We thought it important to highlight some of the customer feedback we've received recently in regards to the service offered by some of our competitors.
Ian Murphy from London emailed to let us know...
"Thank you Scrap Gold UK. I was very happy to receive my cheque for £867.43 after only three days as I had previously sent my gold to a well known scrap gold company advertised on TV ScrapMYgold which did not offer a price per gram on its website and offered me only £430.00 for the same package which I turned down and waited 10 days for the return of my items. I hope I will be listed on your feedback page as I will be telling all my friends to check out SCRAPGOLDUK Kind regards Ian".
We're hearing similar stories on a regular basis and have ourselves uncovered similar issues when testing our competitors services (Read Scrap gold sellers BEWARE!).
If you've had problems with a Scrap Gold buyer and are not 100% happy with the service or price you've been offered, give us a call. We're a well established Jewellers (We're part of Sabre Jewellery) from the world famous Jewellery Quarter in Birmingham, we don't spend thousands on flash television commercials and newspaper adverts - we genuinely believe that the ongoing success of Scrap Gold UK is largely down to our honest and open service.
People are always interested in what happens to their old scrap gold jewellery once we receive it... It's actually quite interesting so we thought we'd created a quick video clip to show the before and after process for your old scrap gold!
Don't forget, we're always looking for more scrap gold.
Why choose Scrap Gold?
The Original Scrap Gold UK are a part of Sabre Jewellery, a Birmingham Jewellery Quarter based company with a long history in the jewellery industry - Highlights in our years of business include presenting HRH Prince Charles with a set of cuff-links during a visit to Sabre Jewellery. Discover more about Scrap Gold.
British Jewellers' Association member As a full member of the BJA (British Jewellers' Association) our clients have the peace of mind from an established industry association and an independent point of contact should you have any questions regarding our service. View our BJA profile.
Hundreds of happy customers We've purchased scrap gold from hundreds of customers and many get back in touch with feedback on their experience, read some of our customers comments.
Insured Delivery Using Royal Mail's parcel tracking system you can take peace of mind knowing that your package is insured by Royal Mail. Track your parcel now.
Fast payment We aim to dispatch your cheque within 48 hours of receiving your package and we'll keep you informed at every stage of the process, from receipt to dispatch - and don't forget, using your Royal Mail Special Delivery tracking code, you'll know exactly where your package is... Sell your scrap gold now.
The steady rise in the price of gold over the past decade is common knowledge, the best way to demonstrate this increase is with a visual graph charting the price January 2000 and July 2009 - a period which has seen the price per ounce rapidly accelerate by more than 200%.
Did you know... While the global gold price is always quoted in US Dollars ($), it's actually calculated on a twice daily basis in Pounds Sterling (£) by the London Bullion Market Association!
Gold is a sensitive commodity which can be affected in value on a minute-by-minute basis by supply, demand and financial market activities around the world - but how is the actual daily gold price set?
The widely accepted benchmark for gold pricing is controlled by the London Bullion Market Association. Twice a day, five members of the LBMA meet and 'fix' the gold price, this generally takes place at 10:30 and 15:00 each day.
The London Bullion Market Association was formed in 1919 and consited of the five principal London gold traders of the time - Rothschild & Sons, Samuel Montagu & Co, Mocatta & Goldsmid, Pixley & Abell and Sharps Wilkins. The first price fixing was set on the 12th September 1919 and was agreed at £4.9375 per troy ounce (18 Shillings and Ninepence in old money).
The five current day members of the LBMA responsible for fixing the price of Gold are Barclays Capital (Acquired Lehman Brothers in 2008), HSBC (The world's third largest bank), Deutsche Bank (Instrumental in building the original Northern Pacific Rail road), Société Générale (Paris based French bank with operations in over 77 countries worldwide) and Scotia-Mocatta (Part of the Bank of Nova Scotia).
Although the gold price is fixed twice a day by the LBMA, the price changes almost immediately as trades are made based on the new price fix - The fixed price serves as a point of reference or benchmark for financial institutions and related gold industries.
For further information on the London Bullion Market Association visit their website at www.lbma.org.uk.
A deal too good to be true...
(Please note: all prices below we're correct on the 18th June 2009)
In recent weeks we have seen a number of competitors offering impressive scrap gold prices - in some cases almost above the gold trade value!
Determined to discover how our competitors are offer such unrealistic and inflated prices, Scrap Gold UK posed as a customer and signed up to complete a test transaction.
The test...
We used our professional jewellers scales to weigh two identical sample 9ct gold items, our scales gave a reading of 15.2 grams. We selected two on-line scrap gold buyers advertising what we believe to be unrealistic 9ct gold prices - £6.70 per gram - then completed their on-line forms and sent the packages off.
After a couple of days, we received a call from one of our test vendors explaining that our 9ct gold had been weighed and found to be only 14.9 grams! (May be our jewellers scales are broken!) They also claimed the 9 carat gold was in fact only 30.72% and not the 37.5% that we tested at. So... instead of the £103.85 we calculated for our gold, we received just £5.72 per gram, giving a grand total of £87! a significant difference!
The really interesting point here is that our buying price for 9ct gold on that day was approximately 15% lower than both our test vendors - with their assessment of our gold, their final purchase offer price, taking into consideration their claims that the weight was incorrect and the purity of the gold lower, was unsurprisingly approx 15% less than their advertised price!
With the gold price at its current high and with the current economic situation pushing more people to realise the value of their gold items, the number of scrap gold buyers has soared. We strongly recommend that anyone looking to sell their scrap gold look for a BJA registered company.
The BJA (British Jewellers Association) are a recognised trade body and have clear guidelines for their members to follow.
Scrap Gold UK and Sabre Jewellery are full members of the BJA and have a full BJA members profile available for review.
If you would like an honest, commission free quote for your scrap gold, complete the form on our website.
Gold to surpass $1,000 per ounce...
In recent days, several significant sources have indicated that now may be the last opportunity to purchase gold before the price begins to surge again.
Many believe that the ongoing fiscal output by the global economy, particularly in the US, will lead to a period of increased inflation. Trends traditionally indicate that as inflation rises, so does the price of gold.
The Scrap Gold Tweet...
Twitter seems to be taking over the world at the moment, one tweet at a time! So it's worth a mention that you can now follow Scrap Gold UK via www.twitter.com/scrapgold and stay ahead of the crowd on all matters scrap gold!
It might be a bit more than just 20p...
The London mint, responsible for minting UK pounds sterling coinage have mistakenly omitted the date from around 50,000 brand new 20 pence coins!
They have now issued a call back, offering the public £50 for each 20p coin they return missing a date.
The new 20p coin as shown below is missing the date stamp from the rear of the coin...
The error has come about because the new set of coins, including new set of £1, 50p, 20p, 10p, 5p and copper 1p and 2p coins have been created with a new design on the rear. In most cases the new coins only required a change to the rear of the coin - The 20p coins however required a redesign to both sides. The old 20p coin featured the date on the rear of the coin but with the new design this needed to be added to the front of the coin with the queen's head - Unfortunately, the Royal London Mint forgot to make the change and add the date before the first batch were coined and released to the public.
How to you claim your £50? The Royal London Mint has setup a web site to register any dateless coins at www.undated20p.com.
Silver was once regarded as a far more desirable and precious metal than today, at its peak in the 17th Century, silver traded for as much as 18% (Approx one sixth) of the price of gold - until the discovery of the Americas and large silver deposits around the central American regions. Since its peak in the early 17th century the price of silver has dropped dramatically to less than the equivalent 1% gold price.
Similar to gold, silver uses a graded finesse value to chart the purity of the metal - These are commonly 999 for 99.9% pure silver, through 925 (92.%), 800 (80%) and 500 (50%).
Silver is denoted as Ag in the periodic table and is used in everything from jewellery and cutlery to dentisty and mirrors.
If you have silver jewellery, coins, cutlery, candlestick holders or any other silver items, use our scrap silver calculator to find out how much your silver is worth on the scrap silver market.
As the gold price climbs and the current economic climate continues a new arm of the jewellery and precious metals industry is steadily growing - Scrap Gold.
There is another driver in the scrap gold market - the environmental impact caused by the process of locating and extracting the raw gold alloy from the earth.
In 2005 the US geological survey estimated there is around 142 million ounces of gold resources remaining on the planet, with an average annual global mining effort of approximately 2,500 kilograms of gold.
The USA operates the largest gold mining operation, closely followed by South Africa and Australia.
Since the early days of gold mining and gold production (the process of extracting the gold alloy from the ore), harsh chemicals such as hydrogen cyanide have been used to ease the extraction of the raw gold material from the surrounding rock. Gold mining is now more chemistry than the Hollywood picture of the 'old west' gold rush portraying miners in small scale operations mining gold seams by hand.
As the demand for gold increases and the accessibility of gold and availability becomes scarcer, more advanced, scientific and chemical processes are being employed to extract the gold from the earth in ever more economic and cost effective methods. It is now estimated that modern gold mining achieves between 8 and 12 grams of gold per ton of material excavated!
Gold is now more commonly mined in vast open pits, excavating the ore using explosives and mechanical machinery feeding technologically advanced mining plants.
Environmental problems faced by gold mining include the disposal of the waste materials produced in the mining process. There are now many regulations in place to ensure that mining corporations restore the areas they mine back to their original state once mining is complete. The concern to many is who and how are these large multinational corporations - often operating in remote areas of the world - are policed.
But the largest, most alarming environmental concern is caused by the use of hydrogen cyanide to dissolve the gold alloy from the ore. Cyanide is just one of the many chemicals used and produced by the gold mining process which can potential be exposed to the surround soil and ground water causing a far reaching environment disaster.
There have been several recorded incidents; including a catastrophic event in 200 at the Baia Mare mine in Romania where thousands of cubic meters of cyanide laced waste materials were released into the local river during a winter storm. The effects were almost absolute destruction to the surrounding fish stocks, killing almost all fish in the local river. Over 2 million people had their water supplies cut to prevent human ingestion.
Further information about the history of gold mining, the modern techniques and environmental issues associated with the mining and production process, can be found on Wikipedia.
So what can I do? If you have Scrap Gold to sell, get in touch, calculate the value of your gold (or silver and platinum) and recycle your old jewellery, coins etc for cash! And if you're buying something gold - why not look for a recycled gold product.
If you have carat marked gold such as jewellery, coins or watches any would like to turn your old gold into cash, use our scrap gold calculator to get an estimated value for your gold and sell your gold.
... And don't forget, we also buy Scrap Silver and Scrap Platinum!
Previous Posts
Guide to Gold Melt Value: Understanding the Intrinsic Worth of Your Precious Metals
Scrap Gold Laws and Regulations in the UK: What You Need to Know
How to best negotiate a price for your scrap gold
How much is 9ct gold worth?
Can I sell broken jewellery?
What’s My Jewellery Worth?
Christmas 2023 Operating Hours
How to get the Best Price for Your Gold Jewellery
Selling Scrap Gold in the Aftermath of Her Majesty The Queen’s Passing
Business Closure for the State Funeral of Her Majesty The Queen
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