The internet — and, likely, your town — is flooded with businesses promising to give the highest payout for your gold. The Alloy Market is a newcomer to the space, a startup with investment money that is getting buzz in media outlets including USA Today, CBS News, MSN and others.
Is this metals and jewelry buyback site that special? Even though it has been on the market for less than a year (this is published in February, 2024)?
We evaluated Alloy based on customer reviews, scores from third-party agencies including the Better Business Bureau and Trustpilot, and overall impression.
In short: The Alloy Market is a legit place to sell your gold and silver, as well as diamonds of at least 1 carat (though they don't advertise that fact). While still young, Alloy is likely to be a force in the gold-buying market, though the process of selling to them is similar to other quality online gold buyers.
One mom’s experience selling gold to Alloy
What does The Alloy Market buy?
How does The Alloy Market work?
How does Alloy compare with other online gold buyers?
One mom’s experience selling gold to Alloy
Melinda Burris is a North Carolina mom of two, a freelance writer, and digital marketing instructor at the University of North Carolina at Chapel Hill.
We asked Melinda to purchase six of the same 7.5-inch Italian 10k gold bracelets from Macy’s, which the store's site stated originally retailed for $600 each but were purchased on sale for $200 each, plus tax. Her assignment was to sell the bracelets to various online and local gold buyers to report on her experience:
This was Melinda's experience:
On March 13, I went online, filled out a contact form, and requested the Alloy Appraisal Kit. I received an email within minutes confirming that my request for the appraisal kit had been received and I should receive it within three business days.
It arrived 5 business days later on March 20 via USPS, and I packed the shipping container and mailed it back the same day.
The Alloy Market sent me a payment offer of $41.49 via email on March 28, about 66% of the spot value of the bracelet. The full spot value would have been $62.86.
I called Alloy on March 29 to discuss the value of the piece and was told the value was based on gold market prices on the day of the appraisal. They would not negotiate a higher price.
They offered to pay me via mailed check, direct deposit, or through PayPal. I accepted their offer on April 2 and received payment via PayPal in less than 24 hours.
Based on my experience with Alloy, here are my thoughts:
Pros: The process was easy to complete, and the customer service representative was polite. I received payment within 24 hours of accepting the offer.
Cons: They would not negotiate.
Original offer: $41.49
Final offer/payout (no fees charged): $41.49
Percentage of spot gold price paid out: 66%
Is The Alloy Market legit?
Why we believe Alloy is legit:
- A- BBB score (accredited since August 2023)
- 4.9/5 stars on Trustpilot, based on 75+ reviews, some of which are marked ‘invited'
- Up to $100,000 insurance on every shipment
- Free shipment and returns, no obligation
Most of these features are standard among leading online gold buyers, including CashforGoldUSA, Abe Mor and Sellyourgold.com.
Alloy enjoys several high-profile media mentions and has invested in a modern online presence, setting them apart from the competition.
Alloy has earned headlines for its early promise to launch an app that would allow the user to value their gold and manage the sale process, but that has been put on hold indefinitely, CEO Brandon Aversano told me.
There is currently a waitlist on their site to be notified when the app becomes available. However, Alloy currently has links on the same page to download the app from both the App Store and Google Play, which display a “this app doesn’t exist” message when you click on them.
What does The Alloy Market buy?
The Alloy Market's brand and focus is on buying all kinds of gold — jewelry, coins, bars and bullion and watch bands.
Their site says they also buy silver, platinum and palladium, and in communication with its founders, we learned Alloy also buys diamond and gemstone jewelry. Keep in mind that all but the finest and largest of gemstones are likely not of any value in such a sale, no matter where you take them, and Alloy told us they only buy diamonds of at least 1 carat in weight.
Learn more about how to sell your gold
What you need to know about selling sterling silver flatware
How does The Alloy Market work?
Alloy is like most online gold buyers (vs marketplaces like Worthy or myGemma, which list your item for buyers to bid on):
- Go to TheAlloyMarket.com
- Enter your name and address to request a USPS mailer sent to you. You will receive an email and text to which you can reply with any questions. A human seemed to have responded to my queries. Though I received my mailer the next day, Melinda’s took five days to arrive.
- Follow the instructions to package your item and return it to the Newtown, Penn., headquarters. Alloy says you will receive an offer within three days, though Melinda says it took eight days to receive an offer after she sent in her mailer.
- Once you accept the offer, Alloy promises immediate payment via Venmo, Paypal, ACH/direct deposit or check by mail — your choice. The whole process, assuming you send in your item right away, should be completed within a week, though transit times may vary depending on where you live.
How does Alloy compare with other online gold buyers?
Here are some of the leading places you can sell your gold online:
| Year founded | BBB | What they buy | Forms of payment | Minimum time from request to payment | |
| The Alloy Market | 2022 | A- (accredited since 2023) | All weight and karat of gold and silver and diamonds of at least 1 carat — though their site and marketing are heavily focused on gold | Venmo, Paypal, ACH/direct deposit or check by mail | 5-7 days |
| CashforGoldUSA | 2005 | A+ (accredited since 2020) | All weight and karat of gold, silver and diamonds | Direct deposit, PayPal, Virtual Visa credit card, print-at-home check, Check mailed via overnight FedEx, Check sent via USPS First Class mail | 5-7 days if you opt for FedEx shipment, more if USPS |
| Abe Mor | 1964 | A+ (accredited since 2016) | Gold worth at least $500 and diamonds of .5 carats or more | FedEx 3rd day delivery) or via wire transfer. | ~1 week |
You can also check out our experience pawning jewelry.
Pros of The Alloy Market
Alloy is a solid choice for selling your precious metals, and diamond jewelry. Here’s why:
- Free shipping
- Insurance and guaranteed highest payout consistent with industry leaders, though their promise to accept all weights of metals makes them extra-competitive
- Strong online reviews
- Stylish and useful website and marketing indicate they will be competitive in the online gold-buying space for the foreseeable future
Cons of The Alloy Market
- Really focused on metals vs diamonds
- New company so not a lot of online reviews yet
Takeaway re: The Alloy Market
Alloy is a solid online gold buyer. Whether you regularly sell gold or this is your first gold sale, you’ll likely have a positive experience with Alloy.
