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Refining precious metal jewelry for credit


#1

Hi All,

I’ve got a bunch of old commercially bought jewelry that I’d like to
get rid of. It’s mainly white and yellow gold- some pieces have
stones set in them. Could someone recommend a good way to either
exchange the jewelry for gold sheeting or wire or alternatively for
credit/cash? Do these places generally accept only all gold pieces or
are stones acceptable as well?

Any advice would be much appreciated.

Kind Regards,
Anne


#2

I just scraped out a bunch of gold at Manhattan Gold and Silver, 45w
47th street (at the back of the exchange) They pay 98% on the spot.


#3

Remove the stones. Open an account with Hoover and Strong, or any
company you desire that is in the business of supplying jewelers
with raw materials. Avoid the “cash-4-gold” companies proliferating
on the tele or on the web - they pay a small percentage of the
actual value of the metals you submit, and do not offer raw materials
in exchange for your lot. Weigh your gold and package them by karat
and colour, and if you have Platinum package that too, and silver
divided into fine and sterling lots, that is .999, or .925 silver
respectively. Then send it in and wait for a settlement - you may
take it in a credit or in product. If you elect product, you get a
discount, and if you are a member of say the Society of American
Silversmiths, a deeper discount on any silver you buy.

No refiner I know of buys the stones, in fact most left in scrap
become the property of the refiner, or they are burned up in
combustion- so do remove them before processing. Reuse them in your
designs or sell them on an online auction site if they are not
something you can incorporate into your designs… rer


#4

Hi Anne,

I get my metal from G&S Metals. They will exchange at a good rate,
remove your stones, and return them. Their customer service has been
great and they are very patient with questions. Go to gsgold.com.

Enjoy,
Valerie


#5

Anne, First, my question is… why don’t you remove and keep your
stones? Secondly, the best price I’ve found is from Kitco. They are
reliable and

dependable and will send you a check promptly. Plus, they have been
around for a long time and enjoy a good reputation.

I checked Rio the other day and their price for 14K scrap was
$13.14. I then checked Kitco and they were somewhere in the range of
$16.63 for 14K. You can handle it on the web but I like to call them.
They will lock in the price and you will agree to send the product in
promptly and in a weight fairly close to what you specified. (You
will want to weigh it yourself on a decent gram scale)

This is their website:

Kitco Buy price
https://online.kitco.com/refining

The price from Rio was a higher price to be taken in credit with
them only. If you wanted cash, the price was lower. For me, Kitco
wins by a mile. Interestingly enough, Rio is also buying gold filled
scrap and on that day, they were paying $17.60 per troy ounce and
that was for a credit allowance against purchases only. I may have to
give Kitco a call and see if they take gold filled also. Stones
aren’t a problem for them but why not keep them?

Judy Bennett
Guilty Pleasure Gems