Like anything, the equipment needed to get into the used gold buying business ranges in quality and price. If you are just starting out, you could buy the basic equipment that you need for around $300 to $500 and then as you begin to make money you could upgrade your equipment.
The equipment that you will need is as follows:
1. A strong magnet ( rare earth is the strongest)
2. A 10X to 20X jewelers loop
3. Two scales. One bench scale and one digital pocket scale. Both should have a Tare button.
4. An acid testing kit
5. An electronic tester
6. A rubbing Stone
7. A receipt book
8. A black cloth
9. Needle nose pliers
10. Jewelers files
11. A small screwdriver set
12. A gemstone tester
13. A calculator
14. Cash (The amount is entirely up to you.)
Again, all of this equipment can be purchased for anywhere between $300 and $1500 depending on the quality of the equipment that you are buying.