Scrap Gold is gold that has been formed into jewelry or an ornament. When the person sells the gold jewelry or ornament to the buyer, the value is not in the jewelry but in the metal itself. The value of the metal is called scrap gold.
Gold is not thrown away because it has a lot of value attached to it. The value is in the gold and not in the pendent or the bracelet or any other design. Jewelry is usually a mix of gold and other metals so it is not in its purest form.
The calculation of value of scrap gold can be determined in a few ways. The easiest and simplest way is to melt all the scrap gold when it is poured into a shape (Bar or Coin). Then have it ran through an XRF machine to determine the percentage of gold present in the bar. These tests are very accurate and tell the refiner the total percentage of the gold in the alloy. The assays are accurate to 5th of a thousand parts.
The assay tells us how much actual gold is in. The percentage and the weight determine the value and how much actual gold is recovered. The value of gold is based on the live gold market, which changes constantly
The recycling of gold is a very big market in its own right. People usually sell their jewelry and the people who buy them, take it to the refineries like ourselves. Instant Gold Refining is one name in the Vancouver gold and silver market, that reprocesses scrap gold on the spot with instant payouts. We offer our customers competitive rates on their precious metal scrap with complete transparency through out the entire process. Contact us today to book an appointment.