Group selling events, also known as Gold Parties, can be the best way to maximize your return when you sell old gold. There are cost efficiencies that can translate into more money for you and your guests, but there are also some cautions to be aware of.
When you host a Gold Party with 6 or more guests, we have the opportunity to buy several thousand dollars worth of gold in a period of as little as 2 hours. We have no staff to pay, no store expenses and we are not standing behind a counter all day waiting for those 6 people to come in the front door. As the host you deliver 6 or more customers in a short time period. Obviously this gives us tremendous cost efficiencies compared to a pawn shop or other business with a fixed location. We can afford to pay your guests more, and pay host bonuses and referral fees.
There are some things to be aware of:
The Gold Party business is a referral based business. You are inviting the gold buyer into your home. It is ideal if you met the company at another gold party and obtained the referral from a friend. If not you may have met them at a trade show or networking event. If you are “starting from scratch” you need to ask the gold buying company for several references from previous hosts before choosing a company to buy from your guests.
You need to ask about the qualifications of the consultant who will actually attend your party. At a GoldSmart Gold Party one of the principals of the company always attends your party. We have 30 years experience in the precious metals business. Evaluating and buying jewellery is a specialized field requiring expertise and experience. You need to ask the company you are considering about their qualifications.
You need to know, in advance, the prices your guests will be paid. A reputable company will set prices daily in keeping with the latest markets and they should be able to provide those prices before your party begins.
Transparency is critical. You need to know that the consultant at your party will use widely accepted testing techniques to determine that value of your guest’s jewellery. Scales need to be accurate and verified in front of your guests using standard weights. The consultant needs to explain the process to your guests and always give them a clear understanding of what their jewellery is worth and why.
With these caveats in mind, a Gold Party can be an ideal way to convert old gold to smart money in a comfortable social setting in which you and your network of friends get the best return because of the cost efficiencies involved.
