: Jewelers typically buy "scrap" (broken or unwanted jewelry) at a percentage below the current market "spot" price.

: Buying from established refineries like Johnson Matthey or Handy & Harmon ensures the gold's purity is certified.

Many independent and "mom-and-pop" shops obtain a significant portion of their gold by buying it directly from customers.

: Some jewelers use Bullion Exchanges which store tens of millions in gold in high-security vaults. 2. Scrap Gold from the Public