Refine Procedure

SCRAP PURCHASES

  Shipments of scrap of a known grade are figured on an “as is” basis. Small shipments of scrap gold, either stamped jewelry or pieces large enough to efficiently test with acid individually, are bought on an “as is” basis. A check is mailed to you either the day it is received or the next day. Small lots of filings and clippings too small to offset the minimum refining charge are melted into a button. Then, the melted button is acid tested to determine the karat. All scrap purchased using this method are held for an approval period pending customer evaluation. At your request larger lots may be handled this way when a quick return or current market is a priority.

THE REFINING PROCESS

  Lots containing scrap and waste of unknown metal content that require refining or assaying to determine the metal content are processed as a refine job lot.

1. Upon receipt, all packages are weighed prior to opening.
2. Then, your package of scrap is carefully opened and the contents are weighed again. If our weight differs from yours we will contact you before further processing.
3. Upon weight confirmation we enter your lot as a refine job in our computer. We then generate an acknowledgment of weights, materials description, and anticipated form of settlement (i.e. check, credit, or fine metal return). This acknowledgement is mailed to you the same day.
4. Your material is then melted into a bullion bar, which is sampled and assayed to determine the exact precious metal content. Sweeps are burned and milled into a fine powder which is mixed and assayed.
5. We run multiple assays on your sample. If the results of the two samples do not match, then the job is reassayed. At customer request, two of these samples are processed with a different acid to determine if there any platinum group metals.
6. On completion, a report is issued showing the metal record and settlement terms. The report is sent with your check or returned metal.

REFINE SETTLEMENT

  Unless notified in advance of settlement, Hauser & Miller will return a check for the value of your refine lot. You may also choose to credit your account or for a return of metal.

Note: Returns in fabricated or alloyed forms are processed as a purchase of the refined metal. The value of your lot is credited to your account for that purchase.