Will you make good, easy money through selling your unwanted jewelry, or just get ripped off:
Cash4Gold is a famous mail-in refinery company, that enables people to sell their jewelry for cash, from home. This is a well-known company too, by the way. Many people know it through TV commercials, or magazine ads. The company promises excellent services, and a reasonable amount of pay out to it’s customers, for their valuable item’s. Let’s see if the money is really as good as it advertises, or of it’s just another ugly scam, with a cute face..
What is Cash4Gold?
Cash4Gold, is a company that buys precious metals and diamond’s, all shipped and received through the U.S mailing, Postal Service. This company accepts broken, used, and unused gold, silver, diamond’s, and platinum. Once the jewelries received, the company determines the value of your item’s, and offers you a determined amount of cash. You may either accept the money, or reject it, and request to receive your valuables back.
You can access Cash4Gold online, or by telephone, to sell your jewelry. The company sends you an insured envelope, which is also known as a,”Refiner’s Pack”. The customer then places their unwanted jewelry inside the envelope, before returning it back to the company’s return address. Once the company receives the envelope back, an employee from the Gold4Cash company, exams the merchandise thru a detailed, step by step process. They weigh the items, and photograph them.
After this is done, they then check the quality of the gold in great detail, through using various jeweler tools, including using a fancy small magnifying glass. Once the jewelry is approved, the company would then send you a check for your item’s. The check could be sent to your address of choice, or one can ask for a direct deposit. The customer has 10 days from the date on the check to decline the offer, and request for the return of their jewelry. However direct deposit isn’t refundable.
Cash4Gold is a US based company, that was started by Jeff Aronson in April, 2007.The company’s headquarters is located in Florida. The business idea of the company, was based on the belief that customers would prefer to sell their items through the mail, due to the anonymity of using a Refiner’s Pack. From this great idea, the company initially experienced rapid growth in the buying/trading gold business. But later on, it could not live up to it’s promises. It had to filed for bankruptcy and in 2012, was purchased by a company called, “Direct Holdings Global”.
Has it been a success?
Cash4Gold was deemed as a highly successful business when it started out. As time went on, it seemed like the complete opposite. The company faced troubles, due to various complaints that were being reported by it’s customer’s. Complaints about sending in your unwanted gold, and receiving a way smaller amount than expected. Or even worse, not getting paid or receiving anything back at all.
Click Here, to read more reported complaints, or to make a complaint yourself!
Cash4Gold also faced various lawsuits, due to it’s questionable practices. The company had spent tons of money on advertising, including expensive commercials. The company was doing great, but only in terms of generating it’s revenue. As in example in 2010, it was receiving more than 48 kg gold per day.
But regardless of this, (getting back to their financial troubles), Cash4Gold still faced a lot of criticism from customers, bloggers, and mainstream media houses, like CNN. On various blogs, and social media platforms, it was regarded as a scam. Because of these issues, the company was compelled to sell it’s assets. Cash4Gold declared bankruptcy in 2012. “Direct Holdings Global” bought Cash4Gold for a whopping $440,000. The new management then made several changes to the company’s operations, and it’s customer service center.
Pros and Con’s
The company claims great deals and promises quality services to it’s customer’s. Let’s see some of the seemingly pros, and very noticeable con’s of using Cash4Gold.
- Insured Refiner’s Pack: Upon the customer’s request, the company sends an insured pack, which usually reaches the customer within 3 days. In some cases, it could take longer, as it depends upon the speed of the U.S mailing services. This pack is insured for up to $100. This is in place, in the case that unexpected damage happens, or your jewelry is loss. If tbis happens, you will receive this cash as redemption. This is a noticeable plus of using this service too. Especially if you only mailed in $20 worth oc good. However, if your items have a value far more than $100, it’s not that appreciable. But it does provide some kind of security blanket towards your items. Or atleast it suppose to..
- Anonymity: As claimed by the former president of Cash4Gold Howard Mofshin, one of the key element’s behind the success of the company, is it’s use of anonymity. There are many people who don’t like to reveal their identities, due to various reasons. For instance, some people don’t consider it safe to deal with local gold buyer’s, and pawn shops. Especially if they own highly valued jewelry. The entire situation of you trading your beautiful gold for cash, could be a little nerve recking. By sending it through the mailing process, you won’t have to deal with it, face to face. That would most definitely provide a certain level of anonymity to the situation.
- Advance testing tools: Cash4Gold claims to have advance testing tools, that suppose to provide accurate data. This helps in figuring out the quality of the item’s received. The employees use acids, x-rays, and electronic testing devices, to estimate the correct value of an item. There is supposedly less chances of you getting the wrong evaluation for your jewelry, when Cash4Gold employee’s are following these advance steps.
- Numerous complaints: There have been numerous reported complaints, on various plateforms (on the internet), about this company. One of the most popular platform’s included the Better Business Bureau, which is also know as the (BBB). The customers faced all sort of issues with the company that were possible. The most common complaint was about the customer support service. The staff did not answer their calls, or emails. As I mentioned earlier, there were some who complained about the loss of their item’s, and the company was not taking responsibility for it at all. Another common complaint being reported, was people complaining about their valuable jewelry being under valued, and/or evaluated improperly. All these reported complaints indicate, that lately this company has not been maintaining a good reputation with it’s client’s.
- Pays less: Cash4Gold is known for not paying well to it’s customer’s. There have been multiple report’s by bloggers, as well as by the popular media source CNN, questioning the Cash4Gold practices. The report’s in total, indicated that the same amount of gold and quality, that was being sent to other various cash for gold companies instead of Cash4Gold, was paying out more. It turned out that Cash4Gold was paying far less than all the other companies on the market.
- Non customer-friendly terms and conditions: The terms and conditions declared by the company, are not created in favor of the customer’s. Your items don’t get the actual price to begin with, if the Refiner’s Pack doesn’t reach the company (which occasionally happens). If this does happen, the maximum amount of redeemable cash is $100, which is obviously nothing if your items are worth thousands of dollars. Secondly, if you send them your gold or jewelry, and the company declares them as non-valuables, you would have to pay them to get your item’s back. Moreover, if items are declared valuable, but you don’t like the amount on the check they have issued, you can demand your item’s back. The request just has to be done within 10 days. And when the check reaches you, you already have 3 less days. So you would have to send them their check back, the same day you received it. Once received, the company could then take up to several weeks to return your items back. So, it’s a loss of not only money, but lots of time.
Is Cash4Gold a scam?
Cash4Gold is a very systematic scam. It has laid out it’s terms and services in such a way, that you wouldn’t be able to deal with them, in fair terms. There are numerous customer’s who have filed complaints against the company, thru multiple online forums, including thru the Better Business Bureau. Therefore, I wouldn’t recommend Cash4Gold to people who want to make money selling their jewelry or gold, for cash. They should instead find another mail-in refinery company, or reach out to a local pawn shop owner around the way.
To sum it all up, Cash4gold is not well-paying, or honest at all. There have been numerous complaints about the company. The company has gotten negative reviews and ratings by it’s customers, and it’s generally regarded as another scam. Just not a complete scam. Therefore it’s better to run away from this company, then to run to it!
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But other than that, would you happen to have something to say about your experience trading with “Cash4Gold”? Maybe something to add? If so, please feel free to leave a comment below. I would love to know what your point of view on all of this is! Thanks for checking out my post, and good luck with your success online!
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