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If possible, I would hold on to your gold as it is likely the price will continue to rise through the year, especially with the weak dollar. It should continue through election time.
I'd be interested in this as well, as I purchased a pearl the same way and had it put in a pendant. My understanding is that blue and black pearls are the most valuable with white/pink the least.
I have had primarily positive experiences buying diamond rings on-line, although I am careful to do my research before hand. I have never had to return a single one.