Home Gold Parties

If you are anything like me, then there is no better combination then socializing with friends and earning money at the same time. At-home sales party date back a long time, but the new trend for these get togethers is “Home Gold Parties”. What are these parties all about? And are you really going to get the best deal possible? What should you watch out for?

How it Works

Typically, the format for these get togethers is similar to those of a Tupperware party. A gold buyer sets up shop in a person’s home, and the homeowner invites over all of their friends. Everyone brings over their unwanted scrap gold, the buyer appraises it, makes an offer, and the person walks out of the party with either a check or cash.

The host or hostess also receives a percentage of all of the sales at the party as a “thank you” for hosting the soiree. Typically, if any one attending the party signs up to have a party of their own with the buyer, the host or hostess also receives a (smaller) percentage of the sales of that party as well. You can either hire a local gold buyer or find an online gold party company.

What to Look Out For

It’s easy to get caught up in the social aspect of gold parties, but you want to be prepared to make sure that you get the best deal for your gold. Before attending one of these parties, do your research. You can find the current value of gold and the formula for calculating the value of your scrap gold online. If math isn’t your forte, you can also bring your pieces to a trusted local jeweler to get a fair estimation on how much they are worth.

You also want to do your research if you are planning on using an online company to throw your gold party. You want to compare as many companies as possible before you make your decision. You will want to take finances into consideration- What percent commission will you receive for hosting the party? Do you get a commission on any parties booked as a result of yours? If you give them a name of a friend not in attendance and THAT friend books a party, will you get a referral commission?

You also want to look at it from a reputation standpoint- remember, this is a party that you are throwing in your home with your friends; you don’t want anyone to feel as if they got ripped off, or the company was unprofessional. Do a check online and see if you can find any news stories written about the company or customer testimonials. If the company is shed in a positive light, it will most likely be a great experience for you and your guests. And if you are reading some negative things, you need to take that into consideration as well.

Legal Issues

One of the main issues that you need to take into consideration when throwing these gold parties, depending on how and who you throw them with, may be illegal.

Generally speaking, in most states, a jeweler or company needs to have certain certifications in order to appraise and buy your gold, and are also supposed to keep a detailed record of the transaction for legal purposes.

Authorities are finding that many of these gold party companies do not have the proper certifications and are not keeping proper records. You may remember a few years back when “purse parties” were all the rage, and police started cracking down and arresting party hosts.

And while the gold party business has not by any means come to that, you stil want to protect yourself. Make sure before throwing (or even attending) a gold party, the business you are dealing with is complying with all necessary laws and regulations.

Throwing a gold party is a great way to get together with friends, get rid of your unwanted jewelry, and make some cash in the process. If you take the time and energy to do your research and work with the right company, you will get the most out of your party throwing experience.