Looking to capture a larger share of the gold-selling market, gold buyer GoldFellow.com announced the opening of its first GoldFellow® retail store in a Westlake Village shopping center. The GoldFellow® store buys gold, silver, platinum and diamonds directly from consumers and pays them on the spot.
The new store operates under the same guiding principles that have earned the company’s Web based core business an “A+” rating from the Better Business Bureau and zero complaints from consumers. But the store offers consumers a more personal gold-selling experience.
“Though we offer free, insured FedEx shipping to all customers and a method for seeing and approving their payment amount in advance,” said GoldFellow® founder and president Michael H. Gusky, “there’s still a segment of the population that prefers to conduct business in a retail, walk-in environment. Customers at our store enjoy watching the process as their items are tested for precious metal content, graded and weighed. Everything is done right there in front of them.”
Gold prices have been at historic highs and consumers, even those not strapped for cash, have been taking advantage of the high prices and cashing in unwanted, broken and out-of-style gold jewelry.
“GoldFellow® customers tend to be more educated consumers,” said Gusky. “They want a safe, discreet selling experience, have done their homework and expect a good price. They will have the same GoldFellow® experience whether they visit our store, attend a GoldFellow® gold party or via our website business.”
According to Gusky, the store is a better option than pawn shops which typically pay pennies on the dollar and jewelry stores which may pressure sellers to use the money from the sale of their old gold to fund another purchase in the store.
“We are national buyers and refiners,” said Gusky. “Every piece of gold we purchase gets melted. We enjoy seeing our customers leave with a check and a big smile.”
Gusky and his wife Robin, who is also active in the company, made their reputation during 30 years in the gold jewelry business. Their company grew to become the largest karat gold jewelry manufacturer in America, culminating with a sale to Warren Buffett’s Berkshire-Hathaway in 2007.