When you convert your old, broken and unwanted gold jewellery into cash, you’re also going a long way to helping other people reach their dreams.
Dozens of British jewellers now have ethical gold policies and they are becoming increasingly important to brides and grooms. There is a growth in demand for wedding bands that have been made with gold that hasn’t harmed the environment during the mining process or hasn’t come from conflict zones.
In many cases, when people are buying new jewellery, they don’t know where the precious metal it contains came from. It could be a mixture of newly mined gold, off-cuts from other items made in the workshop or recycled gold made from old jewellery.
However, you can check with jewellers whether they have a policy to use recycled gold and indeed, many promote the fact they do to attract eco-conscious shoppers. In addition to recycled gold, some now offer Fairtrade gold, a certification which was introduced in 2011, which guarantees that the metal has been mined responsibly by artisan workers. This is generally a more expensive option, though, and you are likely to pay a premium on top of the price of your jewellery.
One of gold’s many benefits is that it can be repeatedly recycled without ever losing any of its quality and value. The old chains, rings and earrings that you send in to be recycled may themselves have been made from gold that was something else in a previous life. There is no telling how many times a piece has been melted down and turned into something new.
It’s fascinating to think that the old gold jewellery you’re planning to recycle may have been through so many incarnations before it was crafted into the piece you’re now selling. And it’s just as interesting to wonder where it may now end up as its continues its story.
Selling your broken, old or unwanted gold jewellery to convert to cash is actually pretty straightforward. We’re based in Birmingham’s famous jewellery quarter, but you don’t need to travel to the shop to complete the transaction: it can all be done by post.
When you’re selling gold items, remember to make sure you deal with a reputable company with a solid track record. There is always an element of trust when you are sending precious items by post but with Scrap Gold, you can be assured on a number of levels.
We are a long-established family-run business that is a member of the British Jewellery Association and the Gold Standard Scheme. What’s more, because we are a bricks and mortar business as well as having an online presence, you have an additional level of security.
Selling your unwanted gold pieces is an easy process. We have an online guide and form http://www.scrapgolduk.co.uk/form to fill out with information about the pieces you are sending, their estimated weight and value.
You can check the current scrap gold price live on our website. This is the value of gold per troy ounce – the unit of measurement used when dealing with gold.
The price of gold has been soaring this year because of its value as an investment product. However, remember to check the scrap gold rather than the gold price to find out how much you’re likely to receive. This is always lower than the main gold price because it takes into account the smelting processing that is necessary to turn scrap gold into a recycled product that can be used again.
The scrap gold price rises when the main index does and is divided into 9ct, 14ct, 18ct, 22ct and 24ct with the higher carats obviously attracting the higher prices. If you don’t know what carat your gold is or don’t want to do the calculations, don’t worry – we can do all of that for you.
The world may not have enough gold available for purchase to meet immediate demand from investors for the precious metal, making the need even greater for old and unwanted gold jewellery to be recycled.
Indeed, there is a growing demand for recycled gold because there is not enough new gold mining going on. It’s an expensive practice to fund but the current state of the world economy means there is less investment around but a greater need for gold from investors who want somewhere safe to put their money.
The issue is that not all investors buy physical pieces of gold, but instead put their cash into pledges and undertaking – ‘paper gold’.
Niel [correct] Pretorius, the chief executive of South African gold mining company DRD Gold told Mining Weekly: “I think there’s going to be a fairly significant shortfall.
“There’s a shortage of real gold cover [for] the paper gold position that’s out there. Definitely, no doubt in my mind about that… and I think we’re going to run out of new gold.”
A high proportion of the gold that is circulating in the world is ‘old’ gold. The beauty of the precious metal is that it does not rust or corrode, and can be melted down again and again without losing any of its quality.
That is why scrap gold – old, broken or unwanted jewellery or pure gold items – is so important when it comes to meeting demand for the precious metal. A large proportion of recycled gold goes into producing new jewellery but some will also be used to make gold bullion bars and coins bought by investors.
Because demand is currently so high, the prices that are being paid for unwanted gold items have also increased in recent months, so it’s worth sorting through your jewellery box to check whether there’s anything there you can convert into cash – and play your part in meeting the global need for the precious metal.
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