Wednesday, April 30, 2008

My Gold Party

Here is some information about My Gold Party, a, scrap gold dealer. Before you sell gold or any other precious metal or gold jewelry to a scrap gold dealer it is always wise to do your own due diligence to find out as much about them as possible.

Who are My Gold Party

Jonathan Thomas comes from a family of jewelers and, at the beginning of the year, he and his business partner January Thomas, launched My Gold, a company that helps arrange Tupperware-style parties for people keen to sell unwanted gold items. Business has been brisk, he says "They bring their gold and they can walk away with a check." My Gold Party is based in Saint Clair Shores, MI 48080.

This is a little different to the usual scrap gold dealer in that it is run on the "party system". People are probably more familiar with jewelry parties except in this case one is not buying, one is selling!

My Gold Party will buy the gold from you and it is sent to H & S Refinery for processing.

How My Gold Party Works
This is more of a business activity for someone who wishes to participate. Firstly you apply for a Kit, which will cost you around 700USD.

The My Gold Party Kit consists of a book with instructions, charts and so forth, a jewelers loupe to inspect the gold, A scale to weigh it and a machine to test and find out the karat of the gold.

The Gold Book goes into detail about running a scrap gold business. Basically you host gold parties. At the parties, using the scales, gold tester and loupe, you evaluate the value of the scrap gold offered to you and you offer a price to the person and pay them for the scrap gold.

Chapters in the book provided give an indication of the instructions provided.
About Gold Parties
Why Have a Gold Party
Getting Started
Preparing for the Event
What to Pay
The Gold Party
Turn Scrap Gold into Cash
Future Parties
You would also need to have some cash reserve so that you can pay people who sell you their scrap gold. It is advised that you pay the person 75% of the value of their scrap gold based on the days spot price. You keep 10 percent and My Gold Party and the refinery get to keep 15 percent.

As you are, in effect, running a business it is a good idea to consult with your accountant and financial advisor as to the regulations for running a business and the tax implications of that.

Of course, if you are not interested in running gold parties, you can simply send any unwanted scrap gold to directly for a check by return after the scrap gold has been assessed. To do that ensure that you get a price for the scrap gold first and send all your details with the gold by insured shipping.

What Scrap Gold do My Gold Party Buy
This scrap gold could be in the form of:
Any old scrap gold and scrap silver
Bent/Broken jewelry
Unwanted jewelry
Sterling flatware
Gold Pins/Brooches
A helpful indicator with scrap gold in the form of jewelry is how they are often stamped.
10K Usually Stamped 10K or 417.
14K Usually Stamped 14K or 585.
18K Usually Stamped 18K or 750.
22K Usually stamped 22K or 916.
24K Usually stamped 24K.
My Gold Party Payment Options accept the common standard credit cards, American Express, MasterCard™, Discover, and Visa

My Gold Party Returns Policy
My Gold Party will accept returns within 7 days of the date you received the order. They state they will refund the amount of your purchase for all items returned in their original condition. Shrink-wrapped items must be unopened with the shrink wrap intact. Include the original packing slip with your return so we can properly credit your original form of payment.

Last Word on My Gold Party
My Gold Party is a unique and novel approach to buying and selling scrap gold. It effectively makes YOU the dealer in scrap gold also.

If you have sold any scrap gold, gold coins, gold jewelry or gold bullion to, please feel free to leave your feedback on the quality of service and payments, including any online complaints and special attention or service given by online.

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