With the economy dragging and the price of gold more than $900 an ounce, many consumers are turning their jewelry boxes into extra cash. But how do you know you're getting a fair price?

Tara Nash is a jeweler in Edmonds who is helping consumers get the information they need, and she’s turning a profit at the same time.

The former pawn shop employee is now buying used gold jewelry at party-like gatherings. Instead of buying kitchen-wear, clothing or handbags, party-goers bring jewelry they no longer want and sell it to Nash.

Stacy Simmons of Lynnwood was thrilled with what she took home from a party recently, a check for $416. “$416 I can certainly use,” she told KIRO 7 Consumer Investigators.

As party hostess, Lisa Rinker of Edmonds received a check for more than $240, or 10 percent of Nash's profits; money that's pure gravy, since Nash pays for food, beverages and invitations.

“We all have a lot of gold and stuff, and broken necklaces that we don’t wear anymore,” Rinker says, “and so it’s a good way for everyone to kind of unload it and get some extra cash.”

Selling unwanted gold is nothing new, especially in this struggling economy. Hotels host gold-selling events all the time. TV commercials encourage consumers to put their gold into an envelope and send it away.

Elizabeth Whitacre of Seattle tried to make money by sending her gold to a national company that advertises heavily, but instead of receiving the hundreds of dollars she was expecting, Whitacre received a check for $1.47, and that check that bounced. Whitacre ended up paying a $6.00 bank service charge.

“To sell my gold, it cost me,” she told KIRO 7 Consumer Investigator Amy Clancy. “Very frustrating,” she said.

When Clancy called the gold company Whitacre used to see what rate it pays its customers, a spokeswoman would only say the rate was, "fair."

Consumer Reports warns sellers should get at least 85 percent of the value of their gold. Ryan Hoolahan, owner of West Seattle Coins tells Clancy, he typically pays out closer to 90 percent. So does Tara Nash. Her advice to anyone selling gold: First find out if it's real, then find out what the current value is, so you can make an informed sale.

At Nash’s most recent gold party, Kandy Eaton says her husband thought he'd get more for his gold crowns than Nash was offering. “I’m going to take them home and let him check and see if he can get more money. And if not, we’ll sell them to Tara.” That, Nash says, shows the gold party idea is a success; even if people don’t sell, they can find out what their gold might be worth.

“Everybody left knowing what they had, so that was a good thing.” Nash also said she netted about $1500, three times more than she expected.

“A lot of people needed the money,” she tells KIRO 7. “Some people have kids going off to college, others have kids studying abroad, so everyone had a reason they needed the money.” Nash has many more parties booked in the near future, and isn’t the only one in the gold party business: http://www.seattlejewelryparty.com http://www.mygoldparty.com

If you have gold to sell, and want to know how much it might be worth, check out the going rate here: http://www.kitco.com

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