Donate my gold to benefit the environment

Consider donating old jewelry to benefit the environment. Ask your friends and family to contribute old and broken jewelry to be recycled.

There are two ways to do this:

1. Recycle old jewelry to benefit the environment, and use our gold to make your rings: We will pay part or all of the store credit (equaling 80% of the market value of the gold) to benefit an environmental organization. This is the same as the 'Recycle My Gold' option, except that an environmental organization benefits.
2. Recycle old jewelry to benefit the environment, and use your gold to make your rings:  Direct us to pay part or all of the store credit (equaling 100% of the market value of the gold, but subject to a $250 administrative fee) to benefit an environmental organization. This is the same as the 'Reuse My Gold' to make my rings option, except that an environmental organization benefits.

greenKarat suggests that you consider the Basel Action Network (www.ban.org) for your contribution.   BAN is working to eliminate global trade in mercury, which has an intimate bond with gold (see discussion below).  You may, however, designate any 501(c)(3) charity to receive your donation.

Mercury has a poisonous affinity with gold mining.  It is produced in association with large scale gold mining, and small scale miners around the world use it to separate gold from ore.  We support BAN’s efforts to control mercury, which harms artisanal miners and pollutes the environment. More...

Visit the myKarat Registry: Invite friends and family to recycle on your behalf.

FAQs

How does the process unfold?
It starts when you contact us to say you’d like to get started. We’ll issue a control number and send you shipping instructions as well as a form to enclose with your jewelry. We will usually contact you within a week of receiving your package to advise you of the amount of donation and make arrangements for payment of the administrative fee (if applicable to your choice).

May we designate a different environmental organization to receive our contribution?
Yes, but the organization you designate must be an IRS recognized 501(c)(3) organization.  They will happily confirm that status to you.

I am active in a nonprofit organization. Could we gather broken and unused jewelry as a fundraiser for that group?
Yes, we would be pleased to pay your organization for the gold it gathers. That’s an easy way for your members to help your cause, while also helping the environment. Visit our Fundraising page here.

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General FAQs

How much is my jewelry worth through recycling?
The short answer is that your jewelry is worth the market value of the gold it contains, less the costs necessary to make that gold ready once more for creating new jewelry.

Fine jewelry is marked in karats. Pure gold is marked as 24 karat. The proportion of gold in your jewelry is the ratio of your karat to 24. 18k gold is 18/24, or 75% gold. 14k gold is 14/24, or 58.33% gold, etc.

Gold is measured and priced in troy ounces, which are different from the ounces we encounter in everyday life. A troy ounce of gold is equal to about 1.1 regular ounces. Since gold prices are always reported in troy ounces, a conversion is required if you are weighing your jewelry on an ordinary kitchen scale.

We value the gold based on prices reported on www.kitco.com, a resource commonly used by those in the industry. The value of the gold in your old jewelry is equal to the weight of the gold content, times the market value of that gold, less the cost of handling and refining.

How the value of your gold compares to the cost of new jewelry: The cost of new jewelry is comprised of precious metal, non-precious metal, labor, manufacturing costs, overhead, and profit. A significant amount of expense goes into making jewelry which does not arise from gold. When jewelry is recycled and refined, all of the purchase price which is not attributable to gold itself is lost.

So, is jewelry a good investment? Generally, no. Jewelry is merely art; something designed to stimulate the senses and express emotion. While there may be a Matisse or two out there, your investment in jewelry is really just valuable to you. To the next buyer of your piece, who’s not emotionally invested, it’s just canvas and paint.

It makes sense to shop your old jewelry around, and see what it’s worth before you recycle it. If you choose to recycle your jewelry, you will receive much less than the appraised value, which is the estimated price you would have to pay to replace the jewelry as new.

Worth noting: We think we are meeting or beating the market price in recycling. If you think we’re not the best value in recycling, we’d appreciate a note letting us know.

What type of jewelry should I send?
We are looking mainly for 10k, 14k and 18k gold. We do not want gold plated jewelry. Do not send any piece which you feel is worth more as finished jewelry. We are only seeking pieces to melt.

Will you accept silver and platinum?
Yes, but the percentage of market price offered will be lower.

Will I receive credit for any gems in the rings?
We may offer a credit for gems, but we are mostly interested in gold at this time. If you would like your gems returned to you, there will be a $10 per gem fee for removing them from the piece, plus a shipping charge if the gems are to be returned separately. There is no charge for removal if you do not wish to have the gems returned to you. Note: There is a risk that a gem will break while being removed. greenKarat will not compensate you for any gems broken during removal, so you may wish to consider having the stones removed before sending your pieces to us.

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