I own a jewelry repair store. My business is primarily buying gold jewelry as far as precious metals scrap is concerned. I don’t yet do my own refining. I don’t resell anything I buy…I was curious, other jewelers and pawn brokers…What determines what you guys pay for scrap gold jewelry if you intend to refine it? Do you use a specific math equation for say 10k or do you just pay a set price. I don’t have much competition in my area so I pay a set price for separate karats. About half of what I get from a 3rd party refinery in my state.
What determines what you pay for gold jewelry
- Thread starter Rumsfeld
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Im sure someone can comment with exact numbers (and corrections) but I think most place pay a percentage of spot for the amount of gold in the material.
Arbitrary numbers, if the 10k is marked 1/10 10k, it contains 1g of gold. So a percentage of what 1g is going for.
Again, im sure someone can correct. I know the information is floating around the forums so you may find it (if you havent found it already)
Arbitrary numbers, if the 10k is marked 1/10 10k, it contains 1g of gold. So a percentage of what 1g is going for.
Again, im sure someone can correct. I know the information is floating around the forums so you may find it (if you havent found it already)
If I'm not mistaken the marking, 1/10 10k means it is Gold filled and the Gold is 10k
See, corrected already, lol. But yes, you are correct.
I stupidly closed out on another post I was reading that talked about pricing. I'll try and find it again and post here for reference.
Found the post I was previously reading. Talks about some of the percentages places are paying.
https://goldrefiningforum.com/threads/for-sale-gold-rings.34266/
Hope it helps
https://goldrefiningforum.com/threads/for-sale-gold-rings.34266/
Hope it helps
The price you pay depends on the margin you want to work at. If you refine to decent purity you can expect to sell it off at 98% of spot. Then your time and cost of chemistry comes into play. What size lots of gold would it be practical for you to process as the labor for 1 ounce is the same as for 5 ounces.
