Where to Take your Scrap Jewelry

If you realize the value of the scraps of precious metals around your home, it’s time to get serious about selling them. This is a guide that explains how and where to take your precious metals for the safest and most profitable appraisals and purchases possible.

Before we move on, keep in mind that selling your scrap metal will likely result in a depreciation of its original value, most notably in the jewelry you have purchased. Some estimate that you’ll be selling your precious metals at about 75% of their original price.

For some materials, like gold dental metal or metals from electronics, it will be much harder to determine your scrap’s original value. Keep in mind that you’re still doing more with your precious metals by having them appraised and selling them than by doing nothing. Don’t be concerned with receiving the original value of your scrap, but finding a broker you can trust.

Scrap prices focus on the value of the metal itself, not the source of the metal. It’s unrealistic to expect that appraisers and precious metal brokers will want to pay you any more for sentimental value or the original value of the objects you want to sell them.

With these expectations in mind, however, you can still learn how to make gold, silver, and platinum recycling fun and financially rewarding.

-Getting an appraisal

If all your precious metals are collected, the first step is to have them appraised. This step might surprise you: it’s entirely possible to find an accredited, trustworthy appraiser online. Try the National Association of Jewelry Appraisers (http://www.najaappraisers.com/html/find_an_appraiser.html) or the American Society of Appraisers (http://www.appraisers.org/findappraiser/).

It’s possible to hire an appraiser for your precious metals, but their fees can cost anywhere from $50 to $150. This process is a little time consuming and obviously a little expensive. It would be much better to find an all-purpose precious metal broker that offers a free appraisal as part of their overall buying package. A jeweler might also be able to provide this kind of service for you.

Brokers and jewelers will often automatically subtract the price of assaying and refining your precious metals. That brings the price you can command down, but ultimately is important because you won’t want to do any of that yourself.

-Where to show up

There is a general rule of thumb to observe when appraising your gold, silver, and platinum. Jewelers and brokers are better and pawn shops are to be avoided. Pawnshops will offer you lower prices and will have less overall use for what you’re selling.

It’s better to show up in person at a jeweler, or even send out your collection online to an insured metal broker. These metal brokers should be able to offer insurance that guarantees they won’t steal your precious metals. Both the jeweler and the broker will likely take off some of the price of the appraisal to cover their own costs. Again, this is generally an unavoidable part of the process, and actually means less headaches for you.

-How to take your precious metals online

If you do decide to use an online broker, make sure to choose a reputable one that you feel you can trust. Even though they appear trustworthy and should offer insured shipping, you’ll want to keep track of everything you send them. Why not take a few pictures, keep a list, and remove jewels that aren’t part of the appraisal?

Traditionally online brokers will then be able to make you an offer immediately after an appraisal. At this point, the ball is in your court. Do you want to sell for the price they have offered you? It is possible at this point that the broker will have already sent you a check for the amount offered.

If you accept, at this point, you can simply keep the check and the transaction will be completed. If not, you can return the check and you will have your materials provided back to you. Because you used insured mailing, you can be confident in this process.

As you can see from this outline, once you understand how gold, silver, and platinum recycling and selling works, the entire process can be completed smoothly and safely. It’s important to keep your eye on the right things, though: be sure to take your precious metals to the proper places (such as jewelers and brokers, avoiding pawn shops) and don’t be afraid to ask questions or get other opinions.

Selling your precious metals can be a great way to generate some extra cash. Once you have completed this process the first time, you might find yourself asking friends and family for any scrap materials they have and doing it for them! Be sure to have fun and enjoy the process.

You can leave a response, or trackback from your own site.