Scrap Gold Program

Guide to Selling Gold

scrap-gold1.jpgMany people selling gold think that since the gold market is $1,000 an ounce and I have an ounce of gold I should get $1,000 for my chain. Unfortunately, it does not quite work that way. Most gold jewelry is 14 karat gold. That means that there are 14 parts gold and 10 parts alloy. So at most there would be $585 worth of gold at that day’s market. 

Now , whichever store buys your scrap jewelry, will have to accumulate enough to send to the refiner’s. Then there are refining fees, the refiners profit margin, shipping and the risk that the gold market may drop before the scrap is sent out to the refiners. There is also the risk that the store may be buying gold that is marked 14 or 10 karat but might actually be gold-filled or under-karated., which can fool some gold detectors.

How we do it

A recent study done by a large scrap buyer showed that approx 70% of the 10kt scrap purchased was actually less than 10 karat.

In order to give the highest return we test every piece you bring in and separate it into different lots. We then give each lot a separate value. If any store has to guess at a lot without proper testing, who do you think the guesstimate is going to favor????

If you are concerned about leaving your items for testing, we would be happy to provide you with a photocopy of all your items for identification purposes

How much do we pay?

We pay approx 60% of the current market value in a check. This covers the cost of insurance, testing, risk, shipping and some profit to keep us in business………

We don’t ask you how much do you want to receive! Stores that do that are hoping that you have no idea of the value of your jewelry

How can I get up to a 90% Return?

If you are looking to purchase a new piece of jewelry, we will add 50% to your scrap offer, bringing the total to approx 90% of market. This allows us to move more inventory and lets you get more for your scrap gold.

All items purchased through our scrap exchange program are final sales since we will be unable to return the gold that you sold us. Sales items are also excluded from the scrap exchange program.

Please feel free to ask us any questions regarding your transaction.