Scrap Gold: How to increase value?

By Kayla McBride
There's nothing you can do to actually increase the scrap gold value, however, you can take measures to maximize your gold scrap pay out amounts if you take into account the information presented in this article. When determining the value of your scrap gold, it is important to understand that a variety of factors contribute to the value.

The first thing is to understand what scrap gold is defined as. Scrap gold is virtually any piece of gold jewelry, gold coins, gold dentures or gold electronic pieces that holds no more value other than metal melt value. Gold refiners do not take into account how beautiful your gold jewelry is or how big the diamonds are, the main scrap gold value comes from the actual gold weight and on its karat value. In fact, you are not going to get any money for your diamonds and if they present some sentimental value for you, you are strongly advised to remove them before sending them in to a precious metals refinery.

The gold is separated by its karat type and then examined by a reputable gold dealer. Since gold is measured in ounces or grams, a scale is used to assess its value. This particular process is used for jewelry and the like. If you feel like your gold coins might carry more value other than their gold content, take them to your local gold dealer for an assessment.

The first step in calculating your scrap gold value is separating your gold according to its karat values. Range of the karats - having a higher karat, increases the scrap value. This is due to the complexity of the formula and the indicators by which gold is assessed as a treasure worldwide. If you are unsure what the karat value of your scrap gold is, you have an option to get a free assessment at your local jeweler. Goldsmiths will assess the karat purity and then determine its weight for you.

Once you have sorted through your gold pieces, you can weigh them and enter these values into any online scrap gold calculator. This will give you a rough estimate of what you should be expecting to receive from your gold scrap dealer or precious metals refinery. You obviously will not get the full value of your scrap gold due to dealer fees but you should expect to receive a minimum of 90% of it or more. Do not turn in your scrap gold without doing this homework or you are risking getting ripped off by one of many dishonest gold dealers.

The second step is finding a trustworthy gold refiner or a dealer who can purchase scrap gold from you. Once you find them, learn about their exact procedures of sending in your gold jewelry or any other form of scrap gold. Know the market you are dealing with - doing the proper amount of research is important with any kind of valuation experience. This is especially the case with scrap precious metals.

This assures you get the true value that is due you for the gold you have. Make sure that you have an option of getting your scrap jewelry back if you are not satisfied with a quoted amount. US Gold Buyers is an excellent highly reputable scrap gold buyer providing unsurpassed customer service and offering their customers one of the highest pay out amounts at the market.

The last but not least word of advice on increasing the payout amount for your scrap gold: if you own valuable pieces of jewelry or rare coins, it's definitely wiser to not turn them into gold refineries to be melted for gold weight. It might be more financially practical to try selling them on your own like on eBay, for example. You will be surprised how much you can get for your favorite piece of jewelry or coins.

Source: EzineArticles