Melting gold for a new ring?

[diamondringlover]

Good or bad idea? I am going to be resetting my rings and I have decided that I want a 18k 1.5 to 2mm yellow gold comfort fit band. My current 5 stone ring is 18k, I will be reusing the diamonds in my reset, however I was going to trade the setting in to help offset some of the cost of the new ring, but would it make more sense to melt it and make a band? has any one done this? any ballpark figure on how much it would cost? I am tossing around all kinds of idea's on what I want to do, but I think the band I want either way, so I want to go the cheaper route, melt or would it just be cheaper to buy a new one?....any thoughts or insight on this process I sure would appreciate. thanks

 

[Karl_K]

since bands are normally die cast in mass production to make a wax and cast one you would end up with a more expensive and weaker band.
Also reusing gold without refining it first is a bad idea and refining a single ring is cost prohibitive.

Find a place that will give you 80%+ of spot for the gold content and take the cash and put it towards the new ring.
Depending on where you live finding someone offering 80%+ may take some work, the typical offer in many areas is 50% and the ones you see advertised on tv are even less.

 

[Karl_K]

Wink wrote an article about it that is still relevant.
https://www.pricescope.com/journal/selling-gold-and-platinum-jewelry-melt-value
It is easier today in many markets to find people paying into the 80% of spot range than when that article was written otherwise it is spot on.

 

[diamondringlover]

Thanks for the response Karl, you told me what I didnt want to hear lol, but I kind of figured as much, so I will have to continue my hunt for a bargain! I have sold some gold, but got ripped off because I didnt do my research, so thank you for the link, I shall read it this and try to get top dollar out of my gold, I still have some to sell!