Sears, Kmart get in the gold buyback game-Industry News-Magazine-IRISPANCY FASHION ACCESSORIES & JEWELRY

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Magazine > Industry News > News Content

Sears, Kmart get in the gold buyback game

5/18/2010 3:44:47 PM

Hoffman Estates, Ill.--Sears and Kmart stores are among the latest chain retailers to begin offering a formalized gold buyback program, with the stores now offering the services via their jewelry departments.

According to a news release issued Monday by Sears Holdings, the buyback program is being launched in conjunction with Pro Gold Network, a Madison Heights, Mich.-based purchasing, manufacturing and refining facility. Consumers looking to sell gold or silver items can pick up ProKits in the jewelry department of Sears and Kmart stores.

Each kit contains instructions, a form and a prepaid shipping envelope insured for up to $750. After mailing in their metal, consumers can track their kits online via the Web sites Sears.GoProGold.com or Kmart.GoProGold.com or by calling a customer service representative at (877) 624-6295.

According to the release, customers will receive notification of their settlement value by e-mail or phone and will have the chance to accept or decline before payment is issued. Items will be returned free of charge to those who decline.

In July 2009, another nationwide chain, Kay Jewelers, launched a gold buyback service dubbed the Kay Gold Exchange. The Kay Exchange allows consumers to log in online and watch over the Internet while their packages are being inspected.

"We are happy to partner with The Pro Gold Network to provide a great service to our customers who have been asking for a secure way to exchange their gold jewelry for cash," Michelle Pearlman, senior vice president and president of jewelry at Sears Holdings, said in the release. "Pro Gold Network is an established leader with the expertise, knowledge and resources to provide our customer with the finest service and value in the industry."

Sears Holdings operates some 2,235 jewelry departments in the United States, including at 908 Sears stores and 1,327 Kmart stores.

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