Process
Consumers request a free, pre-paid envelope known as a “Refiner’s Return Pak” online or by phone. Once it arrives, customers place their gold materials in the pack and ship it to the Cash4Gold headquarters in Florida.
Cash4Gold employees weigh the items, photograph them and assess the items using such tools as acids, X-rays and electronic testing devices. Then they send the customer a check for the determined amount. Customers are given 12 days from the date on the check to ask for their jewelry back if they are not completely satisfied with the amount of their check. According to the company, they pay between 20-80% of the melt value of the items to the seller, and generally less than a pawn shop would pay, though independent reports suggest less than 20% of the value is the norm. The norm for the gold-buying industry is for the seller to be paid more than 90% of the value of the gold.
Cash4Gold melts between 3,000 to 4,000 fine ounces of gold and 800 pounds of silver a week at 1,800 degrees, transforming broken jewelry into molten metal. It is then shaped into bars and sold to other refiners, private mints and jewelry makers.
CNN visited Cash4Gold headquarters in March 2010 to see the company’s methods of collecting, processing and melting gold jewelry. In the visit, steps shown included customer background checks, a separation of the jewelry, then processing the items for evaluations before sending customers their checks and melting items into gold bars.
Read more about this topic: C4g
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