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SellGold.com Complaint - Very bad company; STAY AWAY!

Review by sulkysquid on 2008-11-17
DALLAS GEORGIA, NORTH CAROLINA -- I recently tried to sell some jewelry I had via the internet with SellGold dot com. I got my package in the mail very fast and sent the jewelry: 2 rings, one valued at $1250 and one at $200, @ chains: one @ $399 and one @ $200. The check I received was less than 1/15 the value of the products total. I consider this to be a total ripoff. When you try to contact these folks to talk to someone through customer service, all you get is a recording. I venture to say you probably never will talk to a human.

Recommendation: Very bad company; STAY AWAY!
Comments:7 Replies - Latest reply on 2009-06-16
Posted by Ben There on 2008-11-17:
I would never agree to sell someting and hand over the item before I knew what price I was getting.
Posted by old fart on 2008-11-17:
If that was the retail price you paid for the jewelry, it has nothing to do with the intrinsic value of the material it is made of...
Jewelry has a IMMENSE mark up and if you smelted down the actual precious metal from those items, you would find that the amount of real gold is a tiny fraction of the total..
Posted by DigitalCommando on 2008-11-17:
You would have received more from a pawn shop. How do you know this company is not a complete fraud that might have just kept your jewelry and sent you no money? Risky behavior gets risky results.
Posted by DebtorBasher on 2008-11-17:
There was a report on TV about these companies and they said there isn't really anything anyone can do about it because they advertise, "Cash for your gold" but they do NOT say they are buying it at the rate of the gold prices. Therefore, they can pay anything they want. I wouldn't risk sending anything like that in the mail, it goes through so many hands, and people knowing that those envelopes contain gold, there is no telling who may end up with it while it's on it's way.

If you want to sell gold or jewelry, it would be best to take it to a local place in your area, where you can show them what you have and have them offer you their price. At that point you can accept or decline the offer, and they will give you back any stones that are set in the jewelry, if they are only paying for the gold.
Posted by hubbard53 on 2008-11-17:
I didnt think anyone every actually sent jewelry to these people :)

So you have no choice to say 'no' when they offer you 1/15th of the value?
Posted by Anonymous on 2008-11-17:
All of these operations pay on the value of pure gold. Jewelry is typically not 24 karat. The smelting process removes the gold leaving the other metals separate. Those other metals have value only in bulk quantities. Naturally you don't get that part back. Either way you lose. The owner of SellGold.com is:
Rum Marketing Dept
2533 N Carson St Suite 3927
Carson City, Nevada 89706
United States
Posted by Anonymous on 2009-06-16:
The prices you stated are RETAIL. Jewelry stores have upwards of 250% markup on their items. (Worked for a jeweler). The amount you get is weight and basically cost. You should have sold to an individual if you wanted closer to what you paid.

When buying from a jeweler, keep in mind, they are not going to give their goods away. The amount THEY pay for an item is roughly 15-25% of what it is listed at. So next time you drop $200 on a ring, figure it cost them about $30-50 dollars.

This is why pawn shops are so cheap. They sell by WEIGHT not VOLUME. I have picked up some fabulous diamonds from pawn shops. Just gotta know your stuff.

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