Just thought I'd pass this one on. Used some 1500 grit wet and dry paper on a really rough crystal, tried wet but too messy, so used it dry, in one inch squares, much better, just wiped off dust regularly. Looked like it was FUBAR when I was done, all foggy, but polished it with Brasso and WOW! Just like new! Ideal for those who can't find new crystals for their cherished oldies. Only tried on acrylic and early plastic types,not mineral or glass crystals yet, but will try and will let you all know how I get on.
If you absolutely can't get a crystal that fits, this is definitely an option, as long as the crystal doesn't have internal stress fractures from age. We managed to rejuvenate quite a few crystals at school, only we used a low speed small buff wheel charged with white compound. The wheel was low torque, specifically designed for this application, and results were instantaneous and good. For moderately scratched crystals, we used the same procedure you describe, to start with fine emery paper, and we even had some success with coarser grit on some deep scratches.
Another good product for use in hand polishing crystals is called Poly Watch, and is available from material supply houses. Mineral crystals are basically pooched if they get all scratched up, and this was a common problem with a lot of vintage Seikos and Oris.
Poly watch is good, but expensive, if you are doing a lot of crystals, $6.00 will get you a product called PlastX made by Meguiars, in a 10oz bottle, enough to do a lifetime of crystals, and it also works well on a final polish of your watch cases...plus you can polish your headlight covers on your car or truck and even your scratched CD's!
For really deep scratches (the kind that you can catch your fingernail on) the method bobbee used and Rev Rob recommended is the way to go if used with extreme caution, but use the PlastX instead of Brasso, less rubbing, and a more clear crystal will be the result.
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