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 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