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Buying Jewelry Scrap
Refining can be an important part of any jewelry store's business. If systems
are set up properly, refining can help bring in business and improve cash flow.
Use
Refining to Bring in Business
Everyone has an old high
school ring, a broken chain or an outdated piece of jewelry that their husband
bought on Christmas Eve. Advertise that your store will give great trade-in
values for jewelry that is turned in. It works successfully for many other
business that take trade-ins of old cars, old bikes and sports equipment. The
beauty of promoting trade-ins for old jewelry is that a profit can be made on
the traded-in item as well as the sale of the new piece of jewelry. Another
advantage is that jewelry trade-ins can be promoted during slow periods and can
be done more that once a year.
Use
Refining To Improve Your Cash Flow
Don't hoard your scrap gold,
platinum, palladium and silver. Your goal should be to turn your scrap like the
rest of your inventory, at least twice a year. Remember that scrap gold does
nothing for you unless you trade it in and turn it into usable material or cash.
Find
A Good Refiner
A good refiner will challenge
jewelers to split their scrap and test us against anyone else in the industry.
Make sure the scrap is mixed evenly as possible. If you only have one 10K ring
and can't snip it in half, pull the piece out. We have acquired many loyal
customers through the split lot test of our proven higher returns.
Estimate How Much To Pay Your Customer
You may use these handy charts to buy
scrap from your customers to generate profit and increase traffic into your
store.
The Table equals 75% of the actual metal value which allows you 25% profit. you
can adjust your profit accordingly.
Formula
e.g Market = $600/oz.
5.6 dwt of 14k scrap x $13.20/dwt=$73.92
2.1 dwt of 18k scrap x $16.80/dwt=$35.28
Total = 109.20
|
Karat Gold
Estimator - "
What to Pay Your Customer " |
| Karat |
Purity |
75% of
Purity |
Factor
per DWT |
$550=
$/DWT |
$600=
$/DWT |
$650=
$/DWT |
$700=
$/DWT |
| 10K |
.4167 |
.312 |
.016 |
$8.80 |
$9.60 |
$10.40 |
$11.20 |
| 14K |
.5833 |
.437 |
.022 |
$12.10 |
$13.20 |
$14.30 |
$15.40 |
| 18K |
.7500 |
.563 |
.028 |
$15.40 |
$16.80 |
$18.20 |
$19.60 |
| 22K |
.9167 |
.688 |
.034 |
$18.70 |
$20.40 |
$22.10 |
$23.80 |
| 24K |
1.0000 |
.750 |
.038 |
$20.90 |
$22.80 |
$24.70 |
$26.60 |
|
Platinum Estimator - "
What to Pay Your Customer " |
| Platinum |
Purity |
75% of
Purity |
Factor
per DWT |
$900=
$/DWT |
$1000=
$/DWT |
$1100=
$/DWT |
$1200=
$/DWt |
| 95% |
.95 |
.713 |
.036 |
$32.40 |
$36.00 |
$39.60 |
$43.20 |
| 90% |
.90 |
.675 |
.034 |
$30.60 |
$34.00 |
$37.40 |
$40.80 |
|
Palladium Estimator - "
What to Pay Your Customer " |
| Palladium |
Purity |
75% of
Purity |
Factor
per DWT |
$250=
$/DWT |
$300=
$/DWT |
$350=
$/DWT |
$400=
$/DWt |
| 95% |
.95 |
.713 |
.036 |
$9.00 |
$10.80 |
$12.60 |
$14.40 |
| 90% |
.90 |
.675 |
.034 |
$8.50 |
$10.20 |
$11.90 |
$13.60 |
|
Sterling Silver Estimator
- " What to Pay Your Customer" |
| Sterling
|
Purity |
60% of
Purity |
$9.00/
oz |
$10.00/
oz |
$11.00/
oz |
$12.00/
oz |
| 92.5% |
.925 |
.555 |
$5.00 |
$5.55 |
$6.11 |
$6.66 |
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