How to Test Scrap Gold and Gold Jewelry.
Learning how to test scrap gold jewelry such as gold rings and gold chains is not rocket science. This subject is thoroughly discussed in our 100+ page start up manual, “How to Start a Scrap Gold Business” $17.00 available for immediate download in Adobe Acrobat.
View the video below to watch a gold test being performed to determine the gold content of a gold ring. After viewing the gold test video below and practicing gold testing on your own pieces, be certain to read our review of the Tri Electronics GT 3000 Electronic Gold Tester as well. If you prefer to avoid scrap gold testing acids, the Tri Electronics Gold Tester is the solution; around $200. We always recommend you start with the scrap gold test acids. Only after gaining expertise with the gold acids, the magnet technique, the strategies for determining if a piece of jewelry is plated, and other secrets we share in our Scrap Gold Business Book, do we think it makes sense to consider using a scrap gold testing device like the Tri Electronics GT 3000.
What is Scrap Gold
First, know what scrap gold is. Scrap gold is virtually any item that is not plated or filled. It need not be, and rarely is, pure gold. Scrap gold can be jewelry, dental work, nuggets, gold coins, antiques, and more.
What You Need to Value Scrap Gold
You will need:
- A magnet
- A magnifying glass
- A scale
- A calculator
- Test acids or an electronic tester
- A scrap gold piece for testing
Determine the Karat of your Gold. Separate each piece by Karat
Determine the Gram weight of your gold. Weigh each Karat pile
Determine today’s Spot Price for Gold
Calculate the price of gold per Gram
Multiply that price by the total Gram Weight of your scrap gold to determine the value.
Where to Sell Your Gold
We recommend you sell to any of the Refiners listed in our “Scrap Gold Business Startup Manual.” Of course, you may also sell your gold, albeit for lower profits for yourself, to jewelers, pawn shops, payday loan stores, EBay, Craig’s List, various scrap gold jewelry mail-in web site businesses, etc.