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I'm trying to find a cheap micromotor or small dremel suitable for drilling, sanding and polishing jewelry and precious metals. I'm not sure if it's possible to find something usable for under/around 100$ but it would be great if someone has recommendations.

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"usable" is relative. I bought a perfectly functioning dremel-like tool off of AliExpress for under $30 and it came with bits for the activities you describe above, as well as a 3ft flexible shaft attachment. It took weeks to get to me but works great, however I am constantly aware that if it should break, I'd be on my own. Overseas support lines are beyond my patience threshold.

This is not an endorsement. I'm not even providing a product name or a link. Just offering a source for what you are looking for and testimony about my own personal experience with that tool.

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  • @user4308: I have a device in the same price range. The tool itself is solid and works well, but be prepared to throw some accessoirs away and replace them with quality ones. Especially grinding wheels and stones are often not centered on the shaft and therefore completely useless.
    – Elmy
    Commented Jan 14, 2019 at 18:10
  • I figured. As long as the device itself works fine, I have no problem spending some more to replace stuff.
    – user4308
    Commented Jan 14, 2019 at 18:42

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