Westwood Jeweler Marvels at Rise in Gold Value

The jewelry box on your dresser is a treasure chest waiting to happen. 

If you're a collector of gold jewelry, or just have an accumulating pile of old pices of gold that's been building up over the years, now might be the perfect time to trade it in. 

The value of gold reached a record high this week of $1,500 per ounce, and one jeweler in Westwood says it's simply a sign of the times.

"What I've been hearing is a few things are causing it to go up," said Sam Dolabany, owner of , where customers can receive money on the spot for trading in their gold. "It's all the economic uncertainties all over the world. There's been a huge demand in China and in India, because traditionally, in those two countries, the average person, when they have extra money, they invest in gold by buying jewelry.

He added, "The middle class has been growing very rapidly, and they have been able to afford more luxury, like gold and diamonds. It's not just gold; silver has also hit an all-time high."

Silver has historically been valued at $2 per ounce, Dolabany said, and now, the metal has also reached a record high value of $45 per ounce. 

But in terms of gold's staggering value, Dolabany noted that he's seen a dramatic increase during the last decade.

"I was just telling someone, I remember when (Former President George W.) Bush took office in 2000," Dolabany said. "Gold was $250 an ounce. It has actually gone to $240 at one point. It started to go up when Bush became president, slowly but surely."

The value of gold has increased rapidly over the past five to six years, Dolabany said. From the $250 value in 2000, he said it reached $600 about five years ago, and said the fact that it is now at the all-time high of $1,500 per ounce is noteworthy. 

Dolabany Jewelers buys gold for customers, a service that allows patrons to trade in their gold pieces without appointment to get money on the spot.

"The average person cannot sell gold just anywhere," he said. "They have to go through a place like a jewelry store or pawn shop. We basically refine the material, recycle it, and it goes back into the jewelry industry. We pay right on the spot... no need to for an appointment."

What's more, he said his customers have also taken notice of the rise in gold value. 

"They are keen to it," he said. "If they have gold that they're not using, and it's broken in pieces, or if they have a pair of earrings that's missing the other half, it's just sitting in the drawer collecting dust. And almost every time we give the customer a price, their jaw drops for what the gold is worth."