Do you know the difference between a Refiner and a Smelter or Buyer? If you don’t, you’re not alone. Many companies sell their gold to smelters or other middleman companies that call themselves refiners but are not ACTUAL refiners.
As a strong supporter of the pawn industry, United is proud to be a member of various pawn organizations. We also participate in most tradeshows including Pawn Expo in Las Vegas, Dixie Pawn Convention, Midwest Pawn Convention, the CAPA Spring and Fall Conferences, TAP and the Pawnbrokers Advisory Forum Conference.
The pawn industry enjoys a unique relationship with United PMR. As the largest US-owned primary refiner in the country, United exclusively services the jewelry industry. A major source of jewelry for recycling and refining is the pawn industry. Dating back to ancient history, the practice of loaning money on portable security has outlasted the test of time. Pawn shops, because of their niche services and customer-friendly business model, have provided much needed funding to customers when other options such as bank loans weren't available to people.
We would like to extend an extra special thank you to our partners and customers who have contributed to our blog this year to help us put out valuable information.
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.