With the recent economic downturn added with the increase in the price of gold, selling gold at gold parties has become quite popular. If you have extra gold or jewelry that you'd like to sell, read on to learn how to sell gold at a gold party.

A gold party consists of guests who bring their unwanted jewelry to be appraised by a representative. The appraiser will test the gold to determine the karat and weight, then offer the owner cash on the spot to sell it. The price is based on a variety of factors, including the spot price of gold. The offer can be accepted and the gold and jewelry sold or it can be declined.http://www.mygoldparty.com/Host-a-Party.html

While those selling gold at a gold party can take home cash should they choose to accept the offer, the host of the gold party also makes money, typically about 10% of the total sale price.http://www.mygoldparty.com/Host-a-Party.html

Because of the extra people involved in gold parties, it's a good idea to know what your gold is worth before considering any offers. Despite claims from gold party companies to pay top dollar for gold, offers may be lesser than selling directly as money is deducted for both the host and the appraiser.http://www.usellgold.net/2009/03/my-gold-party-review-gold-buying-and-selling/

This step-by-step guide explains how to sell gold at a gold party including finding a party to attend, gathering and determining how much your jewelry and gold is worth and attending a party.

In order to attend a gold party, you'll need to find one in your area. There are a variety of methods to find safe gold parties close to you, including online and offline methods. Be careful when considering a party hosted by strangers as they can be less than safe. When all else fails, considering hosting a party yourself.

1. Ask family members, friends and co-workers if they know of upcoming gold parties in the area. Word of mouth is a great method to finding a reputable gold party. Attending a party hosted by someone you know and trust is suggested to keep the event safe.
2. Browse gold party websites as some will list upcoming events, which can be searched by date and location. Contact the companies directly to inquire about upcoming parties if they are not listed.
3. Check local bulletin boards, both in person and those on the Internet, for listings about gold parties. Be cautious when attending a party at a location or with people you do not know.
4. If you are unable to find an upcoming gold party in your area, consider hosting you own. Hosts typically invite about 10 guests to their home for the two-hour party and receive about 10% of the total sales for their trouble.http://www.goldpartying.com/party.php

In order to know if an offer to sell at a gold party is good, it's recommended that you have your gold and jewelry appraised by a professional before attending a gold party. Keep in mind that many professionals will charge from $50 to $200 per hour to appraise your items.http://www.usellgold.net/2009/02/how-to-appraise-your-old-gold-and-gold-jewelry/

1. Gather your unwanted gold and jewelry. This can include jewelry of all kinds including broken or damaged items, watches, dental gold, coins, bracelets, necklaces, serving sets and rings. Some companies will accept all types of gold and other precious metals, plus select stones like diamonds, where as others will only accept gold.http://www.goldpartying.com/party.php
2. Look for a karat stamp on the item to determine the quality of the gold. Gold can range from 24 karat, which is pure gold, to 10 karat which is about 42% gold.http://www.gottrocks.com/gold_and_precious_metals_information.htm The higher the karat, the more it will sell for.
3. If there is no karat stamp you will need to have it tested by a professional to determine if it's real and the quality. Many pawn shops will test gold for free.
4. Determine the weight of your gold as your offer will be based on the weight of the gold only. Remember that stones inset in the jewelry and non-gold parts like metal clasps will not count towards to total gold weight.http://www.goldpartying.com/party.php
5. Find the spot price of gold and do the math. The spot price changes constantly and represents the price or gold per ounce. If you have one-half ounce of gold and a spot price of $1,100, your gold would be worth about $550.
6. Compare the raw value of the gold to what the item whole could be sold for. In cases like expensive watches, the complete item could be sold for much more than the gold it contains.http://www.scrippsnews.com/node/49887

Now that you have a party lined up and know what your gold is worth, it's time to attend a gold party in your area. In addition to bringing your gold and jewelry, there are a few other things to keep in mind for the best experience.

1. Be sure to bring your photo ID as it will be required should you choose to accept an offer. Local law enforcement agencies must be notified by law of all gold sold at a gold party to determine if any items were reported stolen.http://www.goldpartying.com/party.php
2. Bring a buddy if possible. This is especially important for safety if you are attending a party held by someone you do not know.
3. Allow about two hours start to finish for the party. This could be shorter or longer depending on the number of guests as each will be given their own time with the appraiser.
4. Once you are at the party and have received an offer from the appraiser, consider it carefully before accepting. Just because you can receive cash on the spot does not mean the offer is fair or good compared to what you may receive by selling the items in other ways. Keep in mind the value of your items that you determined earlier when considering any offer.