How to Reclaim Gold

These items could be worth something, but be sure you know just how much.

Selling off your unwanted gold jewelry can sound like the perfect way to make lots of money with little effort. This is not usually the case, however, and those wishing to unload their gold for a profit should conduct the proper due diligence to ensure that they understand just what they're getting into and what (if any) their likely profits would be. Once all this is understood and a reputable refinery has been found, be sure to follow the company's procedures to ensure that your items get in the right hands, allowing you to receive your check in a timely manner.

Instructions

1. Go through your jewelry box and remove any pieces that are broken or no longer utilized. Determine whether you want to keep these pieces for sentimental value or if you think they would be worth more sold as is to a jewelry store, antique store or friend.

2. Look for other gold items within your house, including dental fillings, watches, clocks or any other memorabilia that may be lying around.

3. Get an appraisal from a jewelry appraiser who does not intend to buy your jewelry. Have him appraise any pieces that are particularly old, intricate or seemingly valuable. Talk to them about your options and whether selling it as reclaimed gold would be the best option. Make a copy of his appraisal and keep one for yourself and one to bring with you when you sell the jewelry to a reclaimer.

4. Visit a gold refiner who can give you an estimate of what your pieces would be worth if melted down and reclaimed. If you don't know of one within your area visit your local jewelry store. Chances are they will know of a few in your area and may even be able to recommend one that they have used for years. Because this gold reclamation can be filled with get-rich-quick schemes, it's important to go with a refiner who has a long history and good reputation. Be sure, too, that the refiner will actually buy pieces from the public. Some refiners, such as Hoover & Strong, will only buy from jewelry shops and businesses. Specialty Metals Smelters & Refiners, based in Fairfield, Connecticut, is one refinery that does accept gold from the public (see Resources below).

5. Pack your pieces in an envelope or package once you have found a reputable refiner. Make sure that you understand their policies and procedures, including how to ship your pieces, what contact information to provide, how your order will be processed, when you will know how much it's worth, how/when your check will be mailed and who to contact if you don't receive a response in a timely manner.

6. Sort your pieces by type and pack them accordingly. For example, gold scraps should be packaged together with gold-plated scraps. If you're unsure what items to pack together, contact the refiner directly to find out about any specific procedures. Send any items of significant worth as USPS Registered Mail. You may also want to purchase insurance on pricey packages.

7. Include a paper with your name, address, phone number and email address (if you have one). Below this information, include a list of all the pieces you included.

Tips & Warnings

• There are many advertisements that claim you can get rich quick by sending your gold jewelry to them. Be sure to look into these companies first and ask the appropriate questions before blindly sending your gold to any company.

Resources

• Read this Article in Spanish
• Specialty Metals Smelters & Refiners