Buying Jewelry Scrap
Refining can be an important part of any jewelry store’s business. If systems are set up properly, refining can help bring in business and improve cash flow.
Use Refining To Bring In Business
Everyone has an old high school ring, a broken chain, or an outdated piece of jewelry. Advertise that your store will give great trade-in values for jewelry that is turned in. It works successfully for many other businesses that take such trade-ins as old cars, old bikes and sports equipment. When you’re in-between seasons and business is slow, promote the fact that your customers can trade-in their old jewelry for cash to purchase new jewelry.
Use Refining To Improve Your Cash Flow
Don’t hoard your scrap gold, platinum, palladium and silver. Your goal should be to turn your scrap like the rest of your inventory, at least twice a year. Remember that scrap gold does nothing for you unless you trade it in and turn it into usable material or cash.
Find A Good Refiner
Hoover & Strong is the only refiner that challenges jewelers to split their scrap and test us against anyone else in the industry. Make sure the scrap is mixed as evenly as possible. If you only have one 10K ring and cannot snip it in half, pull the piece out. We have acquired many loyal customers through the split-lot test because of our proven higher returns.