What are precious metals refineries? 

Precious metal refineries are facilities that extract metal from unused products and purify the metal to its original quality. Precious metals include Gold, Silver and Platinum. They receive metals and products from individual recycles, scrap yards and manufacturers with extra scrap. They assay the metal to find its monetary value and pay the recycler for the metal.

Precious metals are a nonrenewable resource, originally extracted from the earth. It is then used in many products like cell phones, jewelry and household appliances. Eventually, these products go unused, with the precious metals unused with them. Because the quality of precious metals never diminishes throughout recycling, precious metal refineries take these products, extract the metal and purify them for future uses. 

How do precious metal refineries work? 

Precious metal refineries receive products with metal from recyclers and scrap yards. The metal is then extracted from the original product, usually with a magnet, and purified. Metals are purified by exposing them to extremely hot temperatures, like smelting. The metal is assayed in this process so that the recycler will know its estimated worth. 

Once initially purified, metals like gold and silver are chemically treated to extract further imperfections. The precious metals have then reached its purest form, and it is melted into bullions and bars to be shipped to manufacturers. As the purification process completes, the recycler is paid the value of the precious metals. 

What is the Importance of precious metals recyclers?

Precious metal recyclers play an important role in improving the environment and economy. Metal extraction is responsible for 30% of the earth’s carbon emissions. As precious metal ore dwindles, biodiversity lessens. 

Precious metal recyclers help meet the demand for precious metals. They provide manufacturers with more precious metals and lessen the demand for extracting metal from the earth. Precious metal recyclers also provide its local communities with more jobs and bring unused precious metals into circulation again. 

What to look for in precious metal recycling companies 

There are a few things to keep in mind as you research precious metal recyclers. Evaluate if the precious metal recyclers value honesty, communication and environmental responsibility.

Honesty

The best way to evaluate a recycler’s honesty is through research and asking direct questions. Speak with some of their customers and research reviews of the refinery. This way, you will find honest evaluations of the recyclers. If you find any negative reviews, you can communicate your worries with the recycler and learn how they resolve disruptions. 

Ask how long it will take to refine the metal and issue your payment. Metals like gold and silver don’t take as long to refine, but if they provide an estimate of a few months, the company may not be trustworthy. 

A reputable precious metal refinery will often be accurate, though human error throughout the recycling process is possible. This is why it is important to receive multiple opinions on the worth of your precious metal. Many precious metal refineries offer a free sample and assay service so that you can receive a second opinion. Your precious metal recycler should also be willing to provide written estimates for your recycling and accurate documentation once your payment is received. 

Communication

Research how different precious metals are recycled and ask the precious metal recyclers about their process of purification. The precious metal recycler should connect you with an expert in metal recycling so that they can answer all the questions you may have accurately. 

This expert should be able to tell you the type of metal that is in the products you wish to recycle and be honest about the disruptions that could occur. Pay attention to how quickly they respond to your inquiries. If they respond to you within a few hours, it shows how they value communication and your business 

Responsibility 

Recycling precious metals has a positive impact on the environment and economy, and it is important to note if a precious metal recycler follows through on the positive impact. Ask precious metal recyclers if they recycle any non-metal excess products. It is also important to note if they recycle precious metals ethically - such as not emitting a large number of toxic gasses, and paying their workers fairly. 

Red flags in precious metals refineries

Pointing out the negative aspects of precious metal refineries is just as important as looking for the positives. Take note of certain red flags that may show that a precious metal recycler isn’t reputable. Here are a few things to watch for: 

• They don’t offer a free sample and assay - If they do not offer a free sample and assay, you are unable to get a second opinion on the value of your precious metal. This shows that they may not be open and honest about their payment. 
• They offer a flat fee - Some precious metal refineries attempt to intrigue customers with a guaranteed flat fee. Different precious metals have differing values, and the value fluctuates depending on demand and cost of labor. A flat fee may be very inaccurate.
• They rush the process - Quick precious metal recycling can be enticing, as it means faster payment, but if they rush the process it could be inaccurate. Precious metals like gold and silver don’t take long to purify, but metals like platinum and palladium will take time for an accurate assay. 
• They have poor communication - If they are slow to respond or they do not connect you with an expert on their team, it may be a sign that they are unreliable or untrustworthy. This may also show through if they do not give a clear estimate of payment. 
• Slow payment - If they give an estimated time of payment that is a few months or longer, it may show that they are not financially sound, or do not value their customers. 

Precious metal refinery near me 

Finding a precious metal refinery near you that holds strong values is crucial. Our precious metal refinery takes pride in our attention to honesty, accuracy and communication. We recycle Copper, Palladium, Gold and Silver. Our state-of-the-art technology recycles metals efficiently and accurately, while we continue an open dialogue with our suppliers and refineries. Choose us to recycle your precious metals, with guaranteed consistent results, and no hidden charges or penalties. 

If you’re looking for a precious metal refinery to guide you through your recycling process, Majestic Corporation is the partner for you. Our compliance guidelines represent the management philosophy and code of conduct of our team and company. Majestic Corporation has been a leading precious metals recyclers, non-ferrous metals and catalytic converter provider for three decades. With a presence in the United States, United Kingdom, Malaysia, Italy, Mexico, Australia, Hong Kong and more, as well as a network of precious metals refineries around the world, we work with major customers and partners in a transparent and discrete manner and only offer the highest quality services at competitive prices. 

Contact us here for more information.