Silver Scrap Pricing Tutorial

While it may seem daunting to the uninitiated, it’s actually a simple process to figure out what a piece of sterling silver jewelry is worth. Follow these steps:

1. Weigh your piece in grams. Do not deduct for stones or other added weight unless instructed to by the Estate Sales Manager.
2. Silver must be converted into ounces in order to figure out the scrap price. You do this by taking the gram weight and dividing by 31.1
3. Finally, look on the estate portal (http://estate.leohamel.com) for the Estate Metal Prices Calculator at the “Silver” column labeled $/oz. “Jewelry” is the last one listed. Multiply your weight in ounces by that price for the scrap total.

Here is an example: You have a sterling bangle that weighs 45 grams. You need to convert it into ounces:

45/31.1 = 1.44 oz

The jewelry price today is $21.82 per ounce. So to get the scrap price:

1.44 x 21.82 = $31.42

Your bangle is $31.42 in scrap silver value.

Employee prices for silver scrap jewelry are as follows:

• Standard silver jewelry: Scrap price plus 30% (divide scrap by .70)
• Standard Native American jewelry: Scrap price x 1.6
• High quality Native American Silver: Scrap price x 2.7

You will not need to add the standard 10% employee pricing over the adjusted price for srap silver. Your employee price will be figured using the formula above.

Example standard silver jewelry: Your scrap price from above is $31.42: $31.42/ .70 = $44.86 your price (excluding tax) $44.86 x 1.08 = $48.45 including tax

Example standard Native jewelry: Your scrap price from above is $31.42: $31.42 x 1.6 = $50.27 your price (excluding tax) $50.27 x 1.08 = $54.29