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Becoming A Gold Buyer: 3 Essential Pieces Of Equipment

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Becoming a gold buyer can be a lucrative decision. No matter where you are located, there are bound to be people in your area who are looking to get rid of scrap gold on a moment's notice and who are looking for a reputable buyer they can deal with. If you want to position yourself in the local market as such a buyer, there are some pieces of equipment you'll need first. Take a look at three of the most essential ones below.

A Scale

When it comes to buying gold, an everyday kitchen scale simply won't cut it. Invest in a digital gold weighing scale instead, preferably one that has features allowing you to measure weight both in grams and troy ounces. Because gold buyers participate in monetary transactions, you should also get a scale approved by the National Type Evaluation Program (part of the US Department of Commerce), which certifies the reliability of balances and scales.

A Testing Kit

Weight isn't the only factor that determines the price paid for gold. The quality of the metal, or karat, must be measured as well. This can be done utilizing a few different methods, but the easiest and most inexpensive one to perform at home is a nitric acid test. Simply apply small drops of an acidic solution (depending on the karat, 10k through 24k) and note the reaction. If the solution disappears, the karat is identical to the karat value of the solution used. On the other hand, if you notice discoloration, you will have to test for a different karat. Some gold pieces may not be true gold at all, but instead copper or another non-precious metal with a quasi-gold coat.

An XRF Analyzer

Gold buyers usually deal with customers who bring in items such as jewelry that are composed of something other than solid gold. As such, a buyer will need to determine exactly how much of the piece to be sold is gold, and how much is made up of other materials. Fortunately, an X-ray Fluorescence Analyzer (XRF), can do just that. An XRF works by using an x-ray to return unique elemental signatures, much like a fingerprint test can be used to identify an individual person.

By using a certified scale, testing kit, and XRF analyzer in combination, a gold buyer can be sure that they have all the right equipment to begin taking on customers. For more information, contact a gold buyer near you.