RECYCLING YOUR OLD JEWELRY

There has been a lot of buzz lately about the financial and environmental advantages of recycling jewelry that you no longer enjoy or which is too badly damaged to be repaired. We thought it might be useful to discuss the realities of doing so.

Recycling, in the strict context of this article, involves melting an old piece of jewelry and reusing the gold (silver, platinum) to make something new, thereby eliminating the need to mine more (gold, etc.) for the new piece. It is, however, the exception rather than the norm for a jeweler or designer to actually melt scrap him or herself. In most instances, jewelry to be melted is accumulated until there is enough quantity to send to a refiner - a company that is in the business of melting and purifying precious metal scrap in relatively large lots. The refiner melts the lot, then assays it to determine the percent of pure (gold, etc.) that it contains, and either pays the jeweler the market value of the precious metals in the batch, less a refining fee, or returns an equivalent amount of metal.

In a less strict sense, recycling would include selling your unwanted jewelry on eBay, or trading it in to a jewelry store or designer either for cash or in exchange for something new...similar to trading in your old car when buying a new one. (Giving it as a gift would also qualify, since it 'replaces' making a new piece of jewelry).

Financial Considerations

Before you do anything with that old jewelry, there are a number of things you should determine.

First, what do I have?

Are those white stones diamonds...or zircons, or glass?;
are the blue stones sapphires, etc.?;

If the stones are real (precious or semi-precious), what type, size, quantity, and quality are they?;

Is the jewelry made of silver, or gold, or platinum?; the Marking and Stamping Act of 1906 requires karat stamps and trademarks (the registered mark of the maker), as a guarantee of authenticity for virtually all gold and silver jewelry made or sold in the United States;

if it's gold, what karat is it?: 10Kt (10 parts out of 24, usually marked 10K), 14Kt (marked 585 or 14K), or 18Kt (marked 750 or 18K), and some designers use even higher karat gold; (pure gold is 24K, and is almost never used for jewelry because of its softness;
if it's silver, it should be marked 925 or sterling (92.5% silver) or Fine (pure);
if it's platinum, it will usually be marked 900 or 950 (indicating parts per thousand of platinum vs. alloy);

 

If the jewelry is damaged, is it repairable and how much will that cost?;

 

Was it designed/made by a famous maker (e.g. David Webb, Cartier, Boucheron, Suzanne Belperron, Tiffany, etc.)?; this can mean a world of difference in market value; the makers name and/or trademark is usually stamped on the jewelry, and can be researched online or in any good library, as well as in the jewelry sales records of major auction houses.

 

Your best sources for answers to most of these questions are:

a) the original bill of sale (if available), which should identify the metal, the types and sizes of stones the piece contains, and the total weight of each type of stone; and

b) a well-established fine jeweler; if you don't have a jeweler that you know and trust, ask friends for recommendations or contact the Better Business Bureau, and try to speak directly with the owner since he or she may be more likely than an employee to value developing a new customer beyond a quick, single transaction.

"Now that I know what I have, what is it worth?"

Once you have determined the 'specs', you should try to find out what your piece of jewelry is actually worth at retail. Assuming it is in saleable condition, take a look on eBay before making any decision. Check out the auction results for items similar to yours so that you'll have an idea of how much people are actually paying. At the very least, you'll be in a better position to negotiate if you do decide to 'recycle' with a designer or jewelry store.

 

Once You've Decided to Recycle...

As an individual, the only practical way to recycle (other than on eBay or similar), is to trade-in your old jewelry for cash or for something new, with a designer or jewelry store. However, it’s important for you to remember that these people are in business to make money.

When you buy jewelry at retail , you are paying not only based on the market value of the precious metal and stones, but also for all of the labor involved in making the jewelry, plus the maker's markup for overhead and profit, plus the retailer's profit.

When you sell to a designer or jewelry store, on the other hand, you're only likely to get scrap value unless your piece is in really good condition and still in fashion, or you are trading up for something much more expensive. In a nutshell, this means that the price of the stones and/or gold (silver, platinum) will need to have gone up dramatically from where they were when you bought, in order to recoup anything close to what you spent originally. You will avoid feeling insulted and disappointed if your expectations are realistic.

Oh, and if you are only getting 'scrap' value for the metal, don't include the stones if they are not damaged. They can probably be removed quite easily, and you can incorporate them into a new design now or in the future.

The bottom line is, if you have a piece of jewelry that you no longer wear, it certainly makes financial sense to either sell it, trade it in, or repair it.

 

Environmental Considerations

This is a no-brainer. Though somewhat simplistic, the more broken or simply unused jewelry that we recycle, by whatever method, the fewer the new pieces that will be made and/or the less metal we need to mine to meet the demands of the market. Not only does mining require major energy input, but mining for precious metals is among the dirtiest and most polluting types of mining. The impact we have individually is, of course, miniscule. Cumulatively, however, it can be quite significant and since it also makes financial sense, there is precious little (no pun intended) excuse not to do it. It's really a win-win.

The day is approaching, at lightening speed, when recycling everything imaginable will not be an option...but an imperative!

About the author: Rick Cameron is president of Woodstock NY-based Cameron Design. Since 1990, his company has designed and handcrafted unique Deco-Gothic wildlife jewelry and accessories for men and women, in sterling, Black Sterling, 18K gold, American alligator, and ostrich. As an environmentalist, with degrees in geology and oceanography, his perspective encompasses the financial and ecological aspects of mining, jewelry manufacturing, and recycling.

Copyright Cameron Design 2007

THE FUTURE OF SOCIAL NETWORKING  July 29, 2009

Social Networking is about "building online communities of people who share interests and/or activities, or who are interested in exploring the interests and activities of others". (Wikipedia)

People use Social Networking to find jobs, source candidates, find lost loves, source materials, promote and sell products and services, and much more. . .and it's mostly free!

"Social networking is in its infancy", says David Nour, Relationship Economics CEO and Web 2.0 guru. "We're on the upward swing of the hype cycle". Lots of people are discovering the power of Social Networking and investing their time and energy to make it work for them.

"The real power and promise of Social Networking is a mass collaboration platform, accelerating one's ability to get things done", adds Nour. Enlightened individuals are shifting from "not invented here" to "invented everywhere." It gives us the opportunity to extend our reach beyond any geographic, functional roles, or even industry sectors to learn and grow from others.

More than a handshake and an introduction, the future of Social Networking allows us to nurture key relationships by supporting those who sustain us and stay connected with our most trusted relationships---on or offline.

Three key trends is illustrate the bright future of Social Networking: 1) Interoperability, 2) Visual Insight, and 3) Enterprise Social Networking.

Interoperability. You may be familiar with these household names: Facebook, Twitter, LinkedIn, Plaxo, and Naymz. What you may not know is that Websites like TweetDeck.com and Ping.fm will allow the user to update multiple platforms with single inputs. It also permits the user to capitalize on the value of these social networking platforms.

Visual Insight. Next generation Social Networking will present key insights not just in text, but a visually appealing manner; from transactions to transformation; from raw data to visual insights.

Finally, Enterprise Social Networking is being used to bring all the functionalities inside a company to support the key goals and strategic objectives of the organization.

As guru David Nour pointed out, we are only scratching the surface of the power of Social Networking. Invest in this area; it will be important for us all!

From 'The Herman Trend Alert,' by Joyce Gioia, Strategic Business Futurist. (800) 227-3566 or http://www.hermangroup.com. The Herman Trend Alert is a trademark of The Herman Group of Companies, Inc.



GREEN BANKS THRIVE    February 3, 2010

Capitalizing on the green movement, a growing number of financial institutions have sprouted up in the United States and elsewhere. Promoting earth-friendly policies, these green banks have appeared in numerous US cities and other countries, including France, Mexico, and elsewhere.

The concept originated in Europe with the need to finance "alternative projects", socially and environmentally desirable developments. Committed to ethical and responsible banking practices, France's Credit Agricole supports producing responsible products and services and reducing effects of climate change.

Green banks support environmentally friendly strategies by providing lower interest rates on loans to green builders and borrowers who buy fuel-efficient cars, as well as incentives to depositors who opt out of paper statements. Consumers feel positively towards these green improvements. A recent survey found that 56 percent of respondents believe paperless statements to be ecologically friendly---not just a cost-cutting ploy on the part of the banks.

As the economy emerges from its contraction, GreenChoice Bank, located in the Midwest, hopes to be one of the region?s first green lenders. GreenChoice?s chief operating officer, Steve Sherman, is accredited in green building practices by Leadership in Energy and Environmental Design (LEED).

GreenChoice will reward green builders and penalize consumers who opt to continue to receive paper statements. They will soon provide envelope-free ATM deposits and "remote deposit capture", a way for business customers to deposit checks without visiting a bank. Another example: First Green Bank, which opened last February, offered zero-interest loans to workers who bought cars that get more than 30 miles a gallon.

Jumping on the bandwagon, the major banks of the US have embraced green practices. HSBC donated $100 million USD to four environmental organizations and Wachovia, now a subsidiary of Wells Fargo, announced that it would build only "green branches" as it expanded into California and Texas. Another traditional lender, PrivateBank, financed part of a USD $1 million-plus loan for the Little Green Tree House that opened an environmentally friendly daycare center.

Expect more financial institutions and other enterprises worldwide to join in this green movement; it makes organizations more attractive to both internal and external customers.

From 'The Herman Trend Alert,' by Joyce Gioia, Strategic Business Futurist. (800) 227-3566 or http://www.hermangroup.com. The Herman Trend Alert is a trademark of The Herman Group of Companies, Inc.