Diamond District Cashing In On High Price Of Gold

NEW YORK (WCBS 880) -- With the price of gold at an all-time high, consumers are cashing in on their unwanted jewelry.

LISTEN: WCBS 880's Marla Diamond reports

Earlier this week, gold closed up nearly $30 finishing at $1,769 an ounce. It was the first time the price fo gold has ever broken the $1,700 mark.

Michael Toback, the president and owner of Myron Toback, Inc., says there could be a fortune sitting in your closet or on your dresser.

"It is a gold rush and the people who are cashing in now I think are getting the most for their gold," said Toback.

Toback is a refiner in the Diamond District and says he'll pay 98 percent of what the piece is worth. Others may take more of a profit and Toback says it pays to shop around for the best deal.

But sellers beware. There are signs up and down 47th Street in the Diamond District warning of scams.

For more information, visit www.diamonddistrict.org. 

Are you taking advantage of the high price of gold? Let us know in our comments section below...