Gold is a valuable material. Recycling and reusing gold is not new to the jewellery industry. Some jewellers don't collect their scraps and filings to be recycled, but this is in the vast minority, as it is a costly habit to have.
To recycle gold jewellery, the item must first be identified as real gold. A karat stamp is often visible inside the band of the ring. If a stamp is not visible, the metal can be tested. This is called a scratch test. The jewellery is rubbed against a scratch stone, leaving a mark of the metal. Then an acid is dropped on the mark, and the non-gold metal will dissolve away, leaving only the gold. Based on how much gold is left remaining in the mark, a jeweller can tell what karat the gold is.
Once the metal is identified as being suitable for recycling, all gemstones need to be removed from the jewellery, so that the metal can be melted.
After the jewellery is prepared for melting, it is sent to the refinery to be recycled. Our gold is refined at the Royal Canadian Mint, via our casting partner Alloyco International in Montreal, Quebec.
Once recycled, the client is credited for the amount of gold that they provided. The price is based on the karat of the gold and the market value of the gold on the day that it is refined.
On average, scrap gold credit values in 2021 were:
- 10K - $25/g
- 14K - $36/g
- 18K - $47/g
- 22K - $58/g
Labour associated with recycling your gold jewellery:
- Gold Test - $5/piece
- Stone Removal - $3/stone
- Gem Identification - $30/stone
- Appraisal - $90
Good to Note: Some clients ask about reusing their gold rather than recycling it. This is possible, but often does not get as good a result as recycling your old metal and using the pure gold that comes from recycling. This is because your old gold jewellery may have solder in it (especially chains), may become a less favorable colour after being re-melted, or may produce pits (small pores holes in the metal) when it is re-melted.
If you are completely attached to reusing the exact molecules of the old gold that you have, we can discuss the options and pros vs. cons of reusing you old gold. Otherwise, we highly advise recycling your old gold instead of re-melting it, for best results.