GRANBY, Conn. — The women mingled in the kitchen, enjoying brie and chocolate tortes as they told stories about their high school rings and pieces of jewelry given to them by former husbands and boyfriends.
But they weren’t reminiscing for old times’ sake. The guests at Cheryle Podgorski’s “gold party” were there to trade in their old jewelry for cash. The recession’s answer to Tupperware parties, gold parties have grown more popular as people scrape for money. A professional gold buyer tests and appraises the guests’ jewelry and pays them on the spot.
Guests say getting together with friends in somebody’s living room makes it a social occasion that feels more respectable than hocking rings, necklaces and brooches at pawnshops. “It’s fun. It’s something different,” said Jennifer Phillips, 39, a high school suspension supervisor who made $321 on her gold sales.
Several companies are mining the phenomenon. My Gold Party LLC, based in Michigan, has at least 35 representatives running parties in 21 states, said company co-owner January Thomas. The gold party host and gold buyer generally get a 10 percent cut. The items typically are resold to gold refiners to be melted down. The Associated Press
