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Reasons to Sell or Swap your Family Gold in 2022

Published Monday 31st January 2022

High gold prices are good news for those with a bit of gold to spare, especially among families where gold is treasured as a great heirloom. However, such traditions make families the target of gold thefts, so it might be worth considering a sale or even swapping heirlooms for bullion bars.

A golden line

British Asian families have a popular tradition of bestowing golden family heirlooms to the next generation as wedding presents, often in the form of jewellery. Such items are often the products of artisans in rural parts of the Indian subcontinent, and their distinctive beauty can make them easy targets for organised crime groups who target British Asian communities for theft. In 2019, it was estimated that Asian gold thefts since 2013 had resulted in a loss of £140 million worth of stolen gold, and this number will be even greater by now.

Aside from the risk of theft, Asian gold is often lacking in the types of hallmarks modern gold possesses. This means that, when selling, it can be tricky for you to ascertain an item’s purity upon initial inspection. Often, Asian gold is less than 22 carat, perhaps closer to 21 carat instead, due to mixing with other metals during the production process by rural artisans.

Fortunately, Scrap Gold UK has the means to help determine how pure your item may be. We use X-RF machines which allow us to conduct a process known as gold assaying: X-RF machines fire X-rays at your gold, causing it to emit a form of light, allowing us to determine the composition of the item on a molecular level. The process means we can work out how pure your item is, regardless of whether it has a hallmark or not.

Gold sold for gold

Understandably, traditions must be maintained in many cases, and the idea of selling off the family silver (or gold in this case) might not be easy to contemplate. However, as noted, Asian gold is distinctive which can make it a target for theft. By comparison, modern gold bullion bars can come in all shapes and sizes, are concealable and come with easily distinguished hallmarks. Not only that, but they are highly likely to have a higher purity than some traditional examples of Asian gold.

If you wish to keep some form of golden token in the family, you can sell more traditional items and swap them for bullion bars. This can help throw gold thieves off the scent, and help keep that tradition of having gold in the family alive for many generations to come.

Gold prices remain high in 2022, and if you wish to sell scrap gold today, or simply wish to sell and exchange items for bullion bars, Scrap Gold UK is in a position to help you. Get in touch with us to help start 2022 on the right foot when it comes to your gold investments today.

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