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Jewelry Kiosk offers “Quick Cash” for your Precious Metals

Jewelry Kiosk offers “Quick Cash” for your Precious Metals

Goldstϋr has made it so you can now trade in your gold, platinum and silver pieces of jewelry at a kiosk for cash, as easy as you put coins in a Coinstar machine.

“With Goldstϋr, the kiosk uses proprietary technology to analyze the item’s weight and metal content. It then makes an offer based on a live hookup to current metal prices. If consumers accept it, they receive store credit or cash for their item. The entire process takes about two minutes, and every customer is charged a $2 appraisal fee.”

Goldstϋr Jewelry Kiosk

The Goldstϋr Jewelry Kiosk

Here’s how it works:

  • Find a location with the new jewelry kiosk. Right now it’s debuting at 10 Cub Food locations across Minnesota.
  • Bring your gold, silver or platinum jewelry in a safe container. Make sure to remove any jewels. The Goldstϋr Kiosk is not designed to give money based on any precious or semi-precious stones.
  • You’ll need to bring picture identification. The Jewelry Kiosk, although a machine, must still follow the law. More on that below. Also, be prepared to have your picture taken.
  • You’ll need to agree on a $2 appraisal fee. This is non-refundable whether you take the cash offer or not.
  • Put your jewelry in the slot / container.
  • Wait a few minutes.
  • The Goldstϋr Jewelry Machine will then present you with a cash offer.
  • Accept the offer, or don’t. If you decide to take the offer, you will receive the offer you agreed upon. If you choose not to accept, you will get your jewelry back.

Jewelry Kiosk Security

You may be asking yourself “Won’t this machine make it easier for criminals to turn their “loot” into cash faster? Possibly Yes, but more likely No. The Goldstϋr Kiosk Machine, is still accountable to the Federal and State laws of secondhand merchandising. To be more precise, it must follow the same laws pawn shops have to abide by. Such as:

  • You will be required to show picture identification.
  • You will be required to take a picture.
  • If you accept the offer, the jewelry that was put in will be organized in a such a way that it will be associated with you. Just like a pawn shop.
  • And just like a pawn shop, Goldstϋr will be required to hold on to the jewelry for a period of no less than 30 days.

However, criminals are getting smarter by the day, and being this is new technology, there’s a chance some clever individual will find a way to circumvent the system (e.g., taking a picture). Will the machine require or even know if it’s taking a picture of a person’s face, or taking a picture of a picture? Can you wear a mask? This I’m not sure of, but you can bet there are surveillance cameras there. Possibly an armed guard. My guess, it’s going to be extremely difficult to fence merchandise without someone knowing who you are.

Miller of Goldstϋr states “What we found is the average consumer will pass by the kiosk a few times before they decide to approach it,” he says. “About 70 percent are appraisals and 30 percent are appraisals with acceptance offers. We have had people bring in bags of jewelry.”

A Few Things to Consider.

  • The Kiosk will not give you more than $350. Perhaps in the future it will, but for right now it won’t. So don’t put all of your jewelry in at once if you have a pretty good idea it’s value is higher. But also be aware that each time you start over it will cost you another $2.
  • Don’t expect the machine to care about your personal feeling toward the jewelry. It doesn’t. It will analyze it, and give you a quote.
  • It’s probably not in your best interest to sell antique jewelry at this machine. Antique jewelry, because of it’s rarity, is worth more than the price of the gold, platinum or silver it’s made of.

Be Smart! Don’t be in a hurry.

The Jewelry Kiosk Machine is pretty interesting, and convenient, but as Mr. Miller of Goldstϋr states “The numbers are staggering. Even after the collapse in 2008 there is still more gold held in households than there is in any government institution and Fort Knox combined.” In other words, with so much gold out there, the jewelry kiosk has plenty of competition.

First get your quote from the machine, then take your jewelry to a pawn shop and see what they will give you. You might be surprised. Many gold and precious metal buyers pay exceptionally well, their limit isn’t $350, and the appraisal is free.

The Goldstϋr Jewelry Kiosk – Conclusion

Whether you choose to use the new jewelry kiosk to avoid an uncomfortable situation with another person (e.g., embarrassment, or nervousness), simple curiosity, or because it’s offers you the best quote, there’s a good chance the coin machines will have company, and competition is good!

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