Why the Most Convenient Place to Sell Your Platinum Scrap Could Also Be the Worst

Platinum ScrapRecycle Precious MetalsRecycle Refine Platinum
Written By Barry Lenson

“Is there a platinum refinery near me?” is a logical question to ask when you have a small platinum item that you would like to sell quickly. You have an idea that it would be fast and convenient to simply stick your platinum scrap items in your pocket – that platinum engagement ring, a platinum cigarette case you inherited, or even a used platinum laboratory crucible – and get rid of it while you are running your errands.

You think, “Why complicate things?” But the fact is, the most convenient places to dispose of your platinum scrap could be the worst. Here are some which, while convenient, will pay you less money for your platinum scrap than what it is worth.

Pawnshops. We are not knocking pawnshops. If you need to raise money quickly and you have a good chance of being able to raise still more funds so you can buy back the items you have pawned, they can be a good option. Plus, pawnshops are usually honest businesses, run by honest people. The reason to avoid selling platinum scrap to them is simple. Their business model works because they buy items at below-market prices and then sell them at market prices if the individuals who pawned them are not able to buy them back. So when you go to a pawn shop, you are basically agreeing to sell your items for less money than they are worth. Is that a good idea? No, it isn’t.

Jewelry stores. If you have a piece of platinum jewelry such as a platinum engagement or other ring, it seems like a good idea to visit a reputable storefront jewelry store and accept what they offer you. That could be a good idea, but check current platinum trading prices to be sure you are getting full market value for your scrap. Ask, “How much does this weigh, and what is it worth at current trading prices?” before parting with it.

Craigslist. Okay, we are not knocking Craigslist. Sometimes people sell all kinds of items using it and are satisfied. And although crooks do sometimes use this online listing service as a place to identify items they can steal from their owners, chances are that kind of crime occurs less often than most people suspect. The problem with Craigslist is that buyers do often haggle on prices at the last minute or engage in deceptive practices. As a seller, for example, you are heading off to a highway rest stop to meet a buyer who offered you $100 for a platinum ring; but when you get there, “problems” have occurred, and the buyer only offers you $75. Because you have a buyer “in hand,” you’re tempted to say yes. So in our opinion, selling platinum and other precious metals via this service is risky. If you decide to use it anyway, just be sure to have your platinum items tested so you know what they are really worth, and do not accept less.

eBay. Okay, eBay has its advantages. One of the biggest is that you can search for rings, platinum bars or other items that are similar to what you are selling, so you have a way of establishing a realistic value and asking price. The problems creep in if you are selling items that are harder to evaluate than, say, a platinum bullion bar that is trading online for a price you can verify. If you, on the other hand, are selling a pile of powdery platinum sponge scrap that is harder to evaluate, eBay is an iffy place to sell it. If you don’t know what something is worth, how can you be sure you are going to be paid its real value?

“We buy gold” stores. Okay, they are convenient, and some of them do business honestly. Just be sure to know the real market value of what you are selling before you enter one of these establishments. You can then open with a statement like, “This weighs two ounces, so it is worth . . .” That will show the person on the other side of the counter that you have done your homework and know the value of what you have. And then, if he or she makes an unrealistic offer, you can leave. Remember, the door that got you into the place will also get you out.

Why Specialty Metals Smelters and Refiners Is the Better Way

Instead of putting your platinum scrap in your trousers pocket and selling it in the next two hours while you are driving around, why not call Specialty Metals Smelters and Refiners at 800-426-2344? We will explain your best options for receiving the full market value of your platinum scrap, explain exactly how you can send it to us for a full value report, and then receive prompt payment.

Convenient? Our clients believe so. Let us explain our simple, customer-friendly way to get you the maximum value possible for your platinum.

Barry Lenson
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