Scrap Gold Recycling Business

Gold is valuable and found in ocean depths, rivers, rocks and waterways. The metal is used in jewelry, decorations, currency and as a status symbol.

It is exchanged, stored, branded, gifted and traded. Ancient prospectors toiled the land, sunken ships and river beds for this precious metal.
Wars were fought and kingdoms rose on the attraction of gold. Today gold still has great value and is traded worldwide.
Modern gold prospectors use more sophisticated equipment to find gold. Did you know gold could be extracted from scrap metal, electronics and household items? Armed with the right knowledge you can start a scrap gold recycling business.
gold
Things to Note
You could do this business large, small scale or as a hobby. The business is a bit risky due to constantly fluctuating price of the metal and theft.
Large scale gold miners require government permit and an approved mining site. There are no guarantees that they will find commercial quantity of gold.
While smaller investors could try scrap diving to locate gold. They need to know different items that have gold elements. The process, chemicals and equipment used to extract gold also harbor some element of risk.Starting a pawn shop business
Where to Find Gold from Scrap
Apart from blasted rock, gold pits, river beds and ocean depts. There is gold everywhere you look.
Surprisingly there are many things around us that contain gold. Gold is salvageable from electronic waste and scrap metal.
Things that contain gold include jewelry such as rings, bracelets, teeth filling, VCR, old cell phones, coins and Victorian glass rims.
Other places you find gold are old picture frames, reading glasses, old books coating, golden embroidery, and circuit-boards.
Items that have Gold
  • Embroidery
  • VCR
  • Old cell phone
  • Edge of old books
  • Coin collection
  • Glass cup rims
  • Scrap metal
  • Electronic waste
  • Car components
  • Picture frames
  • Teeth fillings
  • Bracelets
  • Rings
  • Chains
  • Glasses
  • Circuit-boards
  • Old cutlery
Buy gold
Gold is generally sold per ounce and the price regulated. Although dump diving is a viable option, serious investors need to buy gold.
Gold buying requires huge cash to purchase the precious metal. You need a trained eye and equipment to ascertain the purity and authenticity of the metal.
You need to be abreast of current prices and have good negotiable skills. You could open a small gold buying shop and provide serious security and safety protocols.
If you want to buy jewelry directly from customers set your commission. Make sure the price you offer is commensurate with current value and a small commission.
Equipments
You need a highly accurate, non destructive fast technology gold tester. The machine determines gold concentration and analysis.
Many gold testers are capable of analyzing cadmium, iridium, platinum and copper. Some scrap recyclers use compact modular systems that can process 3-100 kg precious metal.
Some equipment you need include solvent containers, condensers, heating agent, agitator motors, filter and precipitation units. Prospecting equipment include sluice boxes, dry washers, gold recovery equipment, rock crushers, metal detectors and suction dredge device.
The type of equipment you purchase depends on your business template and method of extracting gold.
Business Requirements
  • Write a scrap gold recycling business plan
  • Carry out a comprehensive feasibility study
  •  Source funding
  • Learn how to identify and test the precious metal
  • Get permits and licenses
  • Incorporate the business
  • Buy essential equipment
  • Find an ideal location
  • Put in place security and waste management system
  • Find scrap gold
  • Network with buyers
Selling Gold
This is the easiest part of the whole value chain. The product is a hot commodity and larger precious stone dealers are always looking for more.
Network with precious stone dealers or find them through yellow pages. Make sure you do due diligence when dealing for the first time with buyers.


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