Jewelry Display Boxes

MASON CITY — U.S. Olympic skater Eric Heiden once declared, “Heck, gold medals, what can you do with them?”

Just ask a jeweler.

“It’s a great time to sell gold,” said Denise Vikturek of The Diamond Store in Mason City.

You bet it is. Already high, gold values continue to climb. Prices hit a record $1,300 per ounce on Friday, sending people searching through jewelry boxes for gold pieces they no longer want. On Monday the price of gold floated just below $1,298 an ounce.

Compare that to about 10 years ago, said Jaimi Kiger, co-owner of Grunwald and Kiger Fine Jewelers in Mason City.

“Then it was between $200 and $250 (an ounce) for a long time,” she said.

Her partner, Dan Grunwald, said the hike in prices is likely linked to concerns about the United States’ own bad economy, as well as India and China buying gold to back their own currency in their growing economies.

He cautioned, however, that while the price per ounce sounds good, prices for your jewelry may be much lower. His business has always bought gold.

“(The gold price) is based on an ounce of 24-carat pure gold,” he said. Fourteen-carat gold will bring about half of that price.

And what you might sell is considered scrap metal, he said.

“I tell people it’s like buying kitchen cabinets — you purchased them for $5,000. But when you decided to replace them, what do you do with them? They’re just wood waiting to be burned, most likely.”

The prices have triggered a lot of calls, said a spokeswoman for Riddle Jewelry in Mason City.

Riddle, like The Diamond Store, does not buy gold.

However, said Vikturek, she would recommend reputable refiners if people contact her.

“You want to make sure you know who you are dealing with,” she said.

The higher gold prices have pumped jewelry prices.

Still, said Vikturek, customers may not notice a huge difference in the price of a diamond ring, for instance, since diamond prices right now are good and offset the higher gold price.

Vikturek also said there are other alternatives to gold for settings, including titanium and tungsten.

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