With gold prices at record highs, selling your gold can be a great way to make some extra money or use those proceeds to upgrade to jewelry that is more your style. Here are a few things you need to keep in mind when selling your gold:

Shop Around

Remember, you don’t have to jump at the first offer for your gold. Shop around for a few different bids. Your jewelry may be worth more than its weight when you include workmanship, artistic value, and embedded gems for the piece as a whole.

Know Your Buyer

Check out jewelry stores and gold buyers to find a reputable buyer who can accurately appraise your gold. Find out how long the buyer has been in business. Ben David’s has been buying and selling gold jewelry for over 50 years. Make sure you can trust your buyer in paying the most for what you really have.

Gold buyers are required by law to ask sellers for government-issued identification. This requirement is designed to protect consumers by helping police investigate the sale of stolen property and prevent money laundering. All reputable gold buyers comply with these rules, so if you don’t get asked to show your I.D., take your gold elsewhere.

So How Do You Cash In?

If you’re like thousands of Americans, you go to a gold party, the hottest trend on the block, where you can have your jewelry appraised and get paid cash on the spot.

But not so fast.

With every good deal comes a case of buyer’s and, in this case, seller’s beware, a reminder that consumers should do their homework before selling their jewelry at gold parties or in a local jewelry store.

The Better Business Bureau (BBB) advises consumers that while gold parties may be a fun and convenient way to make some cash, they may not provide you the best deal.

Follow these tips from BBB to make sure you’re getting the best value for your gold.

1: Understand the Scales

The weight of gold helps determine its value, but keep in mind that jewelers use a different measurement standard called a Troy ounce. U.S. scales will measure 28 grams per ounce, while gold is measured at 31.1 grams per Troy ounce. Some dealers may also use a system of weights called pennyweight (dwt) to measure a Troy ounce, while others will use grams. A pennyweight is the equivalent of 1.555 grams. Be alert that a dealer does not weigh your gold by pennyweight but pay you by the gram, a sneaky way for the dealer to pay you less for more weight of gold.

2: Know Your Karats

Pure gold is too soft to be practically used so it is combined with other metals to create durability and color. The Federal Trade Commission (FTC) requires that all jewelry sold in the U.S. describe a karat fineness of the alloy. One karat equals 1/24 of pure gold by weight. So 14 karats would mean the jewelry was 14 parts gold and 10 parts other metals. It is illegal for jewelry to be labeled “gold jewelry” if it is less than 10 karats. It is important to know the karats of your gold to make an informed decision on the scrap value of your jewelry.

3: Keep Your Karats Separate

Don’t let jewelry of different karat value be weighed together. Some dealers will weigh all jewelry together and pay you for the lowest karat value. Separate your jewelry by karat value before attending a gold party.

Gold Buying for Charity

A new twist on the gold buying party allows non-profit organizations and charities to receive proceeds from gold buying events. Partner with us to host a gold buying event where your attendees will bring their old or unwanted gold, platinum, and diamonds to sell to us for cash. Your organization will receive a portion of the profits. Contact us for more information – (434) 792-6561.

What About Other Jewelry?

Ben David’s also purchases single diamonds of 1/2 carat or greater, platinum jewelry, and also antique or estate jewelry. Not sure you want to sell your older jewelry due to sentimental value, even if it’s not your preferred style? Allow our custom design department to work with you on ways to reinvent sentimental items.

Why Ben David Jewelers for Your Gold Buying?

In addition to meeting the gold buying standards mentioned above, Ben David’s offers a special incentive when you choose us to buy your gold: Accept a Ben David Gift Card rather than cash when selling your gold and we’ll increase the sales price by 50% of what the typical cash value would be. Don’t miss the opportunity to sell your old jewelry and find something new.

The new 2012 Aussie $1 million coin is the world’s largest, heaviest and most valuable coin ever minted. And, yes, the Perth Mint in Australia ensures that this 2,200-pound, 99.99% pure-gold marvel – measuring 31 inches wide and nearly five inches thick – is official legal tender.

This bit of pocket change is heavier than the combined weight of a 1969 VW Beetle loaded with four passengers.

The gigantic coin took 18 months to craft and is about 10 times heavier than the previous record holder – a $1 million Canadian coin minted in 2007. And, while the mammoth Aussie coin has a denomination of AUS$1 million, its actual gold value is about $58 million at today’s gold price of $1,650 per ounce.

“To cast and handcraft a coin of this size and weight was an incredible challenge, one which few other mints would even consider,” Ed Harbuz, chief executive of The Perth Mint, told The Daily Mail.

The coin, which was conceived to celebrate the Royal visit to Australia, bears Queen Elizabeth’s likeness on the heads side. The tails side features Australia’s national symbol – the kangaroo surrounded by rays of sunshine.

Check out the video of how this coin was created.

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How would you answer that question if you were asked? Who would you say is your hero and why? Many of us would answer that question very differently depending on our unique situation

Dictionary.com defines a hero as a man of distinguished courage or ability, admired for his brave deeds and noble qualities, or a person who, in the opinion of others, has heroic qualities or has performed a heroic act and is regarded as a model or ideal. Our heroes may fall into this category, or they likely may not, but can be just as special.  How do you define a hero?

We’ve all been touched by various people in our lives that have inspired us, or even “saved” us. Maybe it’s the firefighter who rescued your family from a burning building. The soldier who is fighting to preserve our freedom and keep us safe. Or the teacher who inspired you to be all you could be. What about the “Big Sister” volunteer who simply listened and showed she cared? Have you considered the soccer coach who believed in you when no one else did?

Ben David Jewelers wants to hear your stories and see the faces of the many hometown heroes in our community. We invite you to share your hero with us through our Hometown Heroes Facebook Contest.

In honor of Veteran’s Day, we will be announcing the winner of our contest on November 11. Entries will be accepted from November 1 – midnight on November 10th. We encourage you to share your hero and let all of your facebook friends know about it. Your entry will qualify you for five chances to win a From Soldier to Soldier Bracelet in a random drawing. Each additional “like” of your hero’s photo will earn another chance to win.

Who will be Ben David Jewelers’ featured Hometown Hero and winner of the From Soldier to Soldier Bracelet?  Check back with us on November 11 to find out!

Find out more information on From Soldier to Soldier and the $25 donation made per bracelet to wounded veteran charities.

We were so appreciative to receive a comment yesterday from one of our clients and facebook fans regarding how her wedding rings look like new after taking advantage of our Rhodium Plating Service at Ben David Jewelers.  This wonderful feedback made us realize that we probably haven’t talked about the benefits of this service enough.  So, we wanted to take a few minutes to let all of you know how easy and affordable it is to give your white gold rings a “facelift.”

What is Rhodium?

Rhodium is a silvery metal that is a member of the Platinum family.  It is a very durable metal that has a high reflectance, which makes it the perfect choice to coat worn or dull white gold jewelry.

What are the benefits of the Ben David Jewelers Rhodium Plating Service?

• Rings will look brand new, with an added brilliance
• The process is safe and easy – diamonds are not impacted or coated in any way
• It is affordable – a typical ring can be rhodium-plated for $35
• It is quick – you have your rings back in a matter of days

What our client had to say:

“Thank you so much to Mark David and the Ben David Jewelers repair department for your help making my engagement and wedding rings look like new again! Because of your suggestion to Rhodium plate my rings, I have had so many compliments on how brilliant they look and a friend of mine even pulled my hand across the table at lunch to ask if I had gotten new rings. They look better than ever, and as an added bonus, I am no longer having an allergic reaction to the metal in my rings. Because of you, I’m wearing my rings again and am so proud to show them off! Thank you, thank you, thank you!”

Fun Fact About Rhodium:

Rhodium has also been used for honors, or to symbolize wealth, when more commonly used metals such as silver, gold or platinum are deemed insufficient. In 1979, the Guinness Book of World Records gave Paul McCartney a rhodium-plated disc for being history’s all-time best-selling songwriter and recording artist.

If you would like to have your white gold rings brought back to their original brilliance, call us today (434-792-6561) or stop by for this great service!

Check out our September newsletter by clicking on our logo below.  Inside you will find an exclusive deal for newsletter-only readers.  If you haven’t signed up to receive our email updates yet, you can add your name by clicking here and filling out your email address.

Click on our logo below to access the newest newsletter from the Ben David team.  With cookies, Vegas, and our resident dog, Cobey David, as hot topics this month, you can’t go wrong.  Let us know what you think on Facebook.

Congratulations to our two “Moments of a Lifetime” Facebook Contest Winners.  We appreciate that you’ve shared your beautiful wedding moments with us and all of our Facebook fans!

Congrats to our facebook contest winners Vidal and Deborah Pettiford, who are pictured here with their sisters and niece after being introduced as Mr. & Mrs. Pettiford. They received a $100 Ben David Jewelers Gift Certificate!

Congrats to our facebook contest winners Ashley and Brandon Shomali, who are featured here on their wedding day July 25, 2009. They received a $100 Ben David Jewelers Gift Card.

Join us for Ben David’s Estate Jewelry Event on Friday and Saturday of this week.  Search for some great Father’s Day gifts, including the chance to buy a watch owned by Elvis!  Click on the invitation below to make your appointment and find out more details on this exciting event.

Click on our logo below to access our June Newsletter: