Do you have any old jewelry laying around the house? You no longer wear it, it’s slowly becoming obsolete and definitely not fashionable. It might remember the times before you were even born! Or maybe you’ve got a golden necklace that got damaged and you found other pieces of jewelry to compliment your outfit?
Whatever the reason might be, they don’t have to clutter your house – you can actually sell them! Their gold or silver content makes them valuable despite their age or damage.
Below you will find some useful pieces of advice on how to sell broken gold and silver jewelry as scrap precious metals.
Find out how pure your gold or silver is
Before you do anything with your gold or silver scrap, you need to know how much of the precious metal is actually there. Some gold and silver pieces of jewelry already have their carats inscribed on them. It’s quite frequent, however, that the gold or silver content is not there and you have to find it out yourself. It is always better to
Get an acid test kit and a test stone
An acid test is a good way to determine the gold/silver content of your pieces of jewelry at home. You can get one off of eBay or Amazon for as little as around $12-13 for the most basic kit.
Another thing you’ll need is a test stone. It’s usually a small rectangular piece of obsidian. They start at around $15 a piece and you can get them on Amazon.
Testing your jewelry
Once you’ve got your acid test kit and your test stone, it’s time to get testing!
Get your jewelry and rub it against the test stone. You will notice that your gold or silver leaves a trace on the test stone. This is exactly what you’re looking for.
Now grab your pre-mixed acid solution and, starting with the weakest one, pour a little bit on the gold/silver trace on the test stone. If the trace changes its color significantly or disappears then its of lower carat content that the acid.
Prepare your jewelry
Although you can simply pop into your local gold dealership and sell your scrap, we want to make sure that you get the most out of your jewelry. That’s why we encourage you to prepare your precious metals prior to selling them.
The best way to wash precious metals is to pour a little bit of mild dish soap into a container filled with warm water. Then, drop your jewelry in and leave it to soak for about 15 minutes. After that, take it out and gently scrub with a soft brush (a toothbrush will do great!) – make sure not to omit any spots. Dry it out with a paper towel and you’re done! It’s a very simple practice, but it’s guaranteed to make your gold or silver look much better.
Get it fixed
While this is optional, fixing your broken jewelry will definitely help you get a better price. Whether or not you should do it, however, depends on a couple of factors: the amount of scrap precious metal you’re selling, the extent of damage, the price of repair and the price offered for an unfixed piece.
Weigh your piece of jewelry and determine the precious metal content
Once you’ve done your acid test and know how many carats your jewelry has, you can easily determine how much gold or silver is actually there in your scrap.
24 carats corresponds to 100% precious metal content, which means that one carat equals 4.167% precious content. Multiply that by the number of carats in your jewelry and then calculate the weight of precious metals in your scrap.
This is a very important step in selling your scrap metal. Once you get to a dealership, it will be easier for you to avoid scams.
Do your research
The worst thing you can do when selling your scrap gold or silver is to do so in the first place you find. You need to do your research and find out the best dealership to finalize a transaction with. This piece of advice is relevant no matter how much precious metal are you planning to sell. After all, it’s your gold and it’s simply rational to try to make the most out of it.
Assemble a list of precious metals dealerships. These can be in your local area, the town or region you live in, or online. The first thing you should pay attention to are customer reviews. What’s the positive/negative ratio? Does the dealership disclose the reviews? If not, it’s safer to take it as a red flag as businesses who don’t want to show what their customers think about them are either bad or have something to hide.
Another thing you should pay attention to are dealership’s policies on returns and the period from receiving the scrap to melting it.
Making a final decision
Once you’ve narrowed down your choice to a couple of dealerships, find out which one is the best or the most convenient for you.
Advice on mailing your scrap gold
Take photos of your gold and any paperwork
Read through the TaC of the company you send to – find out how long they keep the gold for before melting
Insure your gold
Sometimes you’d have to mail your gold. That will also include our service over here at Forgotten Bucks as we are an online gold dealership. We know that using a postal service to send something as valuable as gold or silver can be very stressful. That’s why we prepared a couple of pieces of advice for you!
Take photos of your gold and any paperwork prior to sending
This should be done in order to have evidence should your package get lost or you get scammed. It would be wise to include photographs of the envelope/box you sent your scrap gold or silver in as well as your acid test results and the carat content calculations.
Find out as much as you can about the gold dealership you use
This is also to be done before sending your gold. Carefully read through their Terms and Conditions (not like we all usually do just to tick the ‘agree’ box!) to find out all the specifications on processing your scrap metal. Try to contact people who left reviews to learn about their experiences.
Only sell with legitimate businesses
This should go without saying. If there’s even a single red flag you stumble upon during the entire process of picking a dealership and then finalizing the transaction, back away. It’s not worth it to lose your money only to save yourself the hassle of going to another dealer. Don’t be afraid to ask for credentials or certificates and, if possible, always be present when your gold or silver is weighed. Don’t get tempted by promises of a better price – believe only hard facts.
We are hoping that you will find these pieces of advice useful.
We wish you good luck selling your gold or silver scrap!