We continue to operate a Covid-Safe service during the current Lock-Down period. Visits to our Offices are strictly by appointment only. Read more
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.Read More
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.Read More
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 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]Read More
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.
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.Read More
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.
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!Read More
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.Read More
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.Read More
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.Read More
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.Read More
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.Read More
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.Read More
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.Read More
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.Read More
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.Read More
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.Read More