The term “scrap gold” refers to any gold that you can melt down and recycled. Scrap gold does not stay in its original marketed form. So any item containing gold that a refiner can reprocess is considered scrap gold.
For example –
You may have an old broken ring made of gold, and you decide to sell your gold jewellery. Your gold jewellery dealer will buy your item as scrap gold, and they will later send your scrap gold piece to a refinery.
Gold is a safe-haven asset, and it is valuable in virtually all forms, be it is broken, tangled or scrap. Moreover, gold makes sound investments as its prices typically skyrocket, especially during an economic downturn.
And considering the current market condition and gold prices, it might be the best time to sell your gold. You are likely to secure the highest possible cash for your gold piece without any hassle.
Regardless, scrap gold’s value depends mainly on two factors – weight and purity. Thus, you can easily calculate the value of gold jewellery as scrap if you know these two things:
For example, you own an 18ct gold jewellery item that weighs 100g. The item’s actual content of gold is 75% or 75 grams of pure gold. Now:
If you multiply 75 grams by the current gold market price, you can estimate the value of your gold jewellery.
However, the best way to know how much your scrap gold is worth or how you can get by selling your scrap gold is by filling in our online form. You will get an accurate quote instantly via email or phone.
If you are ready to sell your scrap gold, make sure that you choose a trusted gold buyer to get the best possible deal. And the best place to sell your gold in London is at The Luxury Hut. We offer a quick, secure and hassle-free way to get cash for gold.
Fill in our online form, providing all details of your gold piece.
We will determine an accurate price of your asset based on the details provided and the gold’s price on the day of valuation. One of our associates will contact you with a free quote via phone or email.
If you are happy with the quote, send your item to us using our free home collection service.
Or you can call us on 0207 242 9160 to book an appointment at our Hatton Garden office in London.
After collection, we will appraise your item precisely and confirm our final offer. Accept it, and we will pay you immediately via your preferred payment method.
As trusted gold buyers in London, we continuously keep track of the changing market prices of gold. Thus, we can provide the most accurate quote and, eventually, the highest possible cash for gold. Get in touch with us today to sell your scrap gold for the best price possible.
The Swiss multinational investment bank and financial services company, UBS has declared that silver is likely to outdo gold’s price in this year 2021. And this is interesting news as the previous year experienced record-breaking prices of precious ‘safe-haven’ metals and secured the advantages of stock market volatility worldwide.
The year 2020 was indeed a glorious year for gold. Price of this precious metal reached a record-breaking level of nearly £1,520 in August. Due to the drastic impact of Covid-19 pandemic, pessimist thinking weighed down equities all over the world.
Thus, investors looked upon to gold increasingly as this ‘safe-haven’ precious metal typically appreciates during economic downturns. Simultaneously, increased gold prices acted as a boon for those looking to raise instant cash to meet their financial needs. People could use their unwanted or old gold jewellery to raise instant cash for gold either by selling or getting a pawn loan.
Gold has depreciated to some extent in the last few months. And according to Global Wealth Management strategists’ team of USB, gold is unlikely to repeat the staggering 2020 arc in 2021. On the contrary, silver is all set to shine and also, may outdo gold completely.
Economic condition is gradually improving in 2021. And as USB predicted, the industrial growth will influence prices of silver. What reinforces this prediction is that policymakers will provide a greater focus on renewable energy and decarbonisation ways in 2021.
Reports say that over 50% of silver utilised for industrial purposes is associated with electronics and solar panels. And these two are highly essential for progressing towards green technology.
According to the USB strategists, silver prices are likely to hit about £21.97 per ounce by the first quarter’s end and level off to nearly £19.77 per ounce by the end of this year. Silver price per ounce is currently at around £18.
However, gold will strive hard in the meantime to captivate substantial exchange-traded fund or ETF inflows for maintaining prices above £1,391. But USB anticipates that the value of the ‘safe-haven’ precious gold will be 2.5% lower than the present price level by the end of 2021, at nearly £1,318 per ounce.
Moreover, USB added that precious metal prices would remain high up in the first quarter of this year due to the continuing worst dollar performances and low-interest rates. But gold prices are expected to get weak in the second quarter of 2021 as the Bank of England and the Federal Reserve will start to narrow their quantitative relieving programmes.
The steep rise in gold prices in 2020 has not only affected the investors who are looking for more secure places to store their money but also the demi-fine jewellery market.
The demi-fine jewellery is a famous category, designed to complement casual wear. They are even priced for inspiring modest shopping. However, the demi-jewellery designers are struggling with increased prices, just like the retailers carrying their brands.
Gold’s price was slightly less than £1,167 an ounce on January 1, and the price was hovering at £1,430 an ounce on October 1. And prices are continually fluctuating.
Zoe Chicco is the founder and designer of a Los Angeles-based jewellery collection, sold at stores like Bloomingdales, Nordstrom and Saks Fifth Avenue, and also boutiques such as Browns in London.
According to her, “It does make a huge difference, and we have to be incredibly conscious about it.” She is planning to enhance her jewellery prices in January, but it is indeed a hard thing for her to do. This is because customers are accustomed to seeing a specific price of jewellery from this brand.
In the persistent anxiety about losing jobs and the long-standing economic effects of Covid-19, it is speculated that small gold items can be the highlights of many collections in 2021.
Pascale Monvoisin is a Paris-based jeweller who has two boutiques in the French capital. Also, retailers such as Liberty and Net-a-Porter sell their creations. Ms Monvoisin is known to work on a collection of charms that will cost nearly 30% less than a pendant with a chain.
She bought two kilograms of gold in June when the metal’s price was about £1,284 an ounce. She is already working on the jewellery items using that gold and will start selling next year. Now:
The profit margins of the brand decreased 8-10% this year between March and October. But yet the company is willing to maintain its jewellery prices.
The chief executive of the brand, Aurelie Bressou believes that –
“We think if we increase our retail prices, maybe people are not going to follow us. We don’t want to lose them.”
However, according to Ms Monvoisin, price increment might be unavoidable. It will be challenging for them to continue with the same retail cost if the price of gold increases more and more.
On the other hand, Anna Sheffield Fine Jewellery brand is twisting some parts subtly like creating clasps on smaller pieces to maintain the prices. What’s the advantage?
“This might not alter the design terribly, but would give you a lower weight and a slightly lower cost on a finished piece”, said the chief executive and founder Ms Sheffield.
A British jewellery brand, Alex Monroe, also encountered less profit due to the cost of gold. Thus, its creative director Emma Burgin-Fox professed that they would increase the price of all its solid gold pieces by nearly 20% in January.
For example, the retail price of a thin-textured gold band featuring a diamond of 0.25ct that is now around £1,730 may rise to £2,100.
Prices of all gold items, including pieces with a small amount of gold, are likely to appreciate. Increasing gold prices will influence everything. Even the gold plated items are likely to become incredibly expensive.
As per the current report from the World Gold Council, sales of gold jewellery have decreased all over the world. It reduced by nearly 29% from July to September when compared to the same period in 2019.
However, the demi-fine jewellery market has experienced strong sales. For instance, Alex Monroe has reported that their sales were up nearly 12% during the first lockdown in Britain.
Ms Collins at WGSN said in a statement that the pandemic seems to have not affected the demi-fine jewellery at all. Amidst the restrictions and agitation due to the coronavirus, people were buying.
Those who buy demi-fine jewellery have the perception that gold is a responsible material to buy. She added, “It goes back to that thing that fine jewellery is seen as an investment purchase. It’s something that you can keep for yourself, and it’s timeless.”
Price of gold is yet wandering. It is predicted to escalate as much as £2,270 per ounce by the end of 2021.
Well, keeping the current surge in gold’s price in mind, it is perhaps the best to sell gold items, especially the ones that you no longer use or gathering dust in your drawer.
Whether it is scrap gold or a tangled gold ring, they can fetch you an astonishing amount of cash for gold.
Fill up our online form now or call on 0207 242 9160 today for a free competitive valuation.
Sell scrap gold or any gold jewellery pieces to The Luxury Hut and receive the best price possible for it based on the spot gold price on the day of valuation.
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