JVC posted the following article in the consumer section of this website to answer inquiries from consumers.

CONSUMER TIPS FOR SELLING GOLD

With gold prices soaring, the long-ignored mystery objects at the bottom of your jewelry box command new respect.  Like many consumers, you may be preparing for a trip to your local jeweler with a stash of single earrings, broken necklace chains and everything you ever got from the previous boyfriend. 

Not a bad idea – but before you go, read this helpful information:

• Choose a reputable jeweler, some one that’s known to you or has been recommended by a trusted source.  Preferably, select a jeweler that’s a member of the Jewelers Vigilance Committee.
  
  
• Set off on your expedition with reasonable expectations.  When you bought the jewelry you paid for more than the value of the gold.  The price included labor, packaging and the retail mark-up of the item.  It may have also included non-gold substances, like gemstones.  You probably will not be reimbursed for the non-gold components of the purchase price. 
  
  
• The jeweler will only pay you for the actual gold in an object.  Since gold is always blended with other metals to make jewelry, expect that a substantial percentage of the object is made of something other than gold.  Don’t expect to be paid for the non-gold component of the jewelry.
  
  
• The jeweler may conduct a test to determine how much gold is in the jewelry – known in the trade as its “karat fineness.”  This is called a “scratch” or “acid” test.  Expect the jeweler to actually scratch the gold to conduct the test.
  
  
• The price offered to you by the jeweler may not be the market price of gold that day.  Prices are not regulated, so the parties are free to negotiate a price that’s acceptable to both sides.
  
  
• Bring a form of government issued identification.  Jewelers are required to ask for this in case the police show up later with lots of questions about stolen property.  Some jewelers are also required by anti-money laundering laws to obtain seller identification.

Now make your first foray into the precious metal trade.  Good luck!