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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
When you’re sorting out your old unwanted or broken gold pieces to cash in, remember not all gold jewellery is created equally, and the higher the gold content, the higher the price you’ll receive.
The most common carats (ct) of gold used in jewellery in the UK are 9ct, 18ct and 24ct . In its purest form, gold is a very soft metal and in order to make it tough enough to withstand the rigours of life as a piece of jewellery, other metals are added to it.
Nine carat gold is 37.5 per cent pure gold, 18ct is 75 per cent pure and 24ct is pure gold. Typically, other metals such as silver and copper are added to make the gold stronger. White gold obtains its colour thanks to the addition of silver and the currently very fashionable rose gold – which was also a favourite of the Victorians – receives its pinkish hue because copper has been added.
Experts can often tell the carat of a piece simply by its feel and colour. The richer the gold colour, generally the higher the carat. They will also look at the hallmark, which is made up of different symbols showing where the gold was ‘assayed’ or tested for purity and will often show the date the piece was manufactured.
Gold hallmarks are often so small that a magnifying glass is needed to identify them properly and in many cases, if a piece is old or has been worn frequently, they may have blurred or disappeared all together.
Scrap gold is also tested for purity with an assay test, which uses acid solutions on a minute scraping of gold from the item. The more gold that is left after the solution is applied, the purer the metal.
If you want to try to identify the purity of your jewellery, there are numerous online guides to hallmarks you can find through Google. You can also buy home assaying kits but this is usually best left to the experts.
The growing importance of recycled gold was one of the big themes at a major international gathering of jewellers in the US.
The Portland Jewellery Symposium, held every year in Portland, Oregon, in the US, puts the spotlight on new techniques and developments in the industry worldwide. The issues discussed at the event inform the new approaches that jewellers large and small take when they are creating new designs and exploring new ways of working, Forbes reported.
This year, one of the areas under the spotlight was how the industry can responsibly source gold. And in addition to the growing pressure for more socially and environmentally-friendly ways of mining the precious metal, the use of recycled gold – the precious metal that’s obtained from your old and unwanted pieces – was a big focus.
Responsible sourcing expert, Bennett Freeman, gave one of the keynote speeches, in which he pointed out that demand from the public for sustainable gold is growing.
He said: “These pressures, this kind of scrutiny is not going to go away. The 21st Century is the century of sustainability, the century of accountability, the century of transparency.
“Every company, every industry is going to face ever rising pressures and expectations to be straightforward about how it does its business, about the character and quality of its content, of its products throughout the entire supply chain.”
One of the jewellers at the event, Toby Pomeroy is leading the pack when it comes to using recycled precious metals in his designs. He brands pieces made this way as EcoGold and EcoSilver and it’s won him a major following.
His business has received such demand for its Eclipse hoop earrings that are made completely from recycled precious metals, that he had to find a way of making them by machine inside of by hand.
“We’re really causing a revolution in the jewellery and mining industries. Anything is possible,” he said.
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