How to recycle gold
Recyle my gold for store credit
If you have jewelry which is unwanted or broken, you can recycle it through greenKarat and receive a store credit. This is a great way to replace the gold you are withdrawing from the system, while also reducing the cost of your order.
How does the process unfold?
Download an enrollment form by clicking the link above marked "Click here to start the process". It contains the instructions you'll need to submit your jewelry. We will usually contact you within a week of receiving your package regarding the amount of the proposed store credit. You then have a week to accept or reject the offer.
Can I receive a cash payment instead of a store credit?
Sorry, no. We are restricting the scope of this program for now to limit our (and your) exposure to provisions of the Patriot Act.
How much of a credit will I get?
We will establish a store credit for you equal to 80% of the market value of the gold you recycle. The 20% discount from market covers administrative and refining costs.
Which is the better deal, 'Recycle' or 'Reuse'?
Generally, if your gold does not have sentimental value, you will save money by selecting the 'Recycle My Gold' option.
May we allocate just part of our Recycle store credit to benefit a charitable organization?
Absolutely! Just tell us how you would like to allocate the credit. As Lao-Tzu said "The journey of a thousand miles begins with one step."
Does the store credit expire?
Yes, it will expire after six months and any unused funds will be donated to charity.
What if I don’t feel the store credit is enough?
You will have seven days from the time greenKarat makes an offer to accept or reject it. If you reject it or fail to respond, greenKarat will return your jewelry to you.
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.