Goldbug Party business partners Ann Marie Schreiber and Dina DeSorbo want to fill your wallet with money. How, you ask? By purchasing your unwanted gold.
"The concept is sort of like the old Tupperware parties but in reverse," said Schreiber. "Rather than asking people to buy stuff, we give them the opportunity to sell their unwanted gold. Mainly we buy gold jewelry, but we have also purchased dental gold, gold coins and even gold bars."
Basically, someone will decide to host a party. They'll invite their friends and family and tell them to bring their unwanted gold. Schreiber and DeSorbo then go to the party and set themselves up in a corner with equipment that weighs and tests the purity of the gold. As guests bring over items, they tell them what the item is worth, and if the guest decides to sell it, a check is written that night.
"The price of gold is near its all-time high right now, so half of the fun is seeing the shock on people's faces when they find out what that broken, old necklace is worth," said Schreiber, of Manlius. "The proceeds of the party can go to the host, which is the most common arrangement, or they can go to any organization. We have one party coming up where the host will be donating the proceeds to help build the new F-M sports facility."
After the party when all purchases are added, the host gets 10 percent of the total plus a $100 bonus if Goldbug purchased more than $1,000. Schreiber said at an average party, the host makes about $400 but that varies; some make a lot more, some make a lot less. If the party is for a non-profit, Goldbug pays the organization 15 percent of what they purchased. Hosts also receive a $50 bonus if one of their guests book a party.
Goldbug books on average about 30 parties per month. The business recently hired another six representatives for Skaneateles, Cleveland, Utica and the Fayetteville-Manlius area, and employment opportunities are expected to grow.
"We like the fact that we are putting money in people's pockets at a time when that's really important," Schreiber said. "For the most part, people are selling jewelry that they would never wear anyway. So it feels like a win-win situation."