Gold scrap jewelry (Update)
skier07
Posts: 3,968 ✭✭✭✭✭
I have junk 14 ct gold jewelry I would like to sell. Locals are paying 50% of melt. Suggestions appreciated.
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skier07
Posts: 3,968 ✭✭✭✭✭
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Show some pics
50% is low , I might be interested
Frank D
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.
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.
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.
My local G&S store pays 25% BACK of spot.
Walk in, they check the quality and hand you a check.
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.
Wow. 50%. Do you a favor. Contact me.
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
50% is way low. Some members here will buy at 90%+
Collector
75 Positive BST transactions buying and selling with 45 members and counting!
instagram.com/klnumismatics
How do they account for stones? A lot of this is 10K
@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.
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.
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.
Yes more of a fair price
Depending on city ordinance a dealer cannot destroy or alter a piece before buying. I keep a tray of sample stones out front to show people why I am paying less than what the item weighs. My gemstone recovery service is for dealers volume only and turn around can vary greatly.
So what do you do with the gemstones afterwards? Would be neat to go through and identify.
Collector
75 Positive BST transactions buying and selling with 45 members and counting!
instagram.com/klnumismatics
although you'd need an education to do that.
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.
Collector
75 Positive BST transactions buying and selling with 45 members and counting!
instagram.com/klnumismatics
Stones vary in authenticity, rarity, Quality, and market value, just like coins. Most are common.
Liberty: Parent of Science & Industry
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.
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.
10k is worse. I’ve got assays as low as 37% (as opposed to 41.6%)
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.
I decided to send everything to Midwest Refineries. 14k is 58% but their assay yield was 55%. My weight corresponded exactly to their weight but they came up with an after melt weight. Does this look okay?
Yes. 14k gold is suppose to be 58.3% gold but sometimes the % of gold in the alloy can be a little lower either by not mixing well enough or purposely not adding enough gold. It’s within tolerance if you ask me.
Collector
75 Positive BST transactions buying and selling with 45 members and counting!
instagram.com/klnumismatics
55% is 13.2k
do 22k & 18k often assay to a few percentage points less... and what about assaying for more?
Lot of facts in this thread, but here's my take.
On gold jewelry, before we take it to the refinery, it has to be destoned, and broke down the best as possible due to any additional non gold parts.stones severely affecting the weight, or you will be penalized if they do it. Some wont even take it.
Especially at current high gold prices!!
On sterling silver jewelry, i dont have to remove those stones, and non silver stuff, they actually have it figured in where I sell. That is why I get about 4%-5% more for flatware and coin medal/bars vs jewelry. its factored in .
However, as mentioned, the real problem is when your buying it, becuase by law, you can't destroy and break down for 7 days after purchase, but over time, you begin to get an idea, how much stone weight is and how to figure it in when purchasing.
You did fine. Fine jewelry , that is. But someone is not using proper alloys when .585 is only .550. Just saying. But that's typical.
assume the value of all stones is the same as any random pebble in your garden , subract the crushing weight of the hopes and dreams of the owner obviously , the return on those is far less than 0
I’ve heard of it’s allowed by law to be off by a certain tolerance. If items are stamped 14KP then that means 14 karat plumb meaning it’s right on.
It's all about what the people want...
The assay yield looks fine i think.
Did you do okay? Well you sold it at the right time!!!
He who knows he has enough is rich.
My timing was very good. No skill involved, just lucky.
I was pleased with my results and I did much better compared with the locals.