When we receive your old, unwanted or broken gold jewellery for recycling, it’s just the start of a journey to create new gold items.
The first step is to discover the value of the gold in the pieces. They are sorted into different carats – the higher the carat number, the more valuable the gold – and weighed. This is how we calculate the price that we offer for your items, based on the up-to-the-minute gold price per troy ounce.
When the gold pieces have been sorted, it’s time to smelt them. When the gold is placed in a furnace at a very high heat, it melts and can be cooled down in blocks or ingots, ready to be sold on for refining and reuse.
The beauty of gold is that it can be reused time and time again without losing any of its properties and therefore its value. It’s likely that modern gold jewellery pieces that you cherish contain gold that has gone through this process, possibly several times – and the precious metal itself may have actually been mined decades, if not centuries ago.
Recycling your gold isn’t just good for your bank account, it’s also good news for the environment. It’s been calculated that for every gold ring made from freshly-mined metal, around 20 tonnes of toxic waste is generated, because of the chemicals that are used in the gold mining industry. This is one reason why many people will only buy ‘ethical gold’ nowadays.
Currently, around a third of the gold that is needed every year comes from recycled supplies – whether that is to make new jewellery, gold bars, ingots and coins for investors, or for use in technology such as smartphones and laptops.
By hunting through your unwanted gold items at home and selling them on for cash, you’ll be playing your part in increasing the proportion of ‘old’ gold that’s available to use again – and helping the environment at the same time.
If you are unsure whether the items that you find would be suitable for recycling, feel free to call our Customer Service Team on 01902 828 400, we are here to help.
Much is made of silver being gold’s cheaper cousin. The two precious metals are highly similar, yet gold has always been considered the more valuable of the two. But don’t let silver’s apparent cheapness fool you.
Over the last fifty years, scrap silver prices have occasionally reached points of peak undervaluation relative to gold, before prices invariably returned to their long-term averages. As a result, scrap silver has been known to make significant gains, in spite of its apparent low value from time to time. Scrap silver could make you a fortune, if you’re fortunate enough to have any lying around and the price is suddenly right.
The past half-century has seen scrap gold and silver prices oscillate between the two extremes of either one or the other being significantly under or overvalued relative to the other. Looking at the trend over a long enough period of time, the two metals appear to zigzag in value relative to one another.
The fluctuations in value might be long-term, but the adjustment back to a fair value for both metals can be both sudden and enormously beneficial, depending on which metal you possess at the time and when you choose to sell it.
Fortunately for anyone with a bit of scrap silver tucked away, 2020 is an ideal time to consider selling. Silver is looking poised for a significant price rally, which will lead to scrap silver becoming even more valuable in relation to gold.
Got some silver cutlery gathering dust in a drawer? It could be worth a great deal. Or perhaps there’s an old piece of silver jewellery, some heirloom you’ve been meaning to sell for years? It could be sold, recycled and turned into some quick and easy cash with the help of Scrap Gold UK.
As of late February 2020, 20 grams of 999.0 purity silver is worth as much as £7.16. Just think how much an even larger amount could be worth if you chose to sell with Scrap Gold UK today! Check out what your scrap silver could be worth by checking out our scrap silver calculator.
Since April 2011, silver prices seem to have entered what investors call a secular bear market - this is a period of up to a decade or more in which prices are in a clear downtrend. As of early 2020, silver has halved in value since its great 2011 peak.
But don’t let the apparent low value of silver fool you. While gold has been renowned for its explosive price rallies in the past, scrap silver prices are far more volatile than are those of gold, because of the higher industrial demand for the former. That piece of silver jewellery and any other items of scrap silver you’ve got lying around could become far more valuable than they were last year.
If you’re ready to make a sale of scrap silver today, fill in our seller form. Alternatively, if you wish to discuss a possible sale of scrap gold, don’t hesitate to contact Scrap Gold UK by calling 01902 828 400.
You would think that anyone who found a piece of scrap gold in their home would see the great value it holds within. Gold is one of the most valuable of all the precious metals, as purer examples of it hardly oxidise at all.
For centuries, people have placed great value in gold, and with higher prices in 2020, it makes sense to consider freeing up some cash, by selling your scrap gold. Despite its great value, gold is increasingly being thrown away in our weekly rubbish collections, meaning so many of us are missing out.
Over the past few years, waste disposal companies have approached us, reporting that they have found quantities of scrap gold, with no clear way of working out who it belongs to or whether people threw it all away intentionally or by accident.
Whatever the cause, the amount of gold discovered by waste management companies could equal a small fortune - whether lost, thrown away in landfill or found by someone else who goes on to make a sale.
In recent months, we’ve reported on how families with large sums of scrap gold in their homes have resorted to selling treasured family heirlooms, for fear of being the targets of theft.
Not only that, but we revealed how the Japanese were able to take millions of old smartphones and devices, recycling enough gold to produce thousands of medals for the 2020 Tokyo Olympics.
If you have unwanted scrap gold, it would be far more worthwhile to hold onto it while you get a valuation.
Fortunately, Scrap Gold UK has just what you need, if you’re curious about selling some scrap gold today.
Our scrap gold calculator can give you a quick and easy valuation, without you even having to post your items. All it takes is a few clicks and a rough idea about the purity and weight of the scrap gold you’ve got. See how high current prices are - at the time of writing, a gram of 9-carat gold could earn you as much as £14.16.
If you’ve got a substantial number of items suitable for scrap, made of gold, they’ll probably be worth significantly more than this figure - why not try the calculator today, to see what it’s all worth?
If you’re still wavering about making a sale, just remember that gold prices have rarely been so high, and it makes sense to take advantage of this peak, to maximise the value of any sale you’re considering making. Once you’re ready to go, remember to fill in this easy-to-use seller form.
If this is your first time selling scrap gold, it might be good to have a chat on the phone, just to outline what could be gained from selling with Scrap Gold UK today. Feel free to ring us on 01902 828 400.
2019 has been a rollercoaster of a year for many. The gold markets have had something of a rollercoaster ride themselves, this year. Despite prices falling since September, anyone wishing to sell a bit of scrap gold this Christmas could find themselves still making handsome gains, given the yellow metal’s consistently solid performance during the year.
As we enter into a new decade, it makes sense to take a look at any scrap gold you might have lying around, and find a way to convert that into some easy cash, and even help recycle it into something else entirely.
Read on to learn about why Christmas 2019 is a golden time to sell scrap gold.
Gold was one of the three great gifts in the Nativity story for a reason - even since ancient times, the yellow metal has been seen as a precious metal, fit for a king. Its value has stood the test of time, and if you have any unwanted gold today, it could be just what you need to make a nice bit of money to splash out this festive season.
Prices have held around the £1,134 per troy ounce mark for a few days, but this remains over 10 per cent higher than it was last Christmas, making it a perfect time to sell.
Scrap Gold UK can help you work out how much your item could be worth in just a few short clicks. Try out our Scrap Gold Calculator - it just needs to know the weight and purity of your item in carat. This helps it calculate what you could expect to make, without having to send it in the post.
Wondering how to work out the carat? Check if the item has a stamp of some kind, as gold specialists often leave a stamp or mark, indicating its carat, from 9 to 24. The higher the carat, the higher the purity, and the higher the potential value.
We can offer as much as £13.27 for just a one-gram piece of 9-carat gold. Imagine what you can expect to make, from an even larger item, with a greater purity.
Recycling your gold for scrap could be the best thing to do this Christmas, as gold is so rare to find in nature. It has been said that all the world’s gold could be melted down and moulded into a cube that could fit under the Eiffel Tower.
With only so much gold to go around, any unwanted item of gold jewellery doesn’t have to sit idle - you could be selling it to us for a great price, and help get it melted down and reshaped into something new entirely, keeping the flow of gold steady for those that want it.
If you’re ready to sell, complete this form to get started - please note that we will be closed between 23rd December and 2nd January, if you wish to make an enquiry during the festive period.
Contact us today, if you’re considering selling some unwanted gold, but need to know a little bit more about what you could gain from selling to us.
Have a Merry Christmas and a fantastic new year!
The Scrap Gold UK office will be closed for the festive period from 4:30pm on Friday 20th December 2019 to 9am on Friday 3rd January 2020. Our valuations team will not be available to take calls, answer emails or to accept appointments during this period.
To ensure we receive your parcels before we close for Christmas*, customers will need to send via Royal Mail Insured Special Delivery before Thursday 19th December 2019.
Please note that there may be a couple of days backlog on our return and we will do our best to test and value any parcels received on our return as quick as possible. Please bear with us whilst we get things back to normal.
Scrap Gold UK would like to thank our customers for their business this year and wish you all a Merry Christmas and a Prosperous New Year.
Our sister site TheGoldBullion.co.uk has the answer for all your investment gift needs. Take a look at their 2019 Gold Sovereign and the brand new 2020 1oz Gold Britannia, both are CGT FREE and VAT FREE products and are great presents for loved ones looking to start or expand their investment portfolio. They also have a range of gift boxes that really put the finishing touch to your bullion gift and are made available for you when adding your items to the cart.
*Delivery is dependant on Royal Mail’s ability to deliver parcels in their agreed time frame. We are not responsible for Royal Mail’s service and cannot guarantee delivery times during the festive period.
Scrap gold can pop up in the most unlikely places. Perhaps a family member passed down an old heirloom, or you’ve got a bit of it in your pocket, which you carry with you, everywhere you go. If you have a smartphone or any number of other electronic devices that are available at the moment, there’s a high chance that it contains small traces of precious metals, including gold. That’s right - the smartphone in your pocket is a literal goldmine.
As Japan has been gearing up for the 2020 Summer Olympics in Tokyo, the Japanese government has used this knowledge to its advantage, to help ensure that the top-performing athletes have something glittering and golden, to celebrate their victories.
Japan is often called the Land of the Rising Sun, but it has also become well-renowned for becoming a major player in the world of recycling, particularly when it comes to scrap gold. Between April 2017 and March 2019, the Japanese government’s Tokyo 2020 Medal Project collected over six million smartphones and other electronic devices.
When they pulled these items apart and extracted the precious metals (scrap gold included) from within, they found enough of it to help create over 5,000 Olympic medals. Solid gold medals haven’t been produced for the Summer Olympics since they were held in Stockholm, Sweden, back in 1912. Modern medals use gold plating, with the rest of the medal made of silver.
Coincidentally, the 1912 Summer Olympics in Stockholm were the first Olympiad to feature Japan, as the first Asian nation to ever participate in the modern Olympics, after the games were revived in Athens back in 1896.
The example given by the Japanese Olympic medal scheme goes to show how easy it is to recycle scrap gold into any shape, no matter where it came from. A BBC News story in 2014 revealed that 35-40 smartphones can yield as much as one gram of gold.
However, despite this seeming like a lucrative way of finding the yellow metal, there’s a catch - if gold mining was to cease worldwide, there is so little gold to be found in all the world’s unwanted electronics, that we would run out of gold within just 23 days.
You don’t have to hand in an old phone to sell scrap gold with us, here at Scrap Gold UK. We happily accept a number of items, including jewellery, gold bullion and coins. Selling to us means that if you’re selling a scrap gold item of particular sentimental value, but you don’t wish to simply sell it for someone else to have, we’ll be more than happy to melt the item down entirely.
If you’re ready to sell, make sure to fill in this form with all the necessary details.
You’re more than welcome to get in touch with Scrap Gold UK, if you have any further queries about selling.
You don’t have to be a top-grade economist to know that gold is very much in demand at the moment. Prices hit an all-time high of £1,277 per troy ounce in early September. A dip in the past couple of months has taken prices back down to almost £1,157 as of late October, but prices remain an impressive 21 per cent higher than this time a year ago.
These high gold prices have proved to be a great financial boost to families with significant holdings of gold. Many communities revere the yellow metal as a bringer of good fortune, often collecting large quantities of it ahead of the wedding season. However, high prices have also increased the demand for scrap gold too.
Families have become increasingly tempted to sell scrap gold this year, particularly those in the South Asian community, after police warned over the summer that gold burglaries among families of South Asian descent had spiked in recent years.
The warning about a spike in gold burglaries comes after an investigation by the BBC uncovered that as much as £140 million worth of gold jewellery had been stolen from families of South Asian descent since 2013. In 2017-18, the Metropolitan Police recorded 3,300 thefts of gold, reflecting the risk posed to those holding large holdings of gold, at a time of elevated gold prices.
It’s no surprise that demand for gold has spiked – high prices are just a symptom and if people sell scrap gold at the right time, they could be making significant sums of cash in next to no time at all. Scrap Gold UK has handled the sale of scrap gold for many years, so are well placed to assist those wishing to sell.
If you have a family heirloom just waiting to be realised as a potentially large sum of money, you’ll be pleased to know that just one gram of nine-carat scrap gold could make you as much as £13.52, as of late October. If your family has a larger quantity of gold, with a higher purity, the potential gains could be even greater.
Check out our Gold Calculator, to see what could be made by selling scrap gold today. All you need is the weight and an approximation of the item’s carat or purity.
Preparing to sell scrap gold, but unsure about who to turn to? Scrap Gold UK is happy to help you realise the true value of your scrap gold items. Whether it’s gold fillings, rings or a family heirloom that’s just sitting around, gathering dust, it’s worth taking a look to see what it’s worth.
If you wish to make a sale with Scrap Gold UK, make sure to complete our Seller Form, so we know all the bare essentials, to aid you with the sale.
If you wish to talk to us before making a potential sale, or better still, wish to meet us in person at our offices in Wolverhampton, make sure to book an appointment. You can also reach us by email and telephone, through the address and number listed below. We look forward to helping you with your enquiry.
Tel: 01902 828 400 (local call rate)
Email: [email protected]
Gold has been a prized precious metal for most of human history. Egyptian pharaohs adorned their tombs with gold-painted items to aid them in the afterlife because they knew gold had a unique ability to withstand the test of time.
It is also one of the rarest precious metals on the planet, and its rarity makes gold one of the most commonly-recycled of them all. Read more to learn from Scrap Gold UK about gold’s great potential as a recyclable metal here.
If you’re interested in gold, there’s a good chance you have heard the following claim: gold is so rare that if you melted down all the gold mined from the earth over the centuries, it would amount to a cube that would fit beneath the Eiffel Tower.
Believe it or not, it’s true. If that fact’s not enough to pique your interest, here’s another one for you.
Between 2005 and 2010, it is estimated by some that recycled gold accounted for as much as 35 per cent of all available gold on the open market. That’s a lot of the total gold supply, all melted down and remoulded into all sorts of new shapes and sizes.
When you unearth an old heirloom, like an old gold ring or some jewellery, it should give you some pause for thought: what could this scrap gold have been in a past life? Treasure in centuries past, or perhaps the prized possession of a king or queen of England?
You might not think it, but any item of scrap gold you possess is older than the Earth itself. Scientists believe gold was most likely formed from the explosion of supernovas billions of years ago. These stellar explosions rained fragments of debris across the universe, and some of this debris settled on a newly-formed Earth, being absorbed into the surface.
Just think – your scrap gold started life from a ball of superheated gas, millions of light-years away, billions of years ago. It will have taken on many shapes and sizes before being found in its present form, but it’s like a relic of a time before history.
Scrap Gold UK have been specialists in the field of scrap gold for many decades, and offer respectable prices for items ranging from dental gold, old jewellery and old heirlooms. Just a gram of nine carat gold could fetch a price as high as £14.30 if you sold it based on prices as of late September.
Check out our Gold Price Calculator, to see what your scrap gold could be worth, based on the latest market prices. It’s a handy tool, to help you time your sale of scrap gold perfectly, in case the markets make a breakout to fresh heights.
It’s especially important to keep an eye on this, as the price of gold has been hitting all-time highs all summer, so today could be one of the best times to sell your scrap gold with Scrap Gold UK.
If you wish to get in touch, to talk about how Scrap Gold UK can help with your scrap gold enquiries, feel free to give us a call or write to us by email or post. Alternatively, feel free to book an appointment, if you wish to see us in person, at our headquarters in Wolverhampton, so we can discuss how best to sell your scrap gold items.
Scrap gold can be passed down in all shapes and sizes. Maybe you’ve realised you’ve got some old gold jewellery or a gold wristwatch you have no need for. If you’re thinking of selling it for scrap, it may be worth considering selling it with Scrap Gold UK, especially with prices at their current record highs!
Scrap Gold UK has been handling sales of scrap gold in Birmingham’s famous Jewellery Quarter for many years. This summer has been a great time for buyers and sellers of gold – prices touched an all-time high, breaking over the £1,200 per troy ounce barrier just a few weeks ago.
As of late August, you can expect just one gram of 9-carat scrap gold to earn you as much as £14.44 – that’s the highest we’ve ever seen.
Wondering how we value any scrap gold we receive? Scrap Gold UK bases its prices on the daily London LBMA price. That means anyone wishing to sell their scrap gold to us will know they’re getting the cash they deserve, at a fair price.
Check out how much you could make from selling scrap gold today – use our handy Scrap Gold Calculator.
For many months now, Scrap Gold UK has been watching gold prices rise higher and higher. Now they are hitting levels some couldn’t have dreamed of, this summer.
Wondering what items we’re able to help you sell as scrap gold? We’ve been approached about the sale of gold items as diverse as jewellery, dental fillings, gold bars, and even special Gold Sovereign coins.
Not only do we accept items of scrap gold. We’ve made purchases of scrap silver too. Check out what you could get for selling your scrap silver with Scrap Gold UK today, using our Silver Calculator.
The way we value scrap gold is through weight and carat (a measure of purity). The higher the carat, the greater the purity. The most common carats used for jewellery and bullion range between 9 and 24 carats.
Scrap gold has a habit of cropping up in the most unexpected places – maybe a relative passed some down to you, or maybe you found some under the sofa one day? It might seem small, but with gold still considered a highly valuable precious metal, it could be worth a small fortune.
If you’re thinking about making a sale of scrap gold with Scrap Gold UK, feel free to get in touch. All of our contact details are to be found on our Contact Us page – you can ring us, email or write to us. Whichever way suits you.
Equally, if you’re based in the Wolverhampton area, why not just book an appointment to see us in person, at our offices? We’ll be happy to answer any queries you have, regarding the sale of scrap gold. We look forward to seeing you!
With Brexit continuing to rumble on this summer, gold prices are hitting near-all-time highs. This means that if you happen to hold some gold scrap, you could be in with a chance of making some respectable sums if you decide to sell your scrap gold.
It’s the ideal time to consider selling your scrap gold, as gold prices have a habit of enjoying strong performances in the run up to autumn, when annual demand for gold is often at its highest.
One of the benefits of selling your scrap gold with Scrap Gold UK is that you’re able to make a near-instant valuation of what you possess, without having to do so much as click a few buttons. Our Scrap Gold Calculator simply requires a weight in grams and an approximate carat (or purity).
Prices for your sold scrap gold are based on the London LBMA, something of a gold standard when it comes to valuations for gold on the open market. By using this as the basis for prices, we can guarantee that you will get what you expect, when you sell scrap gold with us today.
Not only does Scrap Gold UK accept items of scrap gold, we also welcome customers who wish to sell scrap silver. As with scrap gold items, you can try our Scrap Silver Calculator, to see what you can expect to make, by selling scrap silver with us.
Whether you hold gold coins, or even just a bit of dental gold fillings, we’re happy to take a look. Loved ones often pass down jewellery with some gold or silver in it. If you find a broken piece of gold jewellery, that’s not a problem – it’s still worth something to us.
When selling scrap gold, you want to make sure you get the valuation you expect. Equally, you might be looking for a transaction that is prompt and secure. With Scrap Gold UK, you can expect just that. We’ve been helping people sell scrap gold, whether it’s 9 carat or 24 carat, rose gold or scrap silver.
When you feel ready to make an enquiry, fill in this Seller Form, to let us help you sell scrap gold efficiently.
If you would like to get in touch to discuss a possible sale of scrap gold to us, check our Contact page. You can reach us by telephone, email or post.
Alternatively, if you wish to visit our Wolverhampton offices, make sure to drop us a message, to book an appointment, and we’ll be happy to see how we can serve you.
Gold prices are approaching record highs in Pound Sterling terms due to political turbulence, meaning that the summer of 2019 could be one of the best times to sell unwanted gold scrap. The last time prices were this high, it was the summer of 2011.
With prices remaining at such elevated levels, it would be well worth taking stock of any gold scrap you might hold, and seeing how much it’s worth - you never know, it could be worth a fortune, at present gold valuations.
Summer highs make selling gold extra attractive
You might wonder how you can be sure you sell your scrap gold at the right price. Scrap Gold UK knows the answer. We track the market price of gold through the London Gold Fix, ensuring that when you sell your scrap gold to us, you’ll get the right valuation as dictated by market prices.
As of late June 2019, gold prices have jumped to as high as £1,100 per troy ounce. To put this into perspective, gold prices have rarely been this high, so you could be in for something of a major cash boost if you happen to have some scrap gold under your sofa.
At Scrap Gold UK, we provide payment by valuing your scrap gold in relation to market prices at the time of receipt, so make sure to pick a time when you can make the most out of selling your scrap gold.
Wide variety of precious metals accepted
Scrap Gold UK not only accepts scrap gold items. We’re more than happy to take a look at items that are made of silver, platinum, and palladium too. We even accept scrap gold in the form of gold alloys. Got any rose gold or white gold? Don’t worry if it’s not pure gold - it’s still worth something.
When it comes to selling your gold, all you have to do is fill in this simple Seller Form. All we need to know is the most basic contact details, a basic description of the item you wish to send, as well as your preferred payment method.
Getting the price right
We understand the importance of making sure your scrap gold is sold at a fair value. That’s why Scrap Gold UK has its very own Scrap Gold Calculator. If you’re interested in selling, but want to get a quick price check, to see what your scrap gold could be worth, use the calculator to get a good estimate, before even sending a single piece of gold.
All it requires is the item’s weight and carat (or purity). These factors help our calculator produce a fair valuation for your scrap gold.
Scrap Gold UK is based in Wolverhampton, so if you live in the area and wish to sell scrap gold to us, we welcome you to visit us. Before you do visit, make sure to contact us and book an appointment, to avoid unnecessary delays.
If you have any queries about selling scrap gold or scrap items made of other precious metals such as silver, palladium or platinum, feel free to write to us, call us or email us. We look forward to helping you sell your scrap gold in a way that suits you best.
Deadlock in Westminster, combined with uncertainty about the UK’s future relationship with Europe has seen the price of gold remain elevated. As of late May 2019, it remains close to £1,000 per troy ounce.
It could prove to be the best time to look under the sofa or in your bedroom drawer for any scrap gold you might happen to find lying around. Maybe you’ve got a bit of scrap gold gathering dust and fancy a little bit more cash. It might just be time to sell that scrap gold with Scrap Gold UK.
Unbeatable value for your scrap gold
Here at Scrap Gold UK, we aim to make sure your scrap gold is sold at the value you deserve. Over on our Live Gold Price page, we track the price of gold, as set by the London Gold Fix. In the gold markets, this metric is something of a gold standard.
Gold is valued through quantity and carat, otherwise known as purity. The higher the purity, the higher its potential value.
Bearing these things in mind, Scrap Gold UK ensures that the scrap gold that we receive is bought from you at a price closely matched to the market price.
Wide range of gold items accepted
Scrap Gold UK doesn’t judge the scrap gold you sell based on condition - it doesn’t matter if you’ve got a golden watch that’s broken. If it’s gold, it’ll be worth something. Got a ring made of gold, but it looks not so shiny as you think it should? It’s still worth its weight in gold to us.
We don’t just accept gold items - if you’ve got items of scrap made of silver, palladium or platinum, we’ll be happy to take a look at them and give you a valuation. Make sure to try the scrap silver calculator, to get an idea of how much you could make.
We even accept gold alloys, so don’t worry if you think your scrap gold isn’t quite pure - if there’s gold, we’re happy to take a look.
Please note that customers wishing to sell items valued over £2,000 should get in touch by phone or email, so we can discuss the safest way to ensure your gold reaches its intended destination.
Convenient online valuations
Feel like that scrap gold is burning a hole in your pocket? Why not try out our online gold valuation calculator? It’s a hassle-free way of getting a valuation on the spot. You just need to know the weight and carat of the item in question. These metrics allow our valuation calculator to give you a rough estimate for what you could make, by selling to us today.
Quick and easy payment
We aim to ensure a top-quality service here at Scrap Gold UK. After following instructions for how to send your scrap gold over to us, we aim to ensure payment promptly. FPS transfers mean we can have the cash in your account within two hours of receiving the scrap gold.
If you prefer payment by cheque or cash, we aim to make sure it’s been sent off to you within 24 hours.
Getting in touch with us is easy - you can find all of our contact details here, so feel free to call, email or write to us. If you happen to be based in or around Wolverhampton, you’re welcome to visit us in person - all you have to do is book an appointment.
India is experiencing a boom in gold recycling.
The country, which has been encouraging people to recycle to cut the high prices of importing gold, has seen the amount of the precious metal being recycled since January rise by as much as 50 per cent in some of its medium sized cities.
India is the world's second biggest gold importer after China and has a high demand for gold jewellery, which is traditionally given as a wedding gift. It's estimated, however, that up to 25,000 tonnes of gold is stored away in homes and temples.
The boom in recycling comes as the price of gold in India has risen by more than six per cent since the start of the year, encouraging people to cash in their old pieces or swap them for new ones during the wedding season.
Nitin Khandelwal, chairman, All India Gem & Jewellery Trade Federation, told the Economic Times: 'People living in smaller towns are recycling gold to meet the household demand. In these areas, the digital transaction facilities are not adequate to help them purchase gold. Most of them are not used to such transactions. And they do not want to give away the cash in hand. All these factors are forcing them to recycle old gold.'
It's estimated that demand for gold during wedding season will reach around 400 tonnes. Last year, 675 tonnes were imported to meet it. But overall, because of government efforts to reduce imports, the amount of gold brought into India during 2016 fell by 47 per cent compared to 2015.
Recycling your own unwanted or broken gold is a great way to raise cash, whether you are buying wedding gifts or just want some extra money to treat yourself. With the current high prices, it's an excellent time to get the most value from your unwanted items.
They go by many names eco-friendly, ethical or just plain recycled but wedding rings made from repurposed gold are becoming a key trend for couples who care about the planet.
Committing to a ring made from recycled gold is becoming important to people who are concerned about the social and environmental damage that gold mining can be responsible for, from the labour used to extract the precious metal to the harmful chemicals used in the processing.
With Valentine's Day just past and wedding season approaching, it's a subject that will be on many brides minds as they organise their big day. Choosing recycled gold to symbolise the endless union in the shape of the wedding ring is a popular choice.
The gold that we recycle goes into making new jewellery, bars and coins. The beauty of gold as a metal is that no one can tell whether an item has been made from reused gold or virgin metal. Gold has properties that allow it to be used repeatedly without it losing its lustre.
Unless you specifically sought out new gold or recycled gold for your own wedding ring, there's no way or telling whether your item is made from old or new gold.
The growing demand means that we need to collect more of your unwanted gold to help meet the needs of the market. It's worth checking out whether you have any broken, unwanted or unfashionable pieces that can be turned into something new.
It's also a great time to think about recycling your old chains, rings, earrings and pendants because the gold price has remained strong, so you're well placed to get the best returns.
Remember, the price you'll receive is based on the 'scrap gold' price, because this takes into account the additional processing work required to return gold to the state where it can be used again to create beautiful new pieces.
People in Japan are being asked to donate their old mobile phones and tablets to provide the metal needed to make the medals for the 2020 Olympic Games.
The collections will start in April with an ambitious target of collecting eight tonnes each of gold, silver and bronze to be converted into 5,000 medals for the Olympic and Paralympic Games in three years time.
It's not the first time that recycled gold has been stripped to use in medals; around 30 per cent of the metal used in the medals at last year's Rio Games was recycled. However, this is the first time that organisers have made a commitment to source all of the metal needed for the medals in this way. Special collection points are being set up at more than 2,000 shops where people can leave old phones, digital cameras, games units, tablets and laptops to be stripped of the gold, silver and copper in their circuitry.
Tokyo 2020 sports director Koji Murofushi said: "A project that allows the people of Japan to take part in creating the medals is really good. There's a limit on the resources of our earth, so recycling these things will make us think about the environment."
The idea is both to become more sustainable and to cut costs. Traditionally, mining companies donate towards the medals but Japan does not have its own precious metals mines.
We may not be offering you the chance to turn your old and unwanted gold and silver jewellery into an Olympic medal, but we are offering you something more substantive a cash return. And with gold prices continuing to perform well, the scrap metal price that you receive will reflect that too.
So be inspired by the recyclers of Japan and seek out any old, broken or unwanted gold jewellery that you may have tucked away and convert it into something new.
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