As gold prices soar, New Yorkers like David Kleinman are selling unused jewelry to capitalize on the market. The Diamond District is bustling with activity, as jewelers report a surge in customers looking to cash in their gold. Recently, gold reached $3,322 per ounce, marking a 35 percent increase from the previous year. Alon Mirzaev of U.S. Gold Refinery noted that many are offloading their gold, reminiscent of trends last seen in 2008, as people seek financial security amidst market volatility and inflation concerns.
"I'm not really a jewelry buyer and I had no idea how much gold was in these items," Kleinman, an HR consultant who lives on the Upper East Side with his family, told The Post.
"There are a lot of people who are selling the gold they have sitting around," Mirzaev said, adding that he hasn't seen this big of a gold selloff since 2008.
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