selling scrap gold jewelry to a refinery

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danz

New member
Joined
Nov 27, 2014
Messages
2
Location
NJ
I would appreciate advice and referral.

I am executor for my Mom's Estate. Now that family members have taken the jewelery they liked, I plan to sell the remaining scrap gold jewelry directly to a refinery. I estimate that refining will result in 4.2 tr ounces of pure gold.

I worked with a friendly local jeweler to remove nearly all non-gold material from the jewelry. I separated the gold into 10k, 14k, 18k and dental (16k.) I weighed each on a jeweler's scale I recently purchased. I calculated an estimated yield based on 1/2 kt under, e.g. I figured that 18K will yield 17.5, which is 97.22% . That's how I figured 4.2 tr ounces of pure gold.

I've spoken with two precious metal refineries who both told me that only because I represent an Estate, they will do business with me. Both refineries normally do not deal with the public; they only do business-to-business transactions. They each say they will give me the same terms as if I was a jeweler.

The two refineries I spoke with are both in Dallas: Dillon-Gage and American Recycling Associates. This morning I read positive recommendations on this forum for Hi-Tech Precious Metals & Refinery in Dallas, but I've yet to call them.

I question whether it is wise for me to ship the scrap jewelery "as is" to anyone, no matter how highly they are recommended.

It's interesting that though I live in the New York metro area, I have yet to find a local refinery who will buy scrap gold jewelry from me. The best I can do locally is an appraisal company who will charge a 20% commission after selling my gold to a dealer who pays them 95% of spot.

I'm thinking I should find a local metal smelter who I can hire to refine my scrap into a pure gold bar. I could watch them process my gold. Then I would ship that gold bar to a refinery or metals dealer who would assay and buy it from me.

Thank you for your advice and referrals.

Happy Thanksgiving Holiday
 
I calculated an estimated yield based on 1/2 kt under, e.g. I figured that 18K will yield 17.5, which is 97.22% . That's how I figured 4.2 tr ounces of pure gold.

I assume you mean 17.5K. This would be 17.5/24, or 72.9% gold, based on the actual weight of the jewelry. The same way for the lesser karat stuff. 14K is 13.5/24 = 56.25% and 10K is 9.5/24 is 39.58%. These are only ballpark numbers. You never know exactly what the yields will actually be. Some stuff can be a full karat low. Some can be plumb, but this is rare. The 18K is more likely to be plumb, but you never know. You got 97.22% by 17.5/18. That is true but I can't see where that number would enter in.
 
you can do a lot better then 75% of it's value, 20% fee is a big loss in profits

there are many trusted members that would offer you a honest price for your gold before you spend any money refining it.
 
Yes - I figured my estimate exactly as goldsilverpro wrote.

I'm handy with excel.
In the worst case, if it were all to average 1 kt below plumb, my estimate is slightly over 4 tr oz.

Thank you for the information and advice.
Happy Turkey Holiday.
 
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