At a typical event, three jewelers come for a two- or three-hour visit, with lights, pricing guides, magnifiers and a digital scale with a tray on top. As the seller looks on, they examine pieces for jeweler's marks, test for gold content with acid tests, and then divide it into piles by karat. Some pieces can be refurbished and resold; some are sold to a refiner and melted down. Even the costume jewelry is valued; it, too, can be resold to wholesalers.
Sometimes people can become emotional when they sell gold, if they are letting go of items with emotional attachment to find closure, or raise cash. But at gold parties, the mood is more like a game show. "I can't tell how many times I feel like Bob Barker, giving away money," Baghsarian said.
