How to Find and Sell Scrap Platinum

Co-authored by Kyle Hall

Last Updated: October 21, 2021

Platinum is a rare, valuable metal that's used in things like jewelry, electronics, automobiles, and machinery. Because platinum is so rare, many people are willing to pay for old scrap platinum so they can recycle and reuse it. Finding scrap platinum to sell isn't easy, but if you know what you're looking for, you may discover that you have access to some. Once you've found some scrap platinum, you can start shopping around for potential buyers.

Part 1

Part 1 of 2:

Finding Scrap Platinum

1
Look through your old jewelry. Platinum is a metal commonly used to make jewelry, so you could have some platinum earrings or rings lying around in a jewelry box that you never knew about. Look on the jewelry for something that says “platinum,” “plat,” or “pt.” All platinum jewelry that contains over 50 percent platinum is labeled. The higher percentage of platinum in the jewelry, the more it’s worth.^{[1]
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- If a piece of jewelry is labeled “platinum,” that means it’s made of over 95 percent platinum.
2
Collect catalytic converters if you have access to junk cars. Catalytic converters are found in most modern cars, and they contain platinum. If you have access to old cars, remove their catalytic converters for their scrap platinum.
- You can find a catalytic converter on the underside of a vehicle. A catalytic converter looks like a metal cylinder that is attached to the exhaust pipe.
- Don't worry about extracting the platinum from the catalytic converter. Most platinum buyers want the converter as is.
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3
Hold on to any thermocouple wiring you use for work. Thermocouple wiring can be found in most production lines that involve some form of heating or cooling, and in other processes that involve extreme temperatures. A lot of thermocouple wiring also has platinum in it. If you run a business that uses thermocouple wiring, start saving the used wiring instead of tossing it when you replace it.^{[2]
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- To test if your thermocouple wiring contains platinum, heat it up until it's red hot. Let it cool down and then check to see if the wiring has changed color. If it hasn't changed, it's most likely made of platinum.^{[3]
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4
Find scrap platinum crucibles if you have access to old lab equipment. Crucibles made of platinum are used by labs to contain high-temperature chemical reactions. If you have a stash of old lab equipment or know of anyone who's getting rid of theirs, search through it for any platinum crucibles that might be in there.

Part 2

Part 2 of 2:

Selling Scrap Platinum

1
Search online for companies that buy scrap platinum. Search “reputable scrap platinum buyer” or “precious metals buyer.” Many reputable buyers will have the updated market price for platinum right on their website so you can get an idea of how much your scrap is worth.
- Some companies will only buy certain types of platinum or only buy platinum in bulk. Check each company's website for specific buying guidelines.
- Always read online reviews of a company before you sell them your platinum. Look for companies that have consistently good reviews and avoid those that have bad reviews or no reviews at all.
2
Sell your platinum jewelry to a jewelry dealer. Search for reputable dealers in your area and visit one to get your platinum jewelry appraised. Remember that most jewelry dealers are trying to make a profit by reselling the jewelry they buy. While it’s convenient, you may get less for your platinum than if you were to sell it directly to the public.^{[4]
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3
Sell your scrap platinum in an online marketplace. Post your scrap platinum on a marketplace like eBay or Craigslist. Make sure you describe exactly what it is you’re selling and how much platinum it contains. If you’re not sure what to charge, check to see what other people are charging for similar items or get your platinum appraised by a professional.
- If you're not sure how much platinum your scraps contain, research similar items online or take your items to a professional platinum dealer.
4
Shop around to find the best offer. Get several quotes for your scrap platinum before you sell it to someone. Some companies may pay less than others. Look up the current market price for platinum online to make sure you're getting a fair deal.