How to Start a Scrap Gold Buying and Selling Business

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Buying and selling scrap gold is a good choice when you think about starting and running a profitable business. You are guranteed to make enough money without
any demand for you to have a degree or training. You will also be helping people who live around you get rid of their broken jewelry and so many other unused gold items.

The best part about being an owner of a scrap gold business is that prices of gold are rising as with every passing day economies tend to become stable all around the word. If you are able to find and gather gold from households and other users, you can indeed begin your new business today itself. Here are the three most important considerations you should be keeping in your mind when starting your own scrap gold business.


Someone who is interested in dealing with scrap gold buying and selling will need to have a sizeable investment. He or she can use that money for obtaining gold pieces, and other broken jewelry items. The best way to find your scrap gold is to contact or ask your friends and family for unwanted and broken gold rings, earrings, or other pieces of jewelry. Sometimes even those items that may seem like they have no value can still be melted for the gold value.

Do’s and Don’ts of Selling

Do plan to budget your starting capital and don’t go over budget. Do use the money wisely and only invest large when you are for certain a large profit will follow. Do buy a digital scale to weigh your own gold. When you want to sell scrap gold, a digital scale will help in getting the precise measurements for a good sale.

Do gather the gold and sort them out. Do contact several resources to offer the gold and then compare the offers. Don’t include gold coins in the mix of scrap gold. Gold coins are not considered scrap gold. Do research the average price of scrap gold. One method for averaging the price is using a scrap gold calculator. Many can be found online.

Places to Sell

You can sell scrap gold at a variety of places. First, look local. Find local jewelry stores to purchase the gold if you need the money quickly. Mom and Pop shops are the best places to find a jewelry store to buy the scrap gold. Other places of interest might be online gold dealers, but be wary of them. Many will not give you the reasonable price for the pieces. Last, try e-Bay to auction the gold off.