May 9, 2008 6:53 pm US/Pacific
Brandi Hitt Investigates: Trash Into Treasure
SACRAMENTO (CBS13) ―
There's a new kind of gold rush – a secret most jewelers don't talk about. They've found a way of turning trash into treasure, especially in this gold market. And it involves many of you at home.
Thousand dollar ring and ten thousand dollar necklaces.
At Sharif Jewelers in Sacramento, there's plenty here worth a pretty penny. But Sharif's workshop is also very valuable. Specifically, what some employees call the "junk corner."
"This is junk to you, but it could have value to us," says one jeweler.
You're looking at garbage, worth its weight in gold. And the journey starts when customers walk in the door.
You see, every time your jewelry is cleaned or sized minute amounts of gold, silver, or platinum come off.
Not only do jewelers like Sharif save duct that's gathered on the workbench, much of that dust, also makes it onto the floor.
And while most people throw their vacuum bags away, not Sharif, because there's gold inside.
Even the filters above the jewelry polisher are saved and thrown in the pile, along with paper towels, used, after washing their hands.
Every six months to a year, all that garbage is shipped off to refineries. Security is high here, and we've been asked not to reveal the specific location.
They sift, burn and melt it down. And what's left behind is liquid gold.
"It could be four or five ounces," says a Sharif jeweler.
That's the average Sharif gets back every six months to a year.
With gold rising steadily, close to $900 an ounce right now, that's between $3500 and $4500.
"It's part of the pricing. I mean you charge the people the labor to do the work and the same if you add the gold you charge them, but if you're taking the gold you give them a credit."
We put John Tenney's ring to the test. Tenney came in for a ring cleaning.
"We're going to put it on the scale – its 15.6, 15.5 gram," says the jeweler.
After a few minutes of polishing and steaming the ring it is placed back on the scale.
The ring weighs 15.5 grams.
Other residents were surprised to hear the long process jewelers go through to save their trash in the booming gold market.
"Every little particle is worth a lot of money," says one customer.
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