Confused about Your Gold Value? Join the Crowd
FORT LAUDERDALE, Fla., July 27 /PRNewswire/ — Consumers report the primary obstacle in selling unwanted gold jewelry is confusion about their gold’s true value. Lack of knowledge about the weight of their gold and strange terms like “pennyweights (dwt),” “grams” and “troy ounces,” confuse and intimidate many potential gold sellers.
In a telephone survey of 600 potential customers who had signed up to do business with GoldFellowÃ‚® but never sent their gold, 78% of the respondents acknowledged they were unsure of what they should expect for their valuables.
Barbara Whitman of Seattle, WA said she ordered information from six different gold buyers only to trash all of them. When questioned by a GoldFellowÃ‚® representative as to why she chose not to send her gold, Whitman admitted her confusion.
“Honestly, I felt dumb, but I said I wanted an idea of how much money to expect and the pennyweight prices offered by gold companies just added to my confusion.”
According to Michael Gusky, president of GoldFellowÃ‚®, “Listening to the customer opened my eyes.”
“Wow, I had assumed if we offered a great customer experience, significantly higher gold prices and free, insured FedExÃ‚® shipping that would be enough to win,” said Gusky. “But, very often these customer benefits were overlooked because our pricing was misunderstood. Honestly, we’ve been communicating in the wrong language,” realized Gusky.
GoldFellowÃ‚® did more than listen and developed a real solution, launching their “Gold Payments Gallery,” on its website www.GoldFellow.com.
“This new interactive tool is a virtual show and tell,” said Mary Hamilton, a customer support manager who has worked for Gusky since 1987. “It gives people interested in selling gold an opportunity to peruse hundreds of photos and see the actual dollar amount paid to an individual seller for that particular piece of gold jewelry. Our Gold Payments Gallery gives people a way to see and compare items they have at home to items which are similar – or possibly identical – to items GoldFellowÃ‚® has already purchased.”
Each photo, according to Hamilton, shows the total amount paid for the gold item along with the karat and actual weight in both pennyweight and gram units.
‘We have taken the mystery out of gold selling – it’s entertaining and educational,” added Gusky who is very proud of GoldFellowÃ‚®’s latest innovation. “We listened and took action,” said Gusky. “As consumer advocates, we are always looking for innovative ways to provide valuable information, giving people greater power to make intelligent financial decisions.”
Michael Gusky began his gold industry career in 1977. His fine jewelry company became the largest supplier of gold to America’s retailers and was sold to Warren Buffett’s Berkshire-Hathaway in July 2007.