Selling scrap gold..any tips for a newbie?

[jeaniefish]

I’m gathering together some scrap pieces of 14k , hoping to put proceeds towards a new ring project with DK. My trusted local jeweler has retired and my only experience selling gold was to that shop.I have no idea if I should go to another reputable retail jeweler or a pawn shop or IDK where ? Have you found that prices vary a great deal or do they all go by the daily market prices for gold, minus their profit margin? One pair of earrings that I’m wanting to scrap have little diamonds in them. Do I have to remove those myself? Please share your good or bad experiences and any tips, pitfalls to avoid, etc. Thanks in advance!

 

[dk168]

Where are you based?

I sold scrap gold and platinum via pawn shops and the benches that I used in UK.

I researched for scraped gold/platinum prices via the internet beforehand, and they offered me the "on the day" prices for me to accept or decline.

Worked for me.

DK

 

[winnietucker]

Why not just go through DK?

 

[dk168]

Why not just go through DK?

Indeed, an active bench would buy and sell scrap precious metals regularly.

DK

 

[jeaniefish]

It dawned on me this morning that DK would probably take the scrap in trade. Thanks to you both for validating this. IDk why I didnt think of it before. We all trust DK and it would be so much easier on me to send it to him.
Thanks again!

 

[dk168]

It dawned on me this morning that DK would probably take the scrap in trade. Thanks to you both for validating this. IDk why I didnt think of it before. We all trust DK and it would be so much easier on me to send it to him.
Thanks again!

They should offer you a scrap price first, so it pays to do your research to find out roughly how much they are worth. However, you would need to know the weight and gold content of each piece, or the total weight of all the pieces.

DK

 

[Dreamer_D]

Call around locally too. I found a local place offering about 25% more than my usual place. Most pawn shops take scrap gold.

 

[Napol]

Selling scrap gold can be a bit of a maze! I found it helpful to visit a few places for quotes because jewelers often pay more than pawn shops. In my experience, prices really can vary quite a bit, so it’s worth shopping around to see who gives the best deal. If you have little diamonds in your earrings, it’s usually a good idea to remove them beforehand if you can; they can fetch a better price on their own. I once took a pair of earrings to a pawn shop, and they lowballed me hard, so definitely do your homework first.

 

[Eli22]

I’ve sent a bunch of old jewelry to DK. He’s given me scrap value and I use that credit towards my new projects. He also takes out the old stones and either uses them in my new pieces or sends them back to me. It’s super easy to work with him (which is appealing to me). I don’t have the time/patience/experience to sell it myself.

 

[jeaniefish]

I’ve sent a bunch of old jewelry to DK. He’s given me scrap value and I use that credit towards my new projects. He also takes out the old stones and either uses them in my new pieces or sends them back to me. It’s super easy to work with him (which is appealing to me). I don’t have the time/patience/experience to sell it myself.

That is exactly what I’m doing! I’m having some small diamonds removed from 1970’s earrings ( my late sister’s given to her by her husband) and having them made into little 3 diamond cluster posts for my daughter. All of the other scrap is going into trade value, except for my ancient engagement ring setting , which is going to be repurposed as the ring for my new 3 stone OEC. I trust David to give me a fair price on the scrap and am so excited to see the finished pieces!

 

[lala646]

@jeaniefish Would you be willing to let us know what % of spot price DK gives you?