James Allen News Center

Grosse Pointe Woods, MI 48236

An increasing number of women are hosting "gold parties" that enable guests to sell their gold jewelry in exchange for cash.  Several companies, like MyGoldParty, are taking advantage of the "gold party" phenomenon by training representatives to appraise the gold jewelry and make guests an offer on the spot.

"It`s definitely a going trend.  I mean, the economy is not getting any better," said January Thomas, co-owner of MyGoldParty.  

Guests say that the parties feel more respectable than selling their gold jewelry - rings, necklaces, brooches, pendants - at pawn shops.

"It's terrific because it's a little bit intimidating to think about walking into a jewelry store, even though they may be heavily advertising it, and, you know, to someone that you don't know and turning over your valuables to them," said Pat Walsh, a 56-year-old retired store manager from Simsbury, Conn.

Walsh walked away with nearly $300 at one party, after she sold a gold ring, bracelets, broken necklaces and a few gold earrings.

The gold-buying services are generally not interested in the gold jewelry itself. Instead, they sell the jewelry to gold refiners, who then melt it down.