Buying old gold over the counter: a checklist that protects you
Identity, testing, deductions, the buy rate, approval and a receipt. Six steps that turn old gold from a risk into stock.
The short answer: record the seller's identity, weigh, deduct, test, value at the buy rate, approve above your limit and give a receipt โ every time, with no exceptions for regulars.
1. Identity first
The seller's ID document is recorded before anything else. If the gold later turns out to be stolen, this is what protects you.
2. Weigh, then deduct
Gross weight, then deductions for stones, lacquer and dirt. Write both down; the customer should see both.
3. Test, and say how
Touchstone, XRF or fire assay give different confidence. Record the purity measured and the method used.
4. Value at the buy rate
Fine content ร today's buy rate, less any deduction you charge. A separate buy rate means your margin is set on purpose.
5. Approval above a limit
A large purchase waits for a manager. GoJewels asks for approval above the limit you set.
6. A receipt, and stock by weight
The seller gets a receipt; the metal goes into old gold stock by fine weight, ready to melt, refine or settle with a supplier โ or it comes straight off a new invoice when it is an exchange.
Try it on your own business
Everything described here is in the software. A 7-day trial opens immediately, with no card.