CINCINNATI — Jewelry stores and gold buying shops everywhere are experiencing a surge in business after gold prices recently hit a record high of $3,400 an ounce.
Gold prices have doubled in the past couple of years, creating potential profit opportunities for people with unused jewelry.
"It is stuff I don't wear anymore, so why not bring it here?" Kurt Shearer said, who recently visited a local gold buying store to sell items he no longer uses.
The precious metal is down slightly from its April peak of $3,400 an ounce, but still remains at historically high levels.
A woman named Becky brought in rings and bracelets she hadn't touched in years.
"It would be worth it, yes," Becky said.
So how much money can you get?
Adam Andrus, owner of Effler Jewelers in Cincinnati's Hyde Park, explains that the value depends on specific factors.
"It all depends on the weight, and what carat it is, such as if it's 14 carat or 18 carat," Andrus said.
18 carat is nearly solid gold, and worth much more.
Watch as gold buyers inspect jewelry to buy:
Some items can be surprisingly valuable: a thick 18-carat bracelet someone had brought into the store was netting them nearly $15,000 cash. (They didn't want to talk about their haul or be shown, for obvious reasons)
Most of us will not walk around with that much money.
For perspective, an average thin necklace made of 14-karat gold weighing about 10 grams is currently worth around $400, according to Gold Calculator USA.
Buyers recommend selling now if you have gold jewelry you haven't worn in years and have no one to gift it to.
"If you are not gonna wear it, and don't have anyone that wants it, it does no one any good sitting in a drawer," Andrus said.
Kurt Shearer was pleased with his decision to sell his unused items.
"It went very well, glad I came in!" Shearer said.
As long as it's not costume jewelry, those forgotten items in your drawers and closets could be worth significant money in today's market.
That way you don't waste your money.
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