I have payed anywhere from $6/dwt upto $14/dwt for 14k scrap. A
dollar less for 10k, and a dollar more for 18k. For larger lots, I
pay more /dwt. - less for smaller lots. If you do some promo, you’ll
be amazed at how much gold folks have locked away and dont know what
to do with it. People bring in hi karat gold teeth, big bags of
silver coins, small and large batches of low grade wally world type
gold jewelry thats worn out,and little old ladies literally have
stacks of 1 oz. gold Krugerands setting around, and dont have a clue
how to sell them.
Generally, I pay the highest rates in my area, so I don’t make the
most profit per dwt, but I get alot more people coming to sell to me
because they’ve heard what friends have received.
And then theres a zillion diamond melee to be had, as well as a few
center-sized diamonds and colored stones. Usually, I’ll pay 1/4 to
1/2 of wholesale for melee and small center stones. Some stuff is
simply not worth the labor time to remove it so I pay nothing for
In the last year I have acquired a 1.51 carat, I2 ish, and countless
1/5 to 1/3 carat marquise and round diamonds, all at a fraction of
their normal wholesale. Alot of the colored stones I see, are pretty
low grade, and are often quite abraded, but every once in a while
there’ll be a decent one.
Generall, its not a good idea to pay very much for most of the
stones, as the bulk are strictly commercial grade goods, nothing fine
quality. And always remember that it takes labor time($) to remove
these stones from the settings. If you send scrap to the refiners
like Hoover and Strong, with a bunch of diamond mellee still in it,
they will charge you for removal.
A bonus that comes with buying scrap is that alot of people will
bring piles and piles of costume jewelry left over from handling
their moms estate. Often times there are loads of name brand pieces
that will bring very nice $ on Ebay.
Be prepared to wait a little while on your money from the refineries
right now, as most are backlogged with so many batches to process.
Hoover & Strong is running 2-3 weeks right now, whereas 1 year ago
they were running 3-4 days, so allow plenty of time if you are going
to need your money back.
Overall, scrap buying is an immensly profitable venture to consider,
just make sure that you know what/who you are buying before you pay,
and know your local laws on this type of business activity.