Gold scrap jewelry?

My mother has 8.6 grams of 14kt gold jewelry she wants to sell. I was wondering what the market price for gold jewelry was since I have never tried to sell to my LCS, at flea markets, or online. I'd like to offer to buy the gold from her instead of her selling it to someone else, and I'd like to give her a fair price. What percentage of melt would be a reasonable amount for 14kt scrap? Also, I know 18kt is more pure, but does it have more of a "premium" than 14kt, 10kt etc, or does all gold jewelry scrap sell for about the same? Thanks!

 

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Anytime you step up a karat your adding more gold into the metal alloy. 24K is pure gold. 18k has less gold than 24, 14 has less than 18, and so on. I have even seen 7k gold.

Anyway, 8.6 grams of 14kt is worth 267.07 at the time of postings.

Very few LCS"s will buy scrap gold, and the ones that do won't offer a fair amount.

It's hard to get more than "melt" for gold unless it's old, or a popular brand.

Your best bet is to sell it on eBay.

 

Here's a calculator so you can get a guesstimate on the price.

http://www.goldcalc.com/

 

Industry standard varies by location and competition. You can expect a B&M shop to offer you anywhere from 40%-60% of the melt value.

 

Just do the math - (8.6g*spot)*(14/24)

 

This is pretty much right on you may find some places that will pay up to 70% if you look hard enough but few ever pay higher than that. Best bet is selling it to some other collector versus a dealer of any sort. I see lots of people always reply with spot price when these kinds of questions pop up; but I bet few of the people stating spot have any real world experience with buying and selling scrap jewelry.

 

I buy gold "findings" from the Pawn or gold exchange. Findings are the metal part of the jewelry minus the stones since I add my own, as the usual ones are synthetic, treated, or of little general value. I buy the select findings I want for spot price, because it is cheaper than buying from a supplier. The metal is usually 10 or 12 karat and a typical ring last week cost about $10 as there isn't much gold in an average woman's ring. Suppliers mark it up to over a $100. Best to resell to someone who wants the jewelry ( a little polish , and it is good) on eBay, you should get several times the gold value.

 

what I do is buy scrap gold jewellery for "cash for gold" price and when I have over 100 grams I go to the refinery and melt it down and get anywhere from 90%(100grams) up to 98%(depending on the amount) of spot price.

but it is hard because alot of refinerys like to cheat you, so find a relieable refiner and bring the scrap in person and watch the whole them melt and test it in front of you so he does not cheat you. never mail to refiners, they will cheat you.

 

Jewelry sells better as jewelry than as scrap metal. Even if it needs a little work the cost to get it fixed up can easily be outweighed by what it gains in value as a functional and attractive piece.

 

I have never once been cheated by a refiner. It is in there best interest to stay as honest as possible as word will quickly get out that they are crooks. I also do not know of a single refiner that will let someone deliver scrap and let them watch it being refined. For obvious reasons, refineries normally have better security than that. I also do not know of a professional refinery that will refine for the public, you normally have to provide a business licence and EINs in order to sell to them.

I should add that I am referring to professional refiners used by the industry and middle men.

 

But to who?

 

I don't know how it is in the states but it is what it is here in canada.

 

True, it could be a lot different up there. Here in the states there is a lot of paperwork that goes with buying/selling scrap and precious metals.

 

i have never done any paper work for anything that has to do with PM's.

sometimes they will ask for you to sign some paper when dealing with scrap if you seem like a sketchy guy. like here in the city of london, ontario there is a city law that you must sign paper work for selling scrap to the dealers but half the time they dont even ask you to.

and its only in this city.

and there is zero paper work when dealing with coins or bars

 

I was speaking strictly of the wholesale market. There are anti-money laundering laws you have to abide when selling or refining large amounts of scrap gold.

 

Take a look at some completed listings on eBay for second-hand gold jewelry. The listings usually show the weight, and if you do the math many of them sell for much more than the scrap price.