Scrap gold refers to gold pieces that people wish to discard. People may choose to sell broken chains, old earrings, rings or charms that they no longer wear as scrap gold. Fortunately, gold--which is a precious metal--will always retain its value. This means that any piece of gold jewelry can be melted down into made something else.

Considerations

According to MSN Money, people should be aware that if they sell gold jewelry at scrap value they will lose much of the jewelry's retail value--up to 75 percent or more of the value. Dealers buy gold jewelry based on the value of the metal alone.

Warning

According to Market Watch, consumers must select their gold buyer with care in order to avoid dishonest companies. Market Watch recommends checking with the Better Business Bureau's website to research a company before committing to sell scrap gold.

Appraisal

Individuals should also consider credentialed appraisers when choosing to sell their scrap gold. The American Society of Appraisers and the National Association of Jewelry Appraisers are two professional organizations that can give a fair and balanced view of the gold's worth. Individuals can search either website to find a local appraiser in their area.

Emotional Value

Donald Palmieri, president of the Gem Certification and Appraisal Lab, suggests that people should avoid selling jewelry that has emotional or sentimental value. Most scrap pieces are melted down into something else and cannot be recovered once they are sold.

Companies

There are hundreds of companies that will buy scrap gold. Some of the most common buyers of scrap gold include US Gold Buyers, Express Gold Cash and Gold Fellow.

Source:

Market Watch: Gullible Consumers May Get Gored On Gold Price

MSN Money: How to Sell Your Old Gold Jewelry

Better Business Bureau: Check out a Business or Charity

More Information:

Top Ten Cash For Gold Websites: Reviews