To sell, or not to sell, that is a tough question.

Cash strapped consumers have recently taken to selling their gold jewelry to pay for everyday necessities. Even though there are many reputable dealers, there are just as many scams and unscrupulous people just waiting to take advantage of those that don't know what their jewelry is worth. The biggest offenders, according the Better Business Bureau's website, are cash for gold buying companies advertising on television channels. The complaints range from pricing discrepancies and misleading advertising, to customer service issues and claims for lost shipments.

"Never, never agree to drop your valuables in a regular mailbox. There's no record or proof that it has been mailed, and it's not insured, although many competitors may say otherwise" said Nicholas Roberto, gemologist and jeweler for more than 65 years. "Do your homework. Ask how much you will be paid for one pennyweight of 14 karat jewelry. Compare the prices of a few buyers to see if they are similar or way out of line with each other."

Calls to seven local buyers produced various results. Three jewelry stores, one auction house and three "We Buy Gold" dealers were contacted. That particular day 14K gold was going for $42.12 per pennyweight. We received quotes ranging from $28-30.00 per pennyweight and $14.50-20.00 per gram.

Precious metal jewelry is measured in either pennyweight (DWT) or grams (GR). An ounce of gold is a troy ounce and there are 20 pennyweights (or 31.3 grams) per troy ounce. Yes, it's confusing.

The price of gold changes almost daily. Make sure the scale being used is checked by the state and the buyer is licensed to buy gold. Remember, the buyer is entitled to a profit, which is negotiable.

"Pure gold is 24 karat gold" said Roberto. "You'll get the full weight of the piece if it is truly 24K gold -18K is 75 percent gold and 25 percent alloys."

Roberto said the buyer will test the jewelry with an acid test to determine the karat amount in the piece. He recommends the site www.usgoldbuyers.com for a read-out of the daily prices of 10-24K gold based on pennyweight and/or ounces. By knowing the daily rate before you approach a buyer, you are a bit more prepared to make an informed decision as to whether you should sell your items or not.

One last thing to consider is sentimental value. This is of no use to the buyer, although it may be to you. So consider carefully before you sell that heirloom. It may be worth more in sentimental value than it is in dollars and cents.