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Gold scrap jewelry

skier07skier07 Posts: 1,766 ✭✭✭✭✭
edited September 13, 2020 4:52PM in Precious Metals

I have junk 14 ct gold jewelry I would like to sell. Locals are paying 50% of melt. Suggestions appreciated.

Comments

  • KISHU1KISHU1 Posts: 1,705 ✭✭✭

    Show some pics
    50% is low , I might be interested
    Frank D

  • bronco2078bronco2078 Posts: 8,699 ✭✭✭✭✭

    @skier07 said:
    I have junk 14 ct gold jewelry I would like to sell. Locals are paying 50% of melt. Suggestions appreciated.

    its way low but when prices shoot up buyers are looking for high quality so your problem is more one of timing than anything else. If you can wait and believe gold will hang about here then wait for spreads to tighten

  • skier07skier07 Posts: 1,766 ✭✭✭✭✭

    @bronco2078 said:

    @skier07 said:
    I have junk 14 ct gold jewelry I would like to sell. Locals are paying 50% of melt. Suggestions appreciated.

    its way low but when prices shoot up buyers are looking for high quality so your problem is more one of timing than anything else. If you can wait and believe gold will hang about here then wait for spreads to tighten

    Thanks. I’m in no hurry, it’s been sitting in a safe deposit bank for several years.

  • JimnightJimnight Posts: 7,154 ✭✭✭✭✭

    It's hard to make money on jewelry. Just saying

  • skier07skier07 Posts: 1,766 ✭✭✭✭✭

    @Jimnight said:
    It's hard to make money on jewelry. Just saying

    I’m not trying to make money. I’d like to get to melt as close as possible.

  • RobMRobM Posts: 82 ✭✭

    Consider selling it to a reputable refiner. You should be able to get 95 to 98% of spot for the actual gold content. Around a decade ago I mailed several 14 and 18kt gold chains (late grandmother's HSN purchases) to ARA Gold in Dallas. You don't even need to send in multiple ounces. Promptly received check in the mail after the gold was processed for quantity of gold nearly identical to what I had calculated. Some may say that is not possible (getting 98%) for your junk, even broken, jewelry, but gold is gold, and in addition to the small take on the gold, the refiner also profits from the silver that was alloyed with the gold. This is what the metal detector hobbyists do.

  • rte592rte592 Posts: 598 ✭✭✭✭
    edited September 13, 2020 7:55PM

    @skier07 said:

    @Jimnight said:
    It's hard to make money on jewelry. Just saying

    I’m not trying to make money. I’d like to get to melt as close as possible.

    My local G&S store pays 25% BACK of spot.
    Walk in, they check the quality and hand you a check.

  • Jinx86Jinx86 Posts: 3,581 ✭✭✭✭✭

    Ive bought from members here at 90-95% of melt.

    Our shops retail bid depending on customer can be 75-90%. Not sure what the pawn shops in town are paying. Might have to bring a piece in and check their math.

  • TwoSides2aCoinTwoSides2aCoin Posts: 41,592 ✭✭✭✭✭

    Wow. 50%. Do you a favor. Contact me.

  • rickoricko Posts: 76,432 ✭✭✭✭✭

    You should be able to do a lot better than 50%.... Of course there is the refining fee and shipping fee... but still... 90-95% should be obtainable. Cheers, RickO

  • KliaoKliao Posts: 2,662 ✭✭✭✭✭

    50% is way low. Some members here will buy at 90%+

    Young Numismatist/collector
    Visit my eBay store kliao-69
    26 Positive BST transactions with 18 members and counting!

  • DNADaveDNADave Posts: 6,441 ✭✭✭✭✭

    How do they account for stones? A lot of this is 10K

  • skier07skier07 Posts: 1,766 ✭✭✭✭✭

    @DNADave

    That’s a very good question and unfortunately I don’t know. Without removing the stone you have no idea what the weight of the gold is and unless you’re knowledgeable how do you know what the value of the stone is.

  • RobMRobM Posts: 82 ✭✭

    The refiner i mentioned previously provides a complimentary service where they safely remove and clean stones, and return them to you. So you are getting paid based on the actual net gold content.

  • RobMRobM Posts: 82 ✭✭

    So trust is part of the equation. But keep in mind that gold is around 6x the density of diamond, silver 3x, and copper around 2.5x. in most cases if you weigh the piece with the stone, the stone will be a relatively small fraction of the total weight.

  • johnny9434johnny9434 Posts: 22,052 ✭✭✭✭✭

    @skier07 said:

    @Jimnight said:
    It's hard to make money on jewelry. Just saying

    I’m not trying to make money. I’d like to get to melt as close as possible.

    Yes more of a fair price

  • KliaoKliao Posts: 2,662 ✭✭✭✭✭

    So what do you do with the gemstones afterwards? Would be neat to go through and identify.

    Young Numismatist/collector
    Visit my eBay store kliao-69
    26 Positive BST transactions with 18 members and counting!

  • MsMorrisineMsMorrisine Posts: 24,056 ✭✭✭✭✭

    @Kliao said:
    So what do you do with the gemstones afterwards? Would be neat to go through and identify.

    although you'd need an education to do that.

    I'd wonder how many are stones versus glass.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • KliaoKliao Posts: 2,662 ✭✭✭✭✭

    @MsMorrisine said:

    @Kliao said:
    So what do you do with the gemstones afterwards? Would be neat to go through and identify.

    I'd wonder how many are stones versus glass.

    Because its in gold I would guess the majority are stones and not glass, just that the lower quality pieces or mass produced pieces would have low quality stones in them.

    Young Numismatist/collector
    Visit my eBay store kliao-69
    26 Positive BST transactions with 18 members and counting!

  • BaleyBaley Posts: 22,039 ✭✭✭✭✭

    Stones vary in authenticity, rarity, Quality, and market value, just like coins. Most are common.

    Liberty: Parent of Science & Industry

  • Jinx86Jinx86 Posts: 3,581 ✭✭✭✭✭

    @Baley said:
    Stones vary in authenticity, rarity, Quality, and market value, just like coins. Most are common.

    Most are extremely common. Rarely do I get in a colored stone with saving. Partly to do with the line of work, but also the part of the country Im in. Most people here in North Dakota are conservative with money and wont spend a huge sum on a "rock". Going with that you dont see many high end watches up here either. My bin of stones in back from scrap work is about a half gallon. I have some gemology tools, but need to buy more to do proper identification for sales purposes. Right now I can for the most part positively ID a stone. Putting a grade on its quality and checking for enhancements is something I send the stones off to GIA for.

    I do think gemstones are great looking and do hold potential value. I just dont have the time to put into them. Maybe in retirement Ill take it up as a hobby.

  • coinercoiner Posts: 69 ✭✭✭

    The claim of getting 98% is bs. You might think you’re getting 98% but actually it’s closer to 93% because of the assay. Most 14k assays as low as 53% - 55% vs 58.5% as expected. Do the math. 98% payout on an assay of 55% is actually a 92% payout on the raw weight.

  • coinercoiner Posts: 69 ✭✭✭

    10k is worse. I’ve got assays as low as 37% (as opposed to 41.6%)

  • coinercoiner Posts: 69 ✭✭✭

    So typically a b&m has to work on a 20-30% gross profit to make money. All that overhead costs $$$. Rent, utilities, etc.
    So the typical payout will be between 62-72% normally on weight from a b&m.
    A Vest pocket or show dealer may be able to do 82% on weight.
    So unless there is significant volume involved, anyone working on less than 10% is taking on risk—-not worth it.

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