Reusing platinum

[sgclavenna]

Hi everyone. So I have 3 platinum rings- 2 were mountings that have since had the stones removed and reset. The 3rd is a simple wedding band. Is there either a- a vendor who will take them to create a new ring out of (just wanting a simple but heaving comfort fit band, more substantial than what I have now) or b- a vendor who will take them towards the purchase of the new band? I know reusing metal is tricky and so it may not be an option, but thought I would ask before deciding what to do.

Any guidance you can give me would be greatly appreciated. Many thanks!

 

[NonieMarie]

Interesting that you should ask this now. I was just thinking of reusing a very heavy plat ring that I've removed the diamond. I was wondering if the plat could be melted and reused. Isn't plat jewelry almost all plat? I hope you get an answer.

 

[Ashleigh]

Platinum is mixed with other alloys hence you often see PT950 etc. My understanding (might be wrong) is that to reuse platinum, it has to be melted and the impurities (other alloys) removed and that in itself is costly (relatively speaking). Hence, people usually just get a new platinum setting or you can get the vendor to quote you the scrap value of the platinum and put it towards a new setting. I'd think that the vendor you are getting a new setting from would give you a better value on the scrap if you intend to put the scrap value towards a purchase in his shop. Unless for sentimental reasons towards that platinum, it's more economical to just scrap the old ones ande get a new platinum ring.

The only metal I can think of where you can melt and reuse without hassle is 24K gold.

 

[denverappraiser]

Directly melting and reusing is a problem. As mentioned above, the alloy is the issue. Not all alloys are the same and also there are 'contaminants' in the metal in the form of solders and the like. To get the best results it's best to refine the metal down to pure and mix new alloy before you reuse it. It's not that difficult but there are some efficiency of scale with this process and it doesn't really make sense to do it one ring at a time. Jewelers will accumulate scrap platinum and send it in to the refinery as a lot. That said, there are plenty of jewelers who will take your used metal as a trade in against a new purchase. It's a world commodity after all. Have you asked?

The other think go keep in mind is that most bands are actually made in a production environment that's outside of the store, maybe even outside of the country. Actually using the same metal is almost always out of the question with this kind of thing for logistical reasons.

 

[sgclavenna]

I have not asked any of my local jewelers to sell the pieces to them. It is in my plan to do so. There used to be a jeweler in my hometown who was able to refine your old gold or platinum and then reuse it (not always guaranteed that they could do it, but there was that option) but they are no longer in business. I thought it worth asking before I just went to sell the mountings, as I know I will not reuse them in their current state. I may keep the plain wedding band and sell the other pieces for $$. I may sell all 3 and put that towards a very heavy plain wedding band. Not totally sure yet.

If I am selling the pieces, how do I know I am getting a fair price??

 

[SB621]

I would consider anything fair that is around scrap metal pricing. Be prepared to take a big hit.

 

[denverappraiser]

The math is pretty easy.
Take the daily metal market available at www.kitco.com... That's the price the refinery is selling bricks for.
Multiply that by 0.90. That's because most jewelry is 90% platinum. Some is 95% but if you don't know, use the smaller number.
Divide by 31.1. The listed price is in Troy ounces, which is a pretty exotic unit. This converts it to grams which is a unit that most scales can deal with.
Weigh your piece in grams. Multiply.
Most of the salvage buyers pay about 60% - 75% of this result. That extra 30% or so covers the refinery cost, their costs and their profit.

 

[sgclavenna]

Thank you so much for the helpful information, including how to calculate a "fair" amount for selling the platinum as scrap. I feel much better about my options to make a decision.

 

[kenny]

Keep in mind if you sell a platinum ring you paid $3,000 for for scrap you are not going to get 60-75% of the $3,000.

In jewelry there are a lot of other costs besides material, like labor, mark up/profit, insurance, rent etc. etc.

You will get 60-75% of only the platinum itself.

 

[distracts]

Many jewelers will take your scrap in as trade for the scrap value... it's always best though to check local refineries to see how much you'd get for scrap value directly. I get higher amounts by scrapping my metal directly rather than through an intermediary.