Man warns about selling gold through mail

December 12, 2011 2:49:29 PM PST
A Triangle man didn't get the pay off he was expecting when he sold his gold through the mail. Now, he wants others to watch out.

With the gold market like it is right now, Christopher DeMore was looking to make some cash off an old gold ring that he said no longer meant anything to him. He was expecting at least $100 but instead was shocked at what he got for the ring.

Just $5 is all DeMore got after sending the gold ring off in the mail to Prestige Gold Buyers.

"The gold market like it is right now, they are advertising they pay top dollar," said DeMore.

But how did he feel when he got the check from Prestige Gold Buyers?

"It was an insult! When I knew at least the cash value of the ring should have been," said DeMore.

He claims the gold value of the ring was at least $250.

"They said if you didn't like the offer, just send the check back and they'll send the merchandise back," said DeMore. "I sent the check back on the same day and I haven't heard anything since."

Troubleshooter Diane Wilson reached out to Prestige Gold Buyers. On their web site, they now have a message that states in part "Due to financial issues arising from overwhelming popularity, Prestige Gold Buyers is winding down their operations."  It goes on to say they aren't accepting new gold kits but will continue to honor all return requests within the company's terms and conditions.

Troubleshooter Diane Wilson also heard back from the management at the company. In a statement, he said they are making sure 100 percent of their customers receive either payment or their products returned, which include Mr. DeMore being taken care of. 

However that was more than a month ago and DeMore is still waiting for his ring.

"I really would have kept the ring myself if I knew this was going to happen," said DeMore. "Don't send your gold in the mail to anyone, for any reason."

While there are many companies that accept gold being sent in through the mail, the best advice is to use a local jeweler. That way, if you're not happy with the offer, you simply say no and walk away with the gold still in your hands.

Before heading in to a jeweler, know what your gold is worth. Also, shop around as you might get more at one place than another.

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