For Sellers, Cash Is Good As Gold

(Tampa Tribune (FL) Via Acquire Media NewsEdge) Nov. 23--TAMPA -- Tough economic times are turning jewelry stores into buyers instead of sellers as people bring their gold to convert glitter into green.

"It's the way a lot of our jewelers make their money now," said Sarah Streb, chief operating officer of the Retail Jewelers Organization, a Newton, Iowa-based group with about 800 retail jewelry store members.

The jewelers buy from customers and sell to a refiner at a profit.

"It's recycling the gold," Streb said.

The trend started about midyear.

"That's when our members started talking about it," Streb said.

At Magnon Jewelers in South Tampa, owner Winnie Marvel organizes gold parties. A host provides the house and wine; friends bring gold.

"I buy and they party," Marvel said.

Recently, Barbara Blair of St. Petersburg took some jewelry to the Gold and Diamond Source in Clearwater to convert to cash.

"I am one of those many people that live paycheck to paycheck. And you've got to do something to be able to pay house payments, buy food," Blair said.

She didn't like selling jewelry she had accumulated over the years or that came as gifts from her parents.

"It's kind of rough," Blair said. "But I like to eat, and I like to have power, so I have to take care of it somehow."

Most transactions are based solely on the value of the gold.