Sell Scrap Silver and Increase Your Profit Margin

Sell your scrap silver and you will have enough clash flow to keep purchasing jewelry making supplies. Many jewelry supply companies have set a system that allows you to get credit for the silver scrap you send them. To sell scrap jewelry really pays off!

In the past I used to cut the silver into small pieces and solder them into my design. I was also melting the scrap and using broom or water casting to incorporate into my work. I soon realized that it was more profitable to sell scrap silver and get credit to buy more supplies and materials.

The process is fairly simple; it just requires some organization to maximize your profit. A good start is by gaining an understanding of how the trading on precious metals work.

Silver like other metals has a price determined by trading on the COMEX (Commodities Exchange). The price shifts daily. Check the price on a daily basis, by visiting the sites of many of the jewelry suppliers, who post the daily price of precious metals. Visit the COMEX site periodically and get the daily price. Check with your dealer and make sure he is paying you the correct price this is what is going to help you decide when to sell scrap silver for the highest profit. I recently made over $600.00 that I can now use to purchase new materials. It is also important to always use a well established and reputable company to sell silver scrap.

Silver is weighed in Troy ounces. There are 12 troy ounces to a pound – making that old question “which weighs more – a pound of gold or a pound of feathers?” seen in a whole different light. The answer, of course, is a pound of feathers. To get a more accurate idea of what you can get when you sell scrap silver, one troy ounce is equal to 31.1034768 grams.

Now let’s take a look at the price of scrap. Sterling silver is not pure, it is.925 silver with.075 base metal – usually copper. The formula used to calculate scrap is to pay .830 times the spot price of silver on the exact day you sell. This is, less than.925, but it allows for the amount of silver lost in the refining process. It also considers the condition of the silver when you send it in. silver scrap that has solder in it or “dirty scrap”, will sell for less than what is considered “clean scrap.”

This is where organization is crucial. Keep you scrap separate as you work. Using a different container for clean scrap, dirty scrap and scrap that has been fused with other metals helps you keep your studio clean and gets your scrap ready to be sent to the refiner. Empty the container into a storage zip bag on a regular basis, this also keep the scrap free of dust and other particles in the environment. Don’t hoard your scrap silver. Your goal should be to turn your scrap like the rest of your inventory. Remember that scrap silver does nothing for you unless you trade it in and turn it into usable material or cash.

Selecting a Scrap Jewelry Buyer

Visit the different scrap jewelry buyer and compare their scrap selling policies, before you decide who you sell scrap silver to. I have compiled some information to get you started. Keep in mind that it does not include every company that buys scrap. Policies also change so check back periodically. Please visit the company’s site before you make your final decision.

Source by Miriam Beloglovsky

Sell Scrap Silver and Increase Your Profit Margin