Worldwide demand for recycled gold – like the old broken gold jewellery you have tucked away – is set to climb in the next few years as mines produce less and less of the precious metal.
According to research by Bloomberg, the amount of ‘new’ gold being mined could fall by around a third by 2025. Just three new primary gold deposits were discovered in 2014 and if new discoveries continue at this pace, the need for more recycled gold to meet the market’s demand will continue to jump.
It actually takes around 10 years for new gold discoveries to be turned into commercial mines that are producing the precious metal for sale on the market.
Ian Telfer, chairman of Canadian company Goldcorp, said that it was impossible for miners to suddenly start supplying more new gold to the market to meet demand and take advantage of high prices we’ve seen during 2016.
He added: “We are having a heck of a time finding gold.”
However, recycled gold can be made available to buyers almost immediately. Once the items are brought in, checked, graded and melted down, they are ready for reuse, whether that’s in creating new jewellery, gold coins or bullion bars for investors.
There’s also the ethical issue of new gold versus old gold. Chemicals that harm the environment are used in gold mining, whereas old gold needs very little processing to prepare it for reuse. That’s one of the key reasons why reclaimed gold is becoming so popular with trendy jewellers, as an added attraction for buyers who are concerned about the planet.
So, whether you want to help the planet, or just earn a little extra to spend over the Christmas period, it’s worth looking through your old unwanted and broken gold jewellery and playing your part in the recycling revolution.