Most, if not all, pawn shop collect and bin their scrap jewelry and eventually send this collection off to a refiner. If you've dealt in scrap jewelry before, there are a couple of words that you've definitely heard when it's time to send your scrap off to your refiner; smelt and assay. Do you know the difference between these techniques and which each accomplishes? Jack Brown of Mid-State Recycling & Refining shared this video with PawnMaster that goes over the two most popular refinement techniques and how Mid-State helps their customers get the most out of their scrap jewelry and metals.
To the right is a gold chain that GEIB received in with a melt lot. We noticed the chain, along with a few other pieces but something about this piece in particular just didn’t add up to being "RIGHT", so we went a little further on this rope chain.
Stone removal is, and should be, an important part of the pawnbroker’s and jeweler's process. If you’re not doing it, you should be, and if you’re not familiar with how to do it, that’s where I come in. Stone removal is a terrific, easy process. It’s incredibly affordable, and it’s a simple way to gather items of value to bring to a convention to be able to sell.
Markets for gold and silver are crazy as of late. $25 x 2 day swings up and down. As I've said before, it's like an elevator but there is no "definitely"... Especially when you're ready to settle a lot or hedge when shipping.
Keep an eye on the US dollar, stock markets, job markets, fed talks (interest), President Trump, Democratic Party, unruly activity both overseas and in the US. They will all have an impact on where metals will move -- up, down or remain flat. It's a Friday, as I'm writing this and markets are up $5 - used to be a "profit taking day" for traders for their weekend ca$h. It doesn't roll like that any longer.
When I first started in the Refining Industry in 2000, gold was at $237 toz. Business was good, I guess (I was with another company at the time, not GEIB). We melted gold, silver, platinum and gold with stones. Record scratch. What did you just say Peter?! Gold with diamonds??
Yes. We melted gold with Melee and other little stones. I think that's just the way it was. No one cared, no one wanted little "frozen spit" back. Over the years, someone, somewhere, realized there was a lot of diamonds being burned up and ruined and most importantly there was money being thrown away in not getting the value of the diamonds out of the material.
If you're not doing stone removal on your karat gold with diamonds, you're doing a disservice to your business and your bottom line. You should absolutely be doing this process. As long as you work with a reputable company, you have nothing to be concerned about.
The benefits of stone removal in your karat scrap outweighs any small costs associated with the process. I promise you.
You can keep stones for a rainy day, for repairs, maybe a car and so much more. I have clients that do stone removal on every lot shipped in and I have clients that do it before Las Vegas NPA or regional shows coming up to sell their stones to a reputable diamond buyer like Palak Diam Inc. (Ankur Savani).
My suggestion is take out any of the larger stones (1/4 ct +) and leave the Melee and smaller stones for the acid. If you try to take the smaller stones out at the bench you run the risk of chipping or breaking the stones which now makes them perfect only for diamond saw blades (smiles) and a lot less valuable per carat.
Keep in mind that anything organic like opals and pearls will typically not make it through the acid process. They will dissolve. We, at GEIB, also frost our stones lots after the process to cloud the cz's in hydrofluoric acid. If you like HEAVY frost just ask and we'll leave it sit for extra time. This makes it easier for you to pick out the bad or no value stones while sorting. We will always give you white (diamond) goods packaged separate of the colored stones. We will send everything back to you.
Stone Digestion. It's affordable. It's easy. It allows you to concentrate on so many other things you have going on in your business and life. Talk to your rep or refining company or call me personally anytime with questions, concerns and needs. I've included our process below from our website, www.geibrefining.com.
passion pas·sion. ˈpaSHən/ noun
1. Strong and barely controllable emotion.
"a man of impetuous passion"
My name is Peter B Spector.
I am the Senior National Accounts Manager with GEIB Refining Corp. in Warwick, Rhode Island. I love what I do and I love my clients.
I have worked tirelessly for 17 years in the refining industry to earn a great reputation and following in the pawn industry, retail/Mfg jewelers as well as other industries that accumulate precious metal bearing materials. The owner of my company once told me, "the harder you work; the luckier you get" I believe that; don't you!?