Scrap gold is essentially any form or type of gold that can be refined and recycled in order to put value back into them. This doesn’t mean that your scrap gold has no value. It was more expensive in the past when scrap gold refining had to be done manually by your local goldsmith, but that is no longer the case. Before you go about and selling your scrap gold however, there are a few things that you would want to consider in order to maximize your profit. Let’s have a look at some of the things that you should keep in mind when selling scrap gold.
Separate Scrap Gold by the Karat
If you are in the possession of old jewelry and other types of gold, it would be best to separate and organize them by their karat in order to get the most accurate estimate on its value. This will allow you to remove the jewelry that may not be gold but still hold its own high value, such as silver, platinum, and other precious metals or materials. If you’re unable to distinguish its karat weight, using a magnifying glass or bringing them in to get tested by a gold dealer will be helpful. Having a chemical test on your scrap gold can allow you to find out if it is actually gold or if it is only plated in gold.
If any of your gold in your possession was created before 1980, it’s going to be slightly below the current market value. The reason behind this is because the laws on grading karats have changed since then. A gold possession valued at 18k before 1980 will most likely be around the 17k to 17.5k range.
Separate Your Gold Coins From Your Other Gold
Gold coins have a slightly different value system that may give it a higher value than typical gold. Some of the variables that determine its value is its rarity, condition, and age. Because of this, you should separate your scrap gold from the rest of your valuables. Bringing your gold coins to a coin dealer is your best option.
Helpful Tips for Selling Scrap Gold
Many gold buyers and pawn shops will value the scrap gold that they buy from a range of 30% to 60% of its actual value. This is to help them make a profit from the costs that it takes for them to refine the gold and sell it again. With that in mind, you’ll want to visit a handful of pawn shops and getting quotes from every one of them. With those quotes, you’ll be able to decide who is offering you a fair price before selling your scrap gold. If you have yet to find a fair price, you can always find a gold refinery service like Diamond District Refinery who will provide high value for your gold whether you sell your scrap gold to them in person or online.
Another important tip is removing and precious stones or diamonds that may be on your jewelry. These gems carry a high value on their own and can be sold separately.