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Scrap Gold Blog

Near-Record Prices Make Now An Ideal Time To Sell Gold Scrap

Published Tuesday 2nd July 2019

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.

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The Price Is Right To Sell Your Scrap Gold

Published Thursday 23rd May 2019

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.

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Indian Wedding Season Prompts Jump In Gold Recycling

Published Wednesday 22nd February 2017

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.

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Why Recycled Wedding Rings Are All The Rage

Published Wednesday 15th February 2017

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.

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Japan Begins Olympic-sized Precious Metal Recycling Plan

Published Wednesday 8th February 2017

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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More Gold Obtained From Recycling Than Mining

Published Wednesday 1st February 2017

More gold can be obtained from recycling electronic waste than from mining, according to the man behind a planned huge new recycling centre in the Middle East.

The new centre for old electronic equipment will be opening in Sharjah in the United Arab Emirates (UAE), which generates some of the highest levels of e-waste in the Middle East.

Nitin Gupta, chief executive of Attero Recycling India, which will set up the plant, told The National: "More gold can be derived from e-waste than mining ore.”

The gold, which will go back into the creation of new equipment, will be stripped from old devices such as mobile phones, laptops and tablets. Silver and copper are also among the lucrative metals to be found in the equipment which can be harvested for continued use.

India is the world’s second biggest gold importer after China and is leading the way in recycling. As well as obtaining the precious metal from old electronic equipment, there is a major drive to recycle old jewellery and temple gold, to reduce the cost of importing the metal into the country.

The Indian government's push for more recycling is paying dividends. According to the newly published annual GFMS report by Reuters, the amount of gold recycled worldwide in 2016 jumped by 10 per cent year on year, while the amount obtained from mining dipped by 1.5 per cent.

Of course, there are much easier ways of recycling gold than the painstaking work of removing and melting down gold wires from electronic equipment. Most homes have old, broken or unwanted gold jewellery which can be recycled for cash.

It’s worth checking through your jewellery box or searching through old drawers for pieces you no longer want, because the current good gold prices mean you can earn a decent return for something that has been lying idle.

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2017's Gold Jewellery Trends What Catches Your Imagination?

Published Wednesday 25th January 2017

The days are slowly getting longer and spring is around the corner, which means a new fashion season will soon be upon us.

The jewellery fashion gurus are pointing to large hoop and chandelier-style earrings as one of the big trends in gold jewellery for the new season.  Elaborate engagement rings, charm bracelets and necklaces that you can add to are also on the agenda.

The jewellery trend-spotters say that rose gold – which has been hot for a few years – will continue to be a major player this year, especially when it’s adorned with gemstones. Rose gold was originally fashionable in the Victorian era and takes its pinkish colour from copper added to the gold.

If you are looking to refresh your gold jewellery this year, a great way to fund it is to recycle your old broken and unworn pieces. The majority of the gold we buy goes straight back into the system to be refashioned into new jewellery, and it’s likely some of the brand new pieces you’re already lusting after have spent time in another incarnation.

You may have some rose gold in your collection, which can be recycled just like the purer forms of gold. It can be separated down to its constituent parts before it re-enters the jewellery world and may find itself as a yellow gold item next time around.

It’s also a great time to hunt out your unwanted gold even if you’re not looking to replace it, because gold is enjoying another surge in prices. The uncertainty around new US President Donald Trump’s policies means that investors are flocking to the precious metal as a safe place to put their money, so you can expect a decent return for your pieces. Remember, the ‘scrap’ gold price you receive will be lower than the main gold price, because your old gold has to be processed before it can be reused, but there are still plenty of opportunities to release and even make money from old gold pieces.

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High Gold Price Makes It An Ideal Time To Recycle

Published Wednesday 18th January 2017

The price of gold hit the £1,000 an ounce mark earlier this week, making now a great time to make as much as you can from your old gold jewellery.

When you sell your unwanted or broken gold for scrap, the fee you’ll receive in return is based on the weight of the gold and the purity of the metal. Unfortunately, ‘scrap’ gold doesn’t pay out at £1,000 an ounce – the rate is lower to reflect the fact the old pieces have to be examined, processed and brought back into the system before they can be reused, and this all costs money.  However, when the main gold price rises, the scrap gold price does too to reflect the value of the precious metal.

Once your old gold pieces have been assessed and weighed, they are melted down, usually to be used to make new jewellery. It’s remarkable that gold can be used again and again without every losing any of its value or lustre. The gold wedding ring you are wearing now could well have been mined centuries ago and have had many other lives before it found its way on to your finger.

This is another one of the beauties of gold recycling – not only can you earn money, but you are helping the planet at the same time. The more gold that comes back into the system means that reliance on mining new metal is reduced, and gold mining is well known for the damaging chemicals it uses to extract the treasure from the ground.

So if you’ve started 2017 in need of a financial boost, now is the ideal moment to get rummaging around for your unwanted gold pieces to earn some extra cash while prices are high. Don’t forget, we also take old and broken silver jewellery for recycling too.

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Indian Jewellers See Jump In Wedding Gold Recycling

Published Wednesday 11th January 2017

India is one of the top countries for recycling gold and this wedding season, which runs through to May, it’s forecast that 400 tonnes of the precious metal will be melted down to create new jewellery.

It’s traditional to give heavy gold jewellery, from rings and bangles to earrings and pendants, as wedding gifts for Indian brides and grooms. This year, there is a shortage of gold available and jewellers are experiencing a steep rise in the number of people bringing in old gold items to be turned into new jewellery to be given as gifts, the International Business Times reported.

Around one million couples are expected to tie the knot during the wedding season and meeting demand for gold for the marriage market is proving difficult. The Indian government has imposed restrictions on importing the precious metal to try to reduce its trade deficit and import taxes have been increased three times in recent months.

Kumar Jain, a gold retailer in Mumbai, told Reuters: “In this wedding season, since there is no gold available in the market, people have started coming with recycled gold.

“They have started exchanging the old gold for new and pay the labour charges.”

India is the world’s second biggest importer of gold after China but the Indian government is trying to reduce the amount it brings in from abroad. It’s set up a number of initiatives to persuade people to part with their old gold, including specialist recycling centres around the country. The World Gold Council reckoned an astonishing 20,000 tonnes of the precious metal was tucked away in Indian homes in 2012.

The demand for gold may not be as great here in the UK, but when you recycle your old or unwanted pieces, much of it will be used in the same way as it is in India to create new jewellery.

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What's New In Gold Jewellery For 2017?

Published Monday 2nd January 2017

It’s a New Year and time for a new look in your jewellery box.

According to industry watchers, gold is set to be a big trend in jewellery again this year – and the items made from it will be on the large side too. Experts are predicting everyone will be going mad for big earrings, such as hoop and chandelier styles, and chunky statement bracelets.

Charm necklaces are also forecast to play a big part in the fashionable woman’s jewellery collection this year, after the huge success of charm bracelets in recent years. Delicate collectible pieces that can be added to your necklace throughout the year are predicted to be one of the major trends for 2017.

It’s a great time for a New Year clear out of your jewellery box to make room for the exciting new pieces that are coming through. By choosing to sell your unwanted or old, unfashionable gold jewellery, you can raise money to replace it with new fashionable pieces and play a part in restocking the industry at the same time. All the precious metal for this new gold jewellery has to be sourced, and the more old gold put back into the system for recycling, the less that has to come from mining which can cause damage to the environment.

We don’t care about the age or style of the gold jewellery you send in to be recycled. As long as it’s pure gold, not gold plated, we can offer you a great price based on its weight and carat.

We also recycle silver items so they can be used again and again. In addition to silver jewellery, we’re looking for other old silver household items from bowls to hair brushes.

If your resolution was to declutter for 2017, we can help you make money from your clear out too.

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Worldwide Demand For Recycled Gold Set To Spiral

Published Wednesday 7th December 2016

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.

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Is Gold On Your Christmas List This Year?

Published Wednesday 30th November 2016

The Three Kings certainly had something right in their Christmas gift giving list. While most of us wouldn’t know quite what to do with a festive present of frankincense or myrrh, it’s unlikely anyone would say no to a piece of gold jewellery waiting for them underneath the Christmas tree.

If you haven’t finished your Christmas shopping – or haven’t started yet – gold is almost a guaranteed winner. And you can raise extra funds to finish off your festive shopping, or perhaps buy something special for yourself, by gathering together your old, unwanted or broken gold items to sell for recycling.

The beauty of selling on your old gold is that it’s the ultimate in recycling. The gold ring on your finger or chain around your neck may well be recycled already, and can be again and again without losing any of its lustre.

Jewellers Brilliant Earth, which only uses recycled precious metals in its designs, says: “Because our reclaimed silver, gold, platinum, and palladium are refined back into their pure elements, they are of identical quality to newly mined metals.”

Recycled gold is having a bit of a fashion moment. Increasingly, eco-conscious jewellers are making more of a point of using gold that has been ‘reclaimed’, and advertising it as such, to attract environmentally-friendly shoppers. There’s often a premium to be paid on designer pieces made from recycled gold too.

It’s likely that as the trend reaches a wider market place, the demand for scrap gold to create new pieces will also rise. That means your unwanted pieces tucked away in the back of a drawer or jewellery box will be in high demand. Plus, the strong prices that gold bullion has achieved this year makes now a great time to consider cashing in your unwanted gold jewellery.

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Why There's Gold To Be Found In Your Old-fashioned TV Set

Published Wednesday 23rd November 2016

We’ve heard about how much gold is contained in the circuitry of discarded mobile phones and laptops, but the precious metal is also lurking in older technology.

A new company has been set up to extract gold from old fashioned TVs, using robots to deal with the more dangerous aspects of the job. French water and waste business Veolia is aiming to remove the gold and other recyclable materials from around 300,000 old-style TVs a year from its site at Bridgnorth in Shropshire.

The company has brought in two robots to break down the old TVs and deal with the dangerous LCD light tubes that have mercury inside. Once the framework has been separated out, the different recyclable parts are removed and sorted.

Like modern mobiles, tablets and laptops, old TVs use gold in their circuitry and once this has been harvested, it’s sent off to another site so that the precious metal can be extracted and used again.

The presence of the gold helps make it a worthwhile operation. Electronics manufacturers have to pay for the old equipment they’ve made to be recycled, but Veolia only receives around £1 per set. Although the work costs more to carry out, the company keeps the profits from the gold and other elements it removes from the old TVs.

Veolia technical director Richard Kirkman told the BBC: “There is no part that we cannot find a use for.

“More than 90 per cent is recycled into a useful material - different types of plastic, glass, non-ferrous metal.”

If you choose to go down the recycling route yourself by selling your old, broken and unwanted gold jewellery, you’ll certainly raise a lot more than £1 per item. The high values gold has achieved this year means that more and more people have been opting to put their old ‘scrap’ gold back into the system and make some extra spending money at the same time.

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Global Gold Recycling Rises As People Take Advantage Of High Prices

Published Wednesday 16th November 2016

The amount of gold that was recycled in the third quarter of this year jumped by 30 per cent compared to the same three months in 2015, as more people rushed to take advantage of the high price of the precious metal. 

That’s according to new figures from the World Gold Council, which calculated that globally, more than 341 tonnes of gold were recycled between July and September. 

The leading gold recycling nation was India, which as we’ve seen, has a major campaign underway to persuade people to part with their unwanted gold to reduce the country’s reliance in the amount of bullion it has to import. People in India buy more gold than anywhere else in the world other than China. 

Indians recycled 39 tonnes of gold over the three-month period, the highest amount since the final quarter of 2012, the report said.

Although you may only have a few ounces in old, broken or unwanted gold tucked away in jewellery boxes or at the back of a draw, the superb values that gold has achieved this year mean that now is a great time to turn them in to cash. Remember, when you sell gold as ‘scrap’ – in other words, broken or unwanted pieces to be melted down and used again – you will receive the ‘scrap gold’ price for them, not the higher gold price that is quoted in the financial markets. That’s a reflection of the processing work that has to take place so the gold can be used again. 

Meanwhile, the World Gold Council reported a quarterly drop in demand for gold for jewellery of 21 per cent, mainly due to the high prices. It’s expecting demand to recover in the run-up to Christmas, which is always a popular time of year to give the gift of gold jewellery.

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India Makes Gold Recycling Easier Than Ever With Mobile Collection Unit

Published Thursday 10th November 2016

India is one country that takes its gold recycling very seriously.

It’s the second biggest importer of gold globally after China and there’s currently a massive push for people to recycle their unwanted gold to help reduce the amount of the precious metal that’s shipped in – and costs the Indian government millions in duty.

To make it even easier to recycle gold, the country’s first mobile collection unit has hit the road – a van that’s on call to come and collect gold direct from your home. Muthoot Exim, part of the giant Indian Muthoot Pappachan Group, has launched the Mobile Muthoot Gold Point in addition to the nine Gold Point collection centres it runs around India.

The specialist secure van is equipped with state of the art gold testing equipment to make sure customers are receiving the correct price for their old jewellery and ornaments. The gold can even be melted down in the van while the customer watches.

The van pays out cash for the precious metal or makes an online payment into the customer’s bank account.

Muthoot Pappachan Group director, Thomas George Muthoot, told India today: "The move will also be in sync with the Government’s vision to recycle as much gold as possible and our mobile van service will help facilitate it better."

Muthoot says it’s collected an astonishing 200kg gold from its specialist recycling centres in the last year and a half and plans to open another four before the end of the year.

Although we can’t promise to send a van to your door to collect your old or broken gold jewellery, we do give you an efficient service to turn your unwanted gold into cash. It’s a great way to make some extra money for Christmas, so have a look in your jewellery box to see what you can convert into cash.

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