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Selling Scrap Gold

I have several pieces of gold jewelry that are broken or unusable. How do you know if it is really gold? How do you know you are getting the right price when you take it to a jeweler? If I weight it on my kitchen scale and it is 3 ounces, is that what the jeweler will weight it as? Thanks in advance.

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By Halfwhit from Ashdown, AR

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Anonymous
September 11, 20090 found this helpful

Just take it to two or more jewelers and see what they would be willing to pay you and if they're willing to buy ;-) Do not use the places like Cash 4 Gold because they only pay pennies on the dollar! You're better off to go to local reputable jewelers!

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September 11, 20090 found this helpful

My brother buys scrap gold all the time. He is very honest and reputable. If you would like more information, you can contact me directly as I don't think we are allowed to out and out advertise on this site. He weighs the gold using a special scale and I believes weighs it by the penny ounce. Not sure what that means. As suggested above, take it to a couple of jewelers first to get estimates. It also depends on the day of the week because gold is a commodity and the prices per ounce changes daily.

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September 11, 20090 found this helpful

My husband took all of the single earrings, old, broken, and one very ugly piece of jewelry I had to a jeweler who makes his own pieces (not a chain store.) For not very much money he made me up a gorgeous pendant and to my surprise those tiny little stones in the ugly piece were real diamonds!

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September 24, 20091 found this helpful

I own a dental lab and I am very knowledgeable and current on prices of gold. First- DO NOT send your gold to something like "cash for gold" or any other TV ad, your best bet would be to sell it at auction form on ebay. You can also do what I do when I have scrap gold in my lab- send it to a dental refining company. Rather than getting paid per piece, you will get paid per pennyweight or troy ounce minus whatever their assaying price is. Usually you get anywhere from 85%- 95% of the value of your gold. A couple places to try- Jensen Industries in CT, or The Argen Corp. in CA.

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Another option is having it remelted into something nice like a ring or a pendant (which by the way I can do since it is the same process of making gold crowns). I use a website to buy the mold to make the piece, it is www.waxpatterns.com It has thousands and thousands of patterns to choose from. My fee to remelt your gold into something new is only $45 per piece. Way less than a jeweler! And I will send you back (or buy from you) whatever gold is left over. The best way to determine how much gold you have is using a plain and simple kitchen scale- or to be more accurate bring it to a jeweler and have them weigh it.

The website that sells the patterns has a number beside each pattern. That number indicates how much gold you will need for that specific piece. You must make sure there is a little left over for the button (this is the end of the mold where the gold is usually burnt). If you would like any other info, feel free to contact me.

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January 11, 20160 found this helpful

I know it's better to sell it to a smelter but I couldn't find one in Chicago. Do you know of any in Chicago?

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