Found - Platinum Ring need advice on sale

[hockeyplayer]

I recently found a men's platinum ring that weighs 19.3 grams. The ring is in my opinion is not a work of art, just a plain band. Given platinum prices of $1250+ per ounce, this ring should have a metal value greater than $800. The two places I took it to said it was worth between $350-$600 at melt value. I recognize that a metal foundry or melt shop would want a discount to the metal value but I think a fair price would be higher than the above indications. Does anyone have experience with a reputable platinum buyer or meltshop where I might get 85-90% of market?

 

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[DJ_Quinn]

Actually, if the platinum is over 90% purity, a precious metal scrap dealer will only give you about 50-60% of the precious metal market value. They all want their profit as well.

 

[cedarratt]

The ring should sell for 75* to 90* percent of the melt value on Ebay. If you want I can sell it on Ebay for you for 10 percent after listing fees (usaully not more then a few dollars).

 

[DJ_Quinn]

Sorry, I spoke out of turn. I work for a medical device mfg. and we use platinum wire in our devices. I was asked to look into selling the wire from scrapped devices and a precious metal scrap dealer offered me 85% of the metal market price. This is clean wire, 90% platinum, so it comes to roughly $1,000/ounce. His phone# in the States is: 845-708-0855. I haven't dealt with him myself yet, but give him a ring and talk to him if you want.

 

[azmetaldetector]

Look at midwestrefienries.com. I think you'll have better luck there than on eBay!

 

[hockeyplayer]

Thanks for the ideas. The ebay option puts me close to where the local dealers were talking. I will check out the direct sources.

Thanks

 

[rck_1]

Dont sell it! find a jeweler who will melt it down and make something unique for you or your better half!

 

[chong2]

wow, 19 grams of platinum?? share with us a pic if u please

 

[hockeyplayer]

I called Midwest Refineries and did some other checking. They seem to be on the up and up so I think I will give them a try. Thanks for the referral. Has anyone done business with them?

 

[stoney56]

http://forum.treasurenet.com/index.php/topic,44082.0.html

You might ask Sandman256.

 

[DJ_Quinn]

Okay, I have 3 oz of 99.94% pure Platinum wire and 1 oz of 90/10 Pl/Iridium wire. I spoke to Brad at Midwest Refineries, and it is sort of a strange way to do business. Here's what he told me, they assay whatever you sed them. He needs at least 1.5 oz to do a melt, otherwise he uses electronic assaying which is not as accurate. Yesterday, the spot price was $1220/oz, he offered me 89% of that for PURE platinum. Any trace metals are not paid for, and there is a brokarage fee as well. After the assay, they send you a check or wire transfer in 7-10 days. If I request a bank transfer, because I am overseas, there is another $50 charge for this. I haven't done business with them and am leary of sending them about $5,000 of material via courier.
Sandman said he lives close so he hand delivers, and I have family in Michigan who I could send it to and who could do the same but when I spoke to them they said they have no walk in service and everything must be sent by courier.
Does anybody have any personal experience with any of these precious metal scrap people? I don't like to do business without getting some references.

 

[BIG61AL]

I am going to use midwestern refineries when i sell my silver and gold scrap...I used another refinery [read one who advertises heavyly on the internet] for some dental scrap gold and felt I got cheated....

 

[DJ_Quinn]

Al, how do you feel you got cheated? These places do look dodgy, and how can you verify the weight and meterial chemistry? You have to take their word for it obviously. I spoke with a company in the UK and they charge a £75 lot charge, which is about $140. Basically, by the time my platinum, which is over 95% pure, is settled, I would recieve about $960/ounce when it is trading at $1212/ounce. That's only about 80% of the spot price.

 

[hockeyplayer]

Thanks to Stoney56 for posting Midwest Refineries website. I mailed them the ring and had a check back 10 days later. They definetely delivered what they promise in their ads. I learned a few things that will help in the future. First, precious metals trade based on Troy Oz not standard weights. There are 31.1 grams to the Troy OZ not 28. This has a huge impact on value when you look at platinum. Next, when you melt a ring or other jewelry, there is a small weight loss and the metal is not 100% pure (figure a loss of 3% in the melt and 10% for purity). Midwest paid 89% of market value which was higher than anyone else I checked. They also buy gold and silver items.

Thanks for the input all.

 

[Trez]

Midwest Refineries...#1
I was very pleased...fast, fair, easy, and they give you the most for your precious metals.

Trez

 

[DJ_Quinn]

I posted on another thread that I went with Midwest and recieved a sttlement. Here are the things to consider when you only have 19 grams: You do loose about 10% after the melt, (they didn't tell me this beforehand), and whatever your ring assays to, you get 89% of the Pl spot price that day. I would try to flog it on ebay first. I was bidding on a 1 oz platinum crucible for scrap and it sold for $1,100.