Gold Scrap Prices - How to Make Money Refining Your Scrap

Gold scrap prices that can make a difference in your bottom line. As jewelry artist you probably end up with a certain amount of scrap in your studio. This scrap can bring in a significant amount of money when you recycle it. There are a number of ways that you can do this:

You can use pieces of gold sheet and fuse it into another g piece of jewelry.

I have successfully done this on sterling silver. You just have to be very careful with the temperature, since the mantling point for both metals is different.

You can send it to the refinery, which is what I prefer to do. They will pay for your gold based on a percentage of the daily market value of scrap gold prices.

Rio Grande Jewelry Supply Company has a refinery service and they give you and option of getting cash or get more for your money by accepting store credit.

Want to get Higher Gold Scrap Prices?

Organize your Scrap to Maximize Profit

• Collect your scrap pieces precious metals sort them into Karat categories. This is particularly important because different gold alloys melt at different temperature. Put the gold scrap in different containers. I usually use storage Ziplock bags. Maintain your gold scrap as clean as possible hen sorting and separating.
  

• Scrap that is collected from bench sweepings and scrap that has solder on it can also be sent to the refinery and is know as "dirty scrap." Always keep this scrap separate from the clean scrap. I keep different containers close by in my studio. They are labeled so that I can sort my left over metal as I discard it. This allows me better control and I get higher gold scrap prices.
  

• After collecting and putting your scraps in bags, it is important to weigh each bag individually. I use a special metal scale that gives me the weight in ounces. I then mark the bag with the weight with the type of metal, estimated metal purity (e.g. f 14kt or 18kt gold) and the weight. Follow the same procedure with the scrap that has been soldered; just mark it as “dirty Scrap.”
  

• Package each bag using bubbled envelops and label them for shipping. Request that a tracking be issued, this will help you find the scrap if it gets lost in the mail. Consider purchasing insurance when shipping large amounts of gold scrap.
  

• Many of the refining companies require a form that clearly details the amount of scrap being shipped and whether your want credit or immediate payment. Contact the refining company before shipping and request the appropriate forms.
  

• The gold scrap pricing will be determined on the date that the scrap will be processed and not the shipping date. Contact the refining company for detailed information once you receive a message that they have received the scrap.
  

• It is a good idea to choose a jewelry refining company that sells jewelry tools, jewelry supplies and materials that you use regularly. Most refiners will often pay more for customers using credit against new goods. This makes a better deal and will benefit your business.
  

  You can melt it yourself and and refine it into an ingot or pour it into a casting mold. Watch this instructional video to see the process in action.
  

  Melting Gold Scrap Tutorial
  

  Jewelry Tools and Jewelry Supplies You Will Need to Increase your Gold Scrap Prices
  

  crucible
  • borax or flux
  • ingot mold or any type of casting mold
    

    Gather separate and clean the gold scrap you want to melt. Remember to be careful that the same karat gold is sorted together.
    

    You can mix scrap of different karat, however the result may be gold of lesser karat and may not work as well for your jewelry making project or change the gold scrap prices you want to obtain.
    

    As a rule of thumb and to remain in compliance with FTC labeling laws for gold jewelry, it is a good idea to sort the gold by karat (eg. 14K with 14k).
    

    Once you have cleaned and sorted your gold scrap, cut it into small pieces. This helps the melting process.
    

    Cover the crucible with borax or flux to help the metal move and melt faster. Place the gold into the crucible
    

    Melt the gold with your torch until it is a hot liquid. Gold tends to require a temperature of approximately 1650 degrees. Wait until the gold has melted into liquid and pour the gold into the ingot mold.
    

    Once the mold has cooled down, you can use the rolling mill to make gold sheet or wire.
    

    Continue to run the gold through the rolling mill until you achieve the gauge you need. You may need to anneal the metal every time you run it through the mill to soften it.
    

    Remember to take all the necessary safety precautions when melting metal. I always keep a bucket filled with cold water in case a need to cool the metal faster.
    

    This process requires some practice and in time you will be able to produce the gold medal and wire that you need to create your own unique jewelry designs. This technique can help you maintain more consistent gold scrap prices.
    

    

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