Photo: Sh4rp_i on flickr
The New York chapter of the Better Business Bureau has a list of jewlers in the area who trade cash for gold within 20 miles of Manhattan.The BBB graded 22 of these stores. A total of seven stores were given the top A+ grades, while a trio of establishments earned the dreaded failing grade. Let’s check out the ones who failed first:
Global Gold & Silver– 30 West 47th Street, New York, NY 10036
The BBB cited a failure to respond to a complaint and at least one advertising issue they found. One complaint was a problem with the product from six weeks ago. Grade: F.
Noble Precious Metals– 110 Wall Street, 11th Floor New York, NY 10005
The BBB noted advertising and delivery issues with the company, though they admittedly don’t have a lot of information about Noble. Grade: F
The Jewelry Exchange Factory Direct- 171 Main St., Hackensack, NJ 07601
Famous for its fast-talking commercials, the BBB says that there have been at least two documented problems with its warranties and at least one documented customer issue. Grade: F.
On the better side of the ledger, here are the seven stores that earned an A+ rating from the Better Business Bureau. These are the people you want to do business with.
US Gold Buyers- 62 West 47th Street New York, NY 10036
Sterling- 1391 Avenue of the Americas, New York, NY 10019
Urocc Gold Bullion & Consulting- 110 Wall Street, New York, NY 10005
NBI Metals, LLC- 2500 Plaza 5, 25th Floor, Jersey City, NJ 07311
Carbo International jewellers- 134 Ferry Street, Newark, NJ 07105
Another Facet- 150 W Pleasant Ave, Maywood, NJ 07607
SDL Inc. Numismatic Properties- PO Box 198, Hawthorne, NJ 07507
The BBB also offers a guide to selling gold in general. The tips include:
- Visit several reputable jewelry stores and get an evaluation of your goal. Find out how many karats your piece is and how much they would offer. Then whether you go online or to another local store to try and get top dollar, you know what the fair market value is.
- Buyers are going to make a profit, at least 10 per cent, especially since the gold companies are performing a service. So they’ll try to make as much as they can while trying to give the customer a good price. So shop around because there could be a large difference between companies.
- Beware of expos. Companies will rent out hotels or convention centres and air those cheesy commercials urging customers to get down as soon as possible to cash in on jewels that you barely use. Local jewellers told the BBB that most expos only offer a third of the actual market price for your jewelry. So avoid expos.
- Keep everything in the open. Make sure all the weighing and measuring happens where you can actually see it. If a buyer says he needs to take your valuables to the back, tell him or her that you want it done in front of you.
- Beware of two bad signs: If a buyer disputes how many karats your piece is, stay away. If the buyer mixes in jewelry with different karat levels, you’re getting short-changed because the more karats one piece has, the higher it is in value.
Don’t miss: The ULTIMATE Bullish Presentation For Gold >
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.