With the good, there’s always the bad. The same is true with gold parties. With the increasing popularity of gold parties, a lot is being spoken about how some of these parties are scams, being conducted only to rob people out of their gold and money. We are not saying that gold party scams don’t exist at all; they do, but then there are ways in which you can ensure that you aren’t being a victim of a gold party scam.
To understand that, you need to know the common ways in which gold party scammers pull the wool over the eyes of people. Here are the most commonly used methods:-
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Understand that gold is of different carat weights. The carats determine their purity. Now, different pieces of gold have different purity levels and hence their carats are different. If the carat is higher, then you should be paid more. If you don’t know about carats, then some gold party buyers may club all your gold things together and then pay you according to the lowest carat value. This is blatant cheating and you have to be careful about it. Make sure that the buyers sort out your gold according to its carat value and pay you accordingly, or do it yourself.
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Another common way in which gold party buyers may cheat people is by confusing them with different weight measures. A very common way in which this is done is by using the pennyweight and the gram systems simultaneously. 1 pennyweight is about 1.555 grams. Some cheats will weigh your gold in pennyweights and then pay you in grams. When this is done, you are losing about one-third of your money. When your gold is being weighed, take note of what system is used—pennyweight or gram—and then make sure that you are paid according to the same system.
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The third method is to take advantage of foreign carat stamps. If you bought your gold in a different country, then it is likely that it has a different kind of carat stamp from your country. The scammers will take advantage of this fact and confuse you. They will try to convince you that your gold is of a lower carat value than it really is. To protect yourself against such a kind of scam, make sure that you know the carat value of your gold precisely. Find out about the stamping methods of the country you bought your gold from and always retain the receipts of the gold ornaments that you buy, wherever you do that.
These are the three most popular ways in which some unscrupulous gold party organizers cheat people and then give the whole gold party concept a bad name. Remember that gold parties in themselves are a wonderful concept and a very easy way to make money. If you keep yourself educated and aware about how they should work, you will be only too happy with them and find them to be a great way to liquidate your gold scrap into hard cash.
