Selling scrap gold

[RI AL]

I have inherited a bit of gold jewelry, I would estimate 9 or 10 ounces, years back from my parents, none of which my wife likes and I'm sure my son won't want it. So, I am thinking of selling and ultimately converting into Philharmonics 1 ouncers. I see booths in malls, little mailers to send gold to companies, signs in jewelry shops, but whet IS the best way to sell scrap (mostly 14 18k) to get the best return? I can weigh it and do the math conversion from 14 or 18k to 24k, but it would be nice to bet the best price I can.

 

Thanks RI AL

 

 

[YeahToast]

There's always Cash4Gold

[Schatzy]

RI AL.....like the article said I would just take the stuff into the pawn shop. Since you know how to do the math conversion, you will know what it is worth before you walk in.

[MunkyMan95]

Whatever you do, unless you enjoy getting taken to the cleaners, DO NOT send to Cash4Gold, or anyone that advertises on TV.

 

Your best bet is a pawn shop, or even a local coin shop. Often, coin shops also buy jewelry. I know several of my local shops do.

[bartlesvilleok]

I would think the best bet would be to sale it for the jewelry not the gold.

[Lost Dutchman]

yep, I agree...

 

Try to sell it as jewelry before you scrap it..

 

I buy scrap gold and I always tell people that. You'll get a lot more for it as jewelry... craigslist is free...

[Conder101]

They are right, if you can sell it as jewlery rather than scrap you will do a lot better.

[ant]

as a jeweler, i too buy scrap gold.

 

i hate seeing people get taken for there money.

 

i was at a jewelers shop here one day and an older lady walked in with about 2k in jewelry. she said "i need money as soon as posable" they offered her 200$. i flipped out. right there in there shop i told her i am local jeweler and ill take a look at her stuff and give her the metal value and the stones out of them if she wanted.

 

ever since i saw how others here worked i wanted to out do them.

 

also RI , and anyone else who is trying to sell there jewelry. make sure to have an appraisal done by a GIA G.G or a master jeweler. even though you may think its scrap others will always like a not so expensive piece of bling. mention stones, and date of item if you might know.

 

ALWAYS do studying before selling. look at ebays wanted lists, see what folks are paying. dont go into it blind.

 

if you need a diamond value chart i have some from the national jewelers mag. color and clarity charts can be ordered for free through me. from gia they show and tell all sorts of good info. i will add this info to my blingbyu4u.com site today.

[bsshog40]

I looked into this awhile back myself and most the advertised buy gold sites and all will only pay for the gold itself. If there are any precoius stones in the jewelry this is usually stated and not wanted and is requested to be removed. Also, I have taken calculations to my jewelry aslo, weighing and such, but I can't figure out how to compensate the weight of jewels to accurately determine the gold weight content. I have a few wedding bands, some just band, others have a few small diamonds and one has diamond and saphires (not lab created) in it.

[ant]

i will see if i can find that info for you conversion between ct - grams/oz

[ant]

http://www.ajediam.com/diamond_carat_weight.html

[bsshog40]

Thanks for the link Ant. Are carats determined by the size of the diamond? I thought that some of it was compared to the quality of the diamond also.

[MunkyMan95]

Thanks for the link Ant. Are carats determined by the size of the diamond? I thought that some of it was compared to the quality of the diamond also.

 

I thought it was just the weight?

[Schatzy]

Thanks for the link Ant. Are carats determined by the size of the diamond? I thought that some of it was compared to the quality of the diamond also.

 

I thought it was just the weight?

 

Just weight!!

[bsshog40]

okee dokee

[RI AL]

I think this will be handy in determining gold percentages in different karat jewelry. Now I wonder how accurate my mail scale is...oh well...it will be good for a rough estimate anyway.

 

RI AL

 

Karat Gold Parts Gold Percentage Gold Normal European Stamping

9 kt 9 in 24 37.50%

10 kt 10 in 24 41.67%

12 kt 12 in 24 50%

14 kt 14 in 24 58.33%

18 kt 18 in 24 75%

22 kt 22 in 24 91.67%

24 kt 24 in 24 99.99%

[RI AL]

Great replies, guys...Thanks. I think I'll start gathering up whatever is laying around tomorrow and see what might sell as jewelry and what is truly "scrap". I know there is a gold charm bracelet with several heavy charms, but they are engraved with names and dates. I assume this will be scrap?

My dad (he was a jeweler in Rochester, NY in the 1950's) had a big, heavy gold ring with a large blue star opal in it. It's in the house somewhere. I wonder if the opal is worth salvaging because no one will ever wear the ring. It's big and butt ugly!

 

This is starting to sound fun. Who knows, maybe this stuff will finance our trip to Sanibel Island next month...I HATE using American Express!

 

Thanks again. Have a good evening, all. Ri AL

[ant]

http://www.ajediam.com/Diamond_appraisals_grading_ratings_course.html

 

the 4 Cs.

 

color

cut

clarity

carat

 

each will effect the pricing.

 

best way to sell is to take the gems out before taking it to sell for melt. jewelers make huge huge profits with "unwanted stones". unwanted stones are a gold mine.

[Conder101]

best way to sell is to take the gems out before taking it to sell for melt. jewelers make huge huge profits with "unwanted stones". unwanted stones are a gold mine.

They sure can be. In the shop I used to work in we used to buy jewelry for scrap and we were honest and always told th sellers that we did not pay extra for the stones. We had one lady who used to go through the yard sales in te more afluent section of town checking the jewlry and buying anything she though was rally gold. We would check t, buy what wasgold and then check the stones later after she left. Maybe 50% of the diamonds turned out to be real. Usually quarter carat or less. One day we were checking the stones and just on a lark put the tester on this big gaudy piece that you know couldn't possibly be real. It check out as good! We must have tested that stone a couple dozen times to make sure we weren't doing something wrong. Turned out to be a 2.1 carat diamond. We kept hoping she would come back in so we could pay her some extra for that stone but that was the last time she came in. We had paid her $18 for the gold (womens solitaire ring. Light weight thing), we sold the stone for $13,000.

[ant]

awsome. and it is way cool of yall to be honest.

 

i have found most times that the person selling would really like there moms stone back or there dads ruby. i make sure to give them back stones, just cause they could make a lil more and still be happy with me.

 

i had a person sell me a huge stone that they thought was mystic quarts. i was leaning towards water mellon tormaline. they were for sure it was just quarts so they sold it to me heck of cheap. turned out to be a 1.25ct genuine alexandrite sold it for my newest cadi upgrades

 

colored stones are the hardest to tell what they are. so keep them! one guy sold a bermese ruby very clear and rare for 50$ to pawn shop. they turned around and sold it to a jeweler for 18k+

 

ill say it everytime. go in prepared for battle. be knowledgeable about what you are doing or selling. if you arent for sure. DONT SELL IT

[WoodenJefferson]

In order to stem people from unauthorized sale of gold/silver/precious stones, etc. the city enacted a law on the books that anyone who buys these type of goods must take a valid pictured identification (D/L, State ID) and record all the information and keep it on file for the duration of statute of limitations.

 

Several big time thieves were recently caught here with stolen jewelry they heisted from another major city.

[ant]

i actualy just reported a call i got 2 weeks ago. some old guy told his son to call me after his son asked about jeweler. his son was brazen enough to ask me 'my friend is a plumber for richy homes and he stole a huge diamond ring, do you deal in this stuff". i reported the number to the local law enforcemnt.