KDKA.com Consumer Web Extras
May 6, 2009 5:45 pm US/Eastern
Women Turn Jewelry To Cash At Gold Parties
PITTSBURGH (KDKA) ―
In this recession, everyone is looking for ways to earn some extra cash.
Gold parties are growing in popularity and many people are making big bucks by turning in their unwanted jewelry for money.
Like any party it features food, drinks and fun, but by the end of the festivities, the guests go home with hundreds of dollars in their wallets.
Pat Kazmierski served as the hostess of a gold party at her local home in Glenshaw.
"The nice thing is they can leave their checkbooks at home. They're going to leave with money," said Kazmierski. "I've had all the parties - Tupperware, and all that - and I don't like asking my friends to spend a lot of money. This one made me feel good because I knew people were going to go home with money.
Kazmierski's party was just one of 700 parties in a month organized by Tom Kelly. He started his own "Gold Home Party" business. In the past 16 months, he's had 5,000 parties.
"It's a perfect storm for selling your gold," says Kelly. "People need cash and they have items sitting in drawers not doing them any good and now they can get the highest price they can get in the past 20 years."
Here's how it works:
The gold buyer first tests the jewelry with a magnet. If it sticks, it's not pure gold.
"These are the items we cannot buy," says Kelly.
The buyer then reads the karat size. If there's no marking, he performs an acid test on the gold, rubbing to determine the karat size. The higher the karat and the heavier the weight, the more the item is worth.
The buyer then weighs the jewelry, calculates the value and makes an offer.
Party attendee, Terry Lisanti got $120 for her jewelry, which included a wedding band she found.
"I think it was out in the street somewhere and I put it in my jewelry box holding on to it for whatever reason, I don't know," Lisanti. "I guess it was to get money for it someday."
Another attendee Joann Wineberg got $175 for her jewelry. She said she sold a gold ring she received as a gift from her company and her old '80s style chains.
As far as the amount of money guests can get, Kelly says they can leave with an average of $200.
Also, the hostess earns 10 percent of the total amount sold.
For more information: 
Pittsburgh Gold Party |
Gold Home Party
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