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Gold Party Frequently Asked Questions

Posted by admin | July 4, 2010 .

How should I pay for my gold at my gold party?

When you’re buying scrap gold jewelry from family and friends it shouldn’t be a problem to pay them by check. (Remember, it’s a good idea to open a checking account specifically for your business so you can easily track all your business related expenses.) When making scrap gold purchases from friends of friends and strangers it’s more difficult to pay for your gold party purchases by check. If they insist, pay with cash. But make every effort to avoid this. There can be security issues. WE discuss several different strategies for handling this issue in our Scrap Gold Business and Gold Party Start Up Guide.

How much do I pay my gold party guests for their scrap gold jewelry?

Think long term! The  more you pay your gold party guests for their scrap gold jewelry the more likely they are to refer their friends and family to your scrap gold business. Your scrap gold strategy requires balance. We cover this topic in detail in our Scrap Gold Business and Gold Party Start Up Manual.

How do I handle any small stones like diamonds or rubies in the piece I’m buying?

99.9% of the time, the small stones present in a scrap gold or silver piece you’re purchasing have zero value. Typically, the weight of these stones is of little consequence. With just a little experience you’ll learn to make a small deduction in the weight of the scrap jewelry piece you’re about to buy. Advise your gold party customers ahead of time that you don’t have time to remove these stones. We often provide a few basic tools like needle-nose pliers for our gold party guests to use to remove their stones themselves. These stones are usually held in place by small prongs.

How can I be certain the scrap gold piece is really gold?

First, study our Scrap Gold Business and Gold Party Start Up Guide. Second, PRACTICE. Use the testers, the acids, the magnet and other strategies we discuss. After you employ all the techniques we teach you, on the rare occasion you’re still uncertain whether the scrap gold piece is really gold, silver, or platinum – Just Pass. Don’t buy the piece! Protect your cash!

Scrap gold business and watches – Do I buy them?

The short answer is no. Now don’t misunderstand. There is great profit potential in watches. However, you’ll need to become an expert to exploit this niche.

Where do I find a trustworthy Refiner?

Read our Scrap Gold Business and Gold Party Start Up Guide! We list specific Refiners we use. Get our Newsletter to access updates to this list. We typically receive 92.5% at a minimum for our scrap gold shipments. You must avoid the “Cash 4 Gold” type mail in businesses to maximize your profits and build a real, scrap gold business with recurring income for life.

Do I need a license to operate a scrap gold business or to conduct gold parties?

GENERALLY, No. However, we are not compliance experts in all states and provinces! So… perform your own due-diligence. We’ve discovered that buying scrap gold from the public and having a fixed, physical location often requires a second-hand dealer’s license, a precious metals dealer’s license or something similar. When buying scrap gold jewelry at gold parties, especially in private residences, a license is rarely required.

You have two options for deciding if you need a license to buy scrap gold jewelry:

  • It’s better to ask forgiveness than for permission
  • Visit your local city hall, police department, Secretary of State, Department of Corporations…

On the rare occasions we’ve been required to get a scrap gold jewelry buying license, the most we’ve paid is $85 per year. Also, in a few locales, the local police department has requested we gather identification from each seller. We offer a very simple way to do this in our Scrap Gold Business and Gold Party Start Up Guide.

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