If your gold items are busted, fractured, or damaged in any way, they are scrap gold. The word “scrap” is associated with garbage or something that has no value, but scrap gold still holds value and can be sold, no matter how damaged your gold item is. Understanding how to identify scrap gold and calculate its worth is valuable information that will help you get the best price wherever you intend to sell.
Understanding Scrap Gold
Broken or damaged jewelry, golden nuggets, bracelets, gold coins, watches, earrings, medallions, dental gold, gold bars, or gold in any form other than its original design and size can be dealt with in two ways. One option is to sell your scrap gold to a metal refinery to be melted and reused. Another option is to sell your scrap gold to a buyer.
How Much is Scrap Gold Worth?
The process of measuring gold and scrap gold is the same. The weight and purity of the scrap gold determine its worth. The more it weighs, the more valuable your gold is.
- First, note the weight. Measure your gold using a weighing system you have handy, such as a scale. Troy ounces are not the same as standard ounces, so be sure to measure and convert correctly. For example, 1 troy ounce is 1.097 standard ounces.
- Use our calculator to determine the total evaluated value of your gold, silver, or platinum based on the current spot price. Under quantity, enter the number of grams, kilograms, or troy ounces.
Selling Scrap Gold: Best Practices
It’s challenging to find the best buyer for scrap gold or to know if your buyer offers the best price. Research different pawn shops, local jewelers, or “Cash for Gold” shops in your area. Follow the criteria below to ensure you are picking the correct location.
- Read online reviews and check for accreditation with organizations like the Better Business Bureau.
- Request appraisal kits from reputable online buyers.
- Ship your gold securely following the buyer’s instructions.
- Get multiple offers from different buyers, both online and local.
- Because the spot price of gold changes constantly, always check before you make a final offer.
- Be aware of hidden fees. Ask about appraisal, shipping, or other fees before selling.
What Happens to Scrap Gold When It’s Sold?
The gold is tested for purity and sorted. Next, the refiners smelt the scrap gold and remove the other content, leaving pure gold behind. There are two ways to refine gold in the smelting process. You are able to do these listed practices at home if you are trained and have the right equipment, but it is recommended for the gold to be refined in a lab.
- Gold Electrolysis: Gold chloride or gold cyanide is mixed with water to make an electrolyte solution. An electric current is passed through the solution to separate gold from other impurities.
- Aqua Regia: Aqua regia is a highly corrosive mixture of concentrated nitric acid and hydrochloric acid that effectively refines gold. The technicians place impure gold in a reactor with Aqua Regia and heat the mixture to dissolve the gold into a solution. The solution is then filtered to remove impurities.
- Gold Refining Kits: as mentioned above, you can refine the gold yourself using a kit. In the kits, you would find Sodium Metabisulfite, Urea Aqua Regia, premixed Stannous Chloride, and Gold Precipitant. These chemicals are used to refine jewelry, black sands, computer scrap, catalytic converters, and other gold and platinum items. Follow the instructions carefully and follow the safety rules and guidelines the kit provides. There are videos online as well on how to use the kits yourself.
Depending on where you sell your scrap gold, they make the gold into a bar or coin to sell or reshape it into a different piece of jewelry. Gold is also used to build tech equipment, like gold-plated pins for smartphones and computers, gold wire for bonding circuits, satellite parts, and more.
Later, when the gold has served its purpose again, the refinement process starts over. This process ethically reuses the material and lessens the need for excessive mining. Each cycle extends the life of the precious metal, reinforcing sustainability in the industry. By minimizing environmental disruption, it aligns with global conservation efforts. Additionally, it promotes responsible sourcing practices throughout the supply chain.
