May 2, 2008 [2 favorites]

Surely at one point or another, you've seen his commercials on TV in Cleveland.
posted by xena at 1:33 PM on May 2, 2008

Assuming your class ring is of average size, it likely has a little over half an ounce of "gold" in it.

That gold is likely 10-14 carat, which means that about half of the "gold" is gold. (12 carat would be exactly half)

Then whoever you sell it to is likely to give you maybe 50-75% of what it's worth, because of the effort required to recover the gold, and the general desire to make a profit.

This gives you a likely value of about $125-170 if you can move it.

Listing it on eBay appears likely to get similar value.
posted by Project F at 2:39 PM on May 2, 2008

Thanks all! I'll probably hold onto it until I get REALLY desperate.

FWIW, as far as I remember it's either 22K or 24K.
posted by elmwood at 4:21 PM on May 2, 2008

I would doubt that any class ring is 22 karat. I own a 22 karat watch and it gets dinged up at the slightest touch. I once put a deep ding in it by knocking it lightly against a wood lintel as I passed through a door. Rings are subject to much more abuse due to their location on the fingers and so 22K rings usually aren't made.

Jostens gave me a choice between 10, 14 and 18K. I have a 14K class ring, like most people do.
posted by ikkyu2 at 1:29 PM on May 3, 2008