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Does anyone have any suggestions from personal experience on good places to sell found gold jewelry?
- Thread starter Neil
- Start date
Neil
Well-known member
Lets say a gold ring I have is valued at $500 melt value by current prices. How much should I be willing to shave off that? I know about business cost and profits, but what kind of percentage can I expect a coin shop to offer or what percentage did they take from you? 5%....10%......15%
Thank you for the info Mark, we have a coin shop in the next town over.
Mark kus
Well-known member
It depends you have to ask I sold a good sized gold ring I found last year and it was about 5% If I remember correctly for laughs I went to the pawn shop they offered me $150.00!!! the coin store gave me $300.00!
Most times just ask them and they will say what % they take..
Mark
Most times just ask them and they will say what % they take..
Mark
Neil
Well-known member
Ok thank you Mark.
The reputable refineries are paying around 95% of the gold melt value. Last I did melt was with ARA and I got 98%, but they have changed hands and now are not being recommended. I have not used Midwest Refiners, but have read they are the ones to use now if you go melt. Make sure you know what you have, and how much it weighs before sending it off. Keep records of what you sent just in case there is a dissagreement on what gets refined.
For nice pretty jewelry, it might pay to have it appraised and sell it. You can potentially make more than melt but it can take time to find someone who likes the piece.
I think for max $$$, besides getting the item appraised and selling it yourself, will be the refineries, ie, Midwest. I live near a good size city and the best local gold/silver buying source pays right at 75% of melt. If the stones have some quality they will pay a bit for them....but not much. I sold them a bunch of silver jewelry and 5 10k gold items a few years ago and now am considering selling to them again. At least I was until gold started dropping in price most recently.
My thinking being, I don't have to pay shipping and Ins and deal with the situation if the package gets lost or stolen. Most that buy good, though, pay even less. HH Jim tn
My thinking being, I don't have to pay shipping and Ins and deal with the situation if the package gets lost or stolen. Most that buy good, though, pay even less. HH Jim tn
GeorgeinSC
Well-known member
IF SELLING to a refiner they pay for the ACTUAL GOLD. Gold jewelry can be off a little. A 14k Ring might actually be `13k. If you have a number of items it will appear that the refiner is not being fair but they are because of the markings being slightly off.
When weighing and calculating value, the weight on stones will skew that calculations too. If you want the stones, best to remove them. I made the mistake of trusting the return of stones when they only returned diamonds, not the very pretty tiger eye and sapphire that went in with a shipment (be careful on the fine print).