Help with scrap gold price quotes by jeweler. Should I hold off?

rainrowan

rainrowan

where's my bag?!
O.G.
Apr 25, 2006
8,515
137
#1
I sold a bracelet a month ago and got less than what I'd hoped for but I needed the cash and since there was no sentimental value attached, it wasn't as big a deal. It was a solid 22K (22g) bracelet and received $425. I thought I'd get closer to $700 for it to be honest.

Then I took my vintage (chinese gold) solid 22K (50g) and 24K (28g) bangles to my jeweler and he quoted me $800 and $550 respectively as scrap gold.

Q: Does anyone know if this is a reasonable amount to pay for scrap? I worry about being shortchanged.

Gold per ounce is approx $935 now, I thought I knew enough about proper unit weight conversions etc but I'm being quoted differently. Any help would be so appreciated!!

One of my pieces looks exactly like this bracelet being auctioned on eBay this week.
24K Solid Gold antique dragon phoenix bangle on eBay
I'm NOT the seller for the above listing.

Q: Am I better off trying to sell it thru an another channel for its rarity and aesthetics (mine has better quality workmanship and heavier)? I'm a bit iffy about selling thru eBay...
 
#5
Rainrowan -- I have been looking into gold sales but I'm new to this. USGoldBuyers comes highly recommended. As far as I can tell:

- there are 31.1 grams per oz of gold
- USGoldBuyers is quoting $777.70 per oz for 22K and $847.40 per oz for 24K
- based on this you should get $1250 and $762

The quotes you are getting seem low -- I would get quotes from a second jeweler.
 
#6
Thanks jayjay77, for helping me confirm my own suspicions about the low quotes offered. I had taken the first bracelet to another place for a second opinion and pretty much got the same quote, even a little lower. Maybe this is a common tactic? Well, what's done is done...

The jeweler for the current pieces didn't seem too pushy for me to sell to him, but he did give me a short spiel about selling it soon or prices may drop to $750 due to the price of gasoline and economy rising yada yada Also that secondhand gold pieces are hard to sell. That doesn't seem like a good argument for super low quotes tho... and turned me off a little... plus he didn't know if the gems were rubies or not! :confused1: So I may already know the answer, but thanks jayjay77 for confirming them

Now I don't feel like selling, at least not at the sake of being gypped. I will hold on to the pieces for now. These are what they look like. They were given to me 20 years ago. I admire their vintage craftsmanship but I never had an opportunity to wear them.
 

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#7
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These babies are gorgeous, why not break them out and just enjoy ? :yes:
 
#8
Hi rainrowan,

The quotes are lower but it really depends on the jeweler you go to. Personally I would pay around $1100 for the 50g of 22k. But you have to remember that a lot of the Jewelers quote low because they have to hedge the bets for market change, cover final Assay, and labor if any stones need to be removed. Most pawn brokers, jewelers pay 60% of melt from what I've seen.
 
#9
Thanks ayla. I really ought to wear them sometime, bold yellow gold feels a bit too grand for my tastes, but never say never...

Japster you made some pretty valid points and thanks for pointing out that side of the gold buying business. I understand it some more now (had to look up "assay"). p.s. Japster jr. is growing fast! Handsome little boy.
 
#10
I would get an offer from a jeweler and then put it on ebay for a price that is higher than that offer. Because jewelers have to make a profit they will buy gold at below market value as opposed to ebay where the market will determine the value of the piece. There is a feature on ebay where you can set a minimum that you want to sell your item for so set the minimum for an amount above what the jeweler is offering to make it worth your time. If no one buys it for that price then you would only lose a few dollars to have listed it and then you can go back to the jeweler and sell it at the price offered. I'm pretty sure you can sell it for more than the jeweler is offering.
 
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