Selling Old Settings for Scrap

[DiaLuv]

I have loads of old gold settings, etc. that I want to sell. Can anyone advice if it is better to sell scrap gold jewelry locally or mail to gold buyer vendor?

Thank you for any suggestions.

 

[nala]

Why not list them on loupe troop?

 

[stracci2000]

Loupe troupe is a good idea, like @nala said.
Please do not mail your gold away! No, no, no!
Go to a local gold buyer. Make sure the shop will give you 85% or more of scrap value. If you don't like the price they offer, then walk out.
I always weigh my own gold and do the math before I go to see if they are honest!
So far, the place I go to has been good.

 

[DiaLuv]

Settings have stones removed and are not very pretty hence, selling for scrap.

 

[stracci2000]

Settings have stones removed and are not very pretty hence, selling for scrap.

Go to a local place. They will give you cash.
Gold is really high right now, and you will get a good price.

 

[Mreader]

This makes me think of a similar issue I sometimes have. Sometimes when I get a repair done, like having links remove from a bracelet, they offer to trade in the gold and apply it to the balance. I've never done it because I always feel like a B&M store wouldn't give a great trade value (kind of like trying to trade in your car) but honestly I have no idea! Once I just put scrap gold up for auction on eBay. And I do have some little things like that so that is what I will probably do again.

 

[denverappraiser]

The mail away places are often trouble. The problem is that they can't reasonably give you a bid until they've had the opportunity to test it, and after they have it in hand it's a PIA to get it back if you don't like the bid.

Comparing bids is relatively easy. They all pay either per gram or per pennyweight. A pennyweight, or dwt, is 1.55 grams. If you have a mixed karat lot, get a separate bid on the 10k, 14k, and 18k. They won't all be the same and they aren't always using the same formula.

Also beware of destructive tests. The most accurate tests involve filing a knotch or drilling a hole in your piece. That's ok after they buy it, or as a confirmation at the very end, after you've worked out the pricing, but if you say no after they drill it, you've not got a damaged piece. Sometimes that doesn't matter, but sometimes it's a BIG deal. If the price was going to be a deal-killer anyway this is completely unnecessary.

 

[denverappraiser]

This makes me think of a similar issue I sometimes have. Sometimes when I get a repair done, like having links remove from a bracelet, they offer to trade in the gold and apply it to the balance. I've never done it because I always feel like a B&M store wouldn't give a great trade value (kind of like trying to trade in your car) but honestly I have no idea! Once I just put scrap gold up for auction on eBay. And I do have some little things like that so that is what I will probably do again.

The math is easy. Karatage is parts out of 24 that are gold. 14k is 14/24 18k is 18/24, etc. 14k is 58%. The gold price you find online is listed in Troy ounces. That's 31.1 grams. Take the gold price online, divide by 31.1, and multiply by the karat multiplier. That will give you a price in grams that's 100% of spot. All the money (because the refineries have fees and claims of karatage aren't all that reliable) is about 85% of that. Typical around here, since they're trying to make a profit, is about 60-70%. Lowballing is about 50%. Below that is just being mean. YMMV.

 

[Mreader]

The math is easy. Karatage is parts out of 24 that are gold. 14k is 14/24 18k is 18/24, etc. 14k is 58%. The gold price you find online is listed in Troy ounces. That's 31.1 grams. Take the gold price online, divide by 31.1, and multiply by the karat multiplier. That will give you a price in grams that's 100% of spot. All the money (because the refineries have fees and claims of karatage aren't all that reliable) is about 85% of that. Typical around here, since they're trying to make a profit, is about 60-70%. Lowballing is about 50%. Below that is just being mean. YMMV.

Thank you All that math made my head spin, but I'll figure it out next time I try to see some of this stuff

 

[denverappraiser]

What trips people up is understanding what 'karat' means and what an ounce is.