Indiana Gold Refinery in Indianapolis, IN Open now

Reviews about Indiana Gold Refinery

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  July 31, 2020, by Mike Wallace
  Not to be trusted. I took items into the store to be tested and sold. I only took a small amount so that I could see how the process went. On the phone I was told by a female employee that Indiana Gold Refinery would pay 90% of scrap gold value. I acid tested and weighed each item prior to taking it in. I added some items that I questioned as gold as well. The female employee was very nice and showed me how they tested in the GT3000 gold tester. The employee properly sorted through the the item I had brought in. This is where I started seeing a problem. One item I brought in was a gold coin, the coin was very light weight and had been used in Jewlery loosing it collectable value. I had tested the coin at 22K with the acid. The coin sheets showed the coin should have been 92% gold which matched with my acid test. The employee said he coin was only 18K. A few other small items were also graded less than I had thought they should be. When the employee was weighing the writing the receipt unnoticed that she was only putting down a grade and a price (i.e. 18K $120). I asked the employee to please right down the weight for me as well and she refused and said she could not because she had already finished weighing them. I was the only person in the store and here was no one waiting. Normally I would have stopped and taken everything back but I wasnted to see how it would shake out. After it was all said and done I was paid $200 for the scrap I had valued at $330. After doing some research the I believe that the GT3000 will only test up to 18K gold and so it could never properly grade the coin. My assumption is that she did not want to put the weights on the receipt because she did not want me to do the math to see what the true value of he gold she was paying. In the end she paid me at apx. 60% of the value not the quoted 90%. In conclusion he business lies stating they will pay more than other stores to get you in the door. They actually paid less than other local stores that buy gold.