Buying value of scrap

[Rob Mack]

Hello to all,
I'm very new at this,
I am newbie at buying scrap gold jewellery.
If I am looking at buying from private individuals, what is the going buying price? say for 9kt?
is there a formula, e.g. like 40 cents on the dollar? there has to be room for processing costs and a profit margin.
Any info will be appreciated,
I am only starting with buying finger rings, earrings, bangles.. so as not to jump in too deep.
Thanks
Rob

 

[alexxx]

Check how much your competitors are paying in your area and calculate if you can beat them.
It might be hard to get material if you pay less than 0.85 on the dollar.

 

[goldsilverpro]

In my hometown in the US, pop. 8,000, the jewelers in town are still paying only 1/2 stamped value.

 

[Topher_osAUrus]

In my hometown in the US, pop. 8,000, the jewelers in town are still paying only 1/2 stamped value.

Thats what i go by (in ks)- and i have a LOT of people that say i pay much, much better than anywhere else in wichita.

And i even negate one karat, since they have a .5k tolerance during manufacturing, and another for if the jewelry piece in question has solder-which i believe almost all do.

I just post up my figuring/formula in my initial reply to them and they usually all are more than happy to let me test it and take it.

 

[alexxx]

check this calculator, might be a useful tool to calculate your margins

http://goldrefiningforum.com/phpBB3/viewtopic.php?f=33&t=1049

 

[Rob Mack]

Thank you to all for your replies.
Very useful information that will certainly get me on the right track..
Much appreciated.
Rob