Welcome to the Cash For Your Gold Blog
Our website will remain available throughout the festive period but our offices will close from 3pm on Thursday 21st December 2023 until 9am on Tuesday 2nd January 2024.
Parcels that we do not receive by the 21st December will be processed after our return to work on 2nd January and may be held in Royal Mail storage until that date.
We will resume normal service on 2nd January 2023.
We wish all our customers a Peaceful and Healthy Christmas & A Happy New Year
In the realm of jewellery, beauty and craftsmanship are highly valued. However, beneath the surface of some pieces lies a hidden danger that often goes unnoticed by unsuspecting sellers of scrap gold – cadmium. This toxic heavy metal has been found in scrap gold jewellery, posing potential risks to both wearers and the environment. In this blog post, we will delve into the significance of cadmium in scrap gold jewellery, explore its health hazards, discuss regulatory measures and provide essential tips for consumer awareness and protection.
Cadmium, a naturally occurring heavy metal, is an element commonly found in the Earth’s crust. Its unique properties make it an attractive choice for jewellery, as it can create vibrant and captivating colours. However, it is important to be aware of the risks associated with cadmium, as its toxicity can be harmful to both human health and the environment.
Cadmium finds its way into jewellery through various manufacturing processes and improper recycling techniques. It is commonly present in low-cost jewellery pieces, including those made from scrap gold. Sellers of scrap gold need to be cautious about the potential presence of cadmium in their items.
Exposure to cadmium in jewellery poses significant health risks, particularly when it comes to pieces worn on a daily basis. Understanding these risks is crucial for both consumers and industry professionals.
Inhalation of cadmium fumes or dust particles can lead to lung irritation, chronic bronchitis, and even lung cancer. Jewellers and manufacturers must take necessary precautions to prevent the release of cadmium during production processes.
Prolonged exposure to cadmium can impair kidney function and increase the risk of kidney disease. Individuals wearing cadmium-containing jewellery are susceptible to cadmium absorption through the skin, further emphasising the importance of avoiding prolonged contact.
Cadmium is classified as a human carcinogen, with potential links to various types of cancer, including lung, prostate, and kidney cancer. Minimising cadmium exposure is crucial to reduce the risk of developing cancer.
To protect consumers and promote responsible practices, the UK has implemented regulations and standards that restrict the use of cadmium in jewellery. Additionally, industry stakeholders have taken initiatives to address this issue and ensure compliance with the regulations.
The UK follows stringent regulations and standards to safeguard consumers from the potential harm caused by cadmium exposure. These regulations set legal limits and restrictions on the use of cadmium in jewellery, promoting a safer market. From 2011 the regulation restricts cadmium content in new jewellery to 0.01 per cent (100 mg/kg) by weight of metal.
Under the Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) regulations, certain hazardous substances, including cadmium, are restricted in various consumer products, including jewellery. These regulations establish concentration limits of cadmium in jewellery items to protect human health and the environment.
The UK follows the European Union’s Nickel Directive (2004/96/EC), which regulates the release of nickel and other allergenic substances from jewellery. This directive includes specific restrictions on the use of cadmium in jewellery, especially in items that come into direct and prolonged contact with the skin.
The British Hallmarking Council oversees the hallmarking system in the UK, ensuring that precious metal items, including jewellery, meet legal standards. By adhering to specific regulations, the council helps prevent the use of cadmium beyond safe limits in jewellery pieces.
The British Standard BS EN 1811 specifies requirements and test methods for jewellery that comes into direct and prolonged contact with the skin. It includes limits on the release of certain substances, including cadmium, in order to minimise the risk of sensitisation and allergic reactions among wearers.
Proper recycling of scrap gold jewellery is essential to prevent the contamination of the environment with cadmium and other toxic substances. Industry initiatives promote environmentally friendly recycling practices that aim to minimise the release of cadmium during the recycling process. Consumers are encouraged to utilise designated disposal channels and recycle their unwanted or damaged jewellery through responsible recycling methods.
At Cash For Your Gold, we prioritise your safety and the safety of staff at our processing partners by restricting cadmium levels in scrap that we purchase to 1%. We do not purchase scrap precious metals that have in excess of 1% cadmium for two primary reasons:
1.Health Protection: We understand the potential risks associated with cadmium exposure and strive to ensure the well-being of our customers. By not accepting scrap precious metal with cadmium, we contribute to minimising the risks of health issues that cadmium can pose.
2. Compliance with Regulations: As responsible buyers, we strictly follow the regulations and standards set by the UK government. By refraining from purchasing scrap precious metal containing higher levels of cadmium, we uphold these regulations and contribute to a safer and more transparent marketplace.
In conclusion, being aware of the presence of cadmium in scrap gold jewellery is crucial for sellers in the UK. Understanding the health hazards, regulatory measures, and industry initiatives surrounding cadmium empowers sellers to make informed decisions, ensuring their well-being and the protection of the environment.
Introduction
White gold jewellery has become an increasingly popular alternative to yellow gold for collectors, investors and individuals looking to purchase gold jewellery. In this guide, we’ll discuss why white gold is so popular and explore why it has become increasingly valuable.
White gold does not occur naturally like yellow gold. It is produced by mixing yellow gold with other precious metals and alloys, including palladium, silver or nickel (nickel is used rarely in the UK) or by adding a rhodium coating. This is also known as rhodium plating. Combining metals gives white gold its distinctive pale tone. The colour difference and composition are not the only differences between white and yellow gold. Here are some other key factors to consider if you’re considering buying gold rings, necklaces, earrings or bracelets:
There are several possible reasons why white gold has become more popular these include:
White gold jewellery is becoming increasingly valuable because the demand for it is rising. White gold has become more popular in recent years and it is now more sought-after. When the demand for certain styles or metals within the jewellery market rises, the value increases. White gold jewellery is often considered a modern, contemporary alternative to yellow gold. It is more durable than pure yellow gold making it an appealing option for buyers.
As the demand for white gold jewellery has increased, it has become a more attractive proposition for investors. Investors are looking for opportunities to make money from buying and selling gold and rising demand is a positive indicator.
White gold is made by adding metal alloys to yellow gold. There is a variety of options, including palladium, silver and nickel. All of these metals add a white sheen to the gold, but there are pros and cons to consider when buying white gold. These include:
White gold has become more popular and more valuable in recent years. White gold is more durable than yellow gold and many people prefer its more contemporary aesthetic. As the demand for white gold has increased among consumers and collectors, it has also become more valuable, making it a popular choice for investors trading in the white gold jewellery market.
Key Takeaways:
• Selling gold can be profitable, but it’s important to understand the tax implications involved.
• For larger investors, diversifying their portfolio with CGT-free gold, like British Gold Coins allows them to liquidate larger quantities of gold before paying tax on their profits.
• If you’re unsure about your liability or potential liability for CGT, especially if you have a complex asset portfolio, it’s worth consulting your tax advisor before making any sales.
For investors looking to sell their gold, it’s important to consider the tax implications to maximise their profits. In this article, we’ll outline how to sell gold and understand the tax implications involved.
Capital Gains Tax (CGT) is a tax that investors must pay on profits above a certain threshold on certain types of investments, including precious metals like gold. When selling gold, the amount of CGT owed is based on the profit earned from the sale, calculated as the difference between the purchase and sale price. It’s essential to note that the burden of declaring CGT is on individual investors.
For larger investors, diversifying their portfolio with CGT-free gold, like British Gold Coins produced by The Royal Mint, allows them to liquidate larger quantities of gold before paying tax on their profits. Tax-free coins are highly sought after because they have a higher resale and profit margin compared to other forms of gold investment, making them easily liquidated. Plus, gold coins come in a range of sizes and denominations, providing sellers with the flexibility to sell precisely how much gold they want, whenever they want.
CGT legislation allows for a personal annual exemption allowance on profits up to £12,300 for the tax year 2022/2023. The personal annual exemption allowance for the tax year 2023/2024 will be reduced to £6,000 and for 2024/2025 reduced again to £3,000. Most smaller investors won’t need to worry about CGT, but it’s crucial to consider any deductions that may be made after the point of sale before investing in gold. For those who make a profit above the threshold, CGT rates range from 10-28%, depending on personal taxation rate tiers and the nature of the assets sold. Different rates apply for individuals, businesses, trustees, representatives of a deceased person, sole traders, partnerships, and qualifiers for Business Asset Disposal Relief.
It’s worth noting that the CGT threshold, £12,300 at the time of writing, applies to all investments, so making a profit below the threshold for one item doesn’t mean you won’t eventually have to pay tax if you exceed the limit through further sales in the same financial year. If you’re unsure about your liability or potential liability for CGT, especially if you have a complex asset portfolio, it’s worth consulting your tax advisor before making any sales. By keeping the tax implications in mind, investors can sell their gold with confidence and maximize their profits.
Most couples assume they must divide assets 50-50 during a divorce. However, that’s not always the case with jewellery.
The splitting of jewellery can be a contentious process, especially if items given to the husband or wife are precious heirlooms or are worth a lot of money.
We’ll look at what happens to jewellery during a divorce and the financial and emotional consequences. You’ll learn more about the process and how to manage it.
Generally, the husband or wife can keep gold rings and other jewellery gifted to them by their spouse. However, there is an exception. If you can prove that you gave jewellery with the express intention that your spouse returned it upon the marriage breaking down, you could get it back.
This rule comes from the Married Women’s Property Act of 1882. The legislation denied husbands the right to get their divorced wife rings back automatically. Previous legislation saw wedding rings as “decorations” of wives, permitting the husband to take them back if the marriage failed.
The best way to resolve disputes over jewellery is to sign a pre-nuptial or pre-civil partnership agreement stating what will happen to the rings during a divorce. Most couples will agree to return the jewellery to their separated partner, particularly if they are valuable family heirlooms.
Dividing a physical piece of jewellery between two people 50-50 is usually impossible. Therefore, couples must find other strategies to split their assets.
One option is to sell the jewellery. Couples can then split the money between them.
Another option is to let each party keep their respective rings and jewellery. Usually, this approach works if the value of your jewellery is similar.
Some couples also consider donating their jewellery to a good cause. They might adopt this approach if they have healthy finances or both believe in supporting a worthy cause.
The emotional implications of dividing assets can be extreme, leading to disputes. Therefore, you need to be careful whenever you broach this subject.
Always consider the sentimental value and attachment you and your spouse have towards various items. For instance, you might value an ancient family heirloom more than they do, even though you gifted it to them. Likewise, they might have a stronger attachment to some items compared to you.
Lastly, you’ll want to avoid power struggles and arguments with your former spouse over jewellery. Think carefully about who should keep each item and try to negotiate.
You’ll also want to make sure you understand that it’s okay for each party to have different feelings. Giving yourself a break is perfectly fine. Taking time away from the issue can often provide some much-needed clarity on what you should do next.
Gold assay is an important step in determining the purity and value of gold. For gold investors, it’s essential to help them make the right purchasing decisions. If you are interested in investing in gold, understanding the process of gold assay helps to put you in the best position for buying and selling. It is used to check that gold meets the correct standards set by the mint that produced it.
Gold assay helps you to ensure you pay the right price for gold that you buy or that you get the correct value when it’s time to sell.
There are different methods that can be used in gold assay to determine the value and purity of any gold. Each method can be used for different types of gold products to find the purity level of the gold. The gold assayer generally begins by taking a sample of the gold, which might be shavings from drilling the gold or a molten sample before the gold is formed.
Once a sample has been taken, there are two most common methods of gold assay that are used.
Fire assay is an old, reliable method of determining the purity of gold. However, it’s also a time-consuming process compared to some other options. This method works by melting gold and separating it from other metals and impurities. It allows the assayer to see what percentage is pure gold. Sometimes fire assay is carried out by melting down the whole piece of gold, instead of just taking a sample.
X-ray fluorescence is another common method used in gold assay. Using this method, the gold is irradiated with an X-ray beam, which allows the gold assayer to judge the purity of the metal based on the intensity level of the X-rays emitted. This method of gold assay is quicker than fire assay and also allows the work to be carried out in a non-destructive way. It provides good accuracy and it’s a method that can be easily carried out in various locations.
Another option for gold assay is the scratch and acid test. This involves scratching the gold piece and pouring different types of acid over it to reveal its purity. However, this method isn’t particularly accurate and isn’t regarded as the safest method.
Electronic testers can also be used to test the purity of a piece of gold. This uses electronic connectivity to determine the purity level of the gold. It’s a common method of gold assay, although it’s not the most accurate option available.
When you are purchasing or selling gold, knowing how to assess its quality will help you to make better decisions. Even without gold assay, there are ways to assess the quality of gold. For example, when buying gold jewellery, the term Carat is important. Pure gold is classed as 24 Carat. 9 Carat gold is 9/24 (0.375) gold and 14/24 other metals to improve durability of items used daily. You can learn more about metal purities here.
There are gold assay kits that can be used at home, but they don’t use the most accurate methods for determining purity. The best thing to do may be to pay for a professional test, in addition to looking for certifications and hallmarking.
Hallmarking and certification are used to show that gold products have been tested and approved in order to provide reassurance of the authenticity and purity of a product. For example, a government mint may provide certification of their gold coins, bullion, or other products.
Hallmarking is used to show that the metal has been independently tested and guarantees that it conforms to legal standards of purity. It also shows where the piece was hallmarked, what it’s made from, and who sent it for hallmarking. These marks help to determine the authenticity and provenance of a piece. In the UK, the full traditional hallmark includes a sponsor’s mark, a traditional fineness mark, millesimal fineness mark, assay office mark, and date letter mark.
If you are interested in investing in gold or products made from gold, such as jewellery, gold assay is an important part of making the right purchases. Taking the steps to have gold assessed or ensure it has already been tested helps you to make sure you get the gold that you’re paying for.
To the untrained eye, white gold and silver look and feel the same. However, they are two completely different substances.
This post explains the difference between white gold and silver and then discusses the pros and cons of each.
White gold is a gold alloy containing palladium, nickel, zinc, rhodium and silver. The exact ratios of these metals vary according to the manufacturer, but gold typically comprises 37.5 per cent of the alloy. (By contrast, most gold bars are 99.99 per cent gold).
By contrast, silver products are almost entirely silver. 925 Sterling silver is 92.5 per cent silver and 7.5 per cent other metals, usually copper. Fine silver (like fine gold) is more than 99 per cent silver.
Both white gold and sterling silver are hardier than pure gold and silver. Alloying improves their strength and durability characteristics. Pure gold or silver jewellery can break easily because these metals are soft in their natural state.
Appearance
White gold is shiny, similar to platinum. However, the shininess comes from the rhodium plating, not the white gold itself (the underlying metal is slightly yellow).
Silver is shiny and lustrous, like white gold, but has a slight hint of grey. It’s not quite as bright as rhodium but easy to texture and style.
Price
White gold is more expensive than silver because it contains rare metals, such as gold and palladium. Interestingly, jewellers may charge more for white gold than regular yellow gold because some of the metals in it cost more per ounce than pure gold.
Silver is a more abundant and cheaper metal than either gold or palladium. Gold is £47.50 per gram, and palladium is £47.10 per gram. On the other hand, silver is just £0.62 per gram.
Rhodium protects white gold. However, it doesn’t last forever. You know it’s time to replace the plating when a gold colour starts showing through.
By contrast, marks on silver can appear more easily. Owners must clean and polish it regularly to keep it in good condition.
For example, Sterling silver with a high copper content can form an oxidative layer on the surface, making it appear greyer than fine silver. This tarnishing doesn’t damage the silver, you can recover the metal later if needed, but it does affect the appearance.
Pros:
Cons:
Pros:
Cons:
Both white gold and silver are valuable metals, so if you own them, you should get them valued.
Are you looking at mounting energy costs and considering selling some of your gold jewellery to give your bank balance a boost?
1. Sell to legitimate and established businesses
If so, make sure you get the best price you can when you sell your gold jewellery with these simple tips.
Selling your gold online is a risk when you don’t know who you’re sending your precious metals to. For safety, always look for a reputable business that you can trust.
We recommended checking reviews and seeking out businesses with many years of experience and a loyal customer base to ensure the quality of their service.
Cash for Your Gold is a family-owned business with over 20 years’ experience. We pride ourselves on the reputation of our company and our main priority is customer satisfaction.
Instead of operating behind a secretive PO Box, we work from a physical location. Visitors are welcome, but we ask that you set up an appointment first for security reasons. We care about you and your gold!
2. Look for transparency on price
It is important to see the full picture when it comes to deciding on the price at which you wish to sell your gold jewellery.
Having a good idea of the different prices that each business offers for your gold is essential for deciding who to sell to.
At Cash for Your Gold, we have a dedicated page with the spot prices of each of the precious metals we buy on our website. The price we pay is very closely linked to the spot price, so you can monitor gold’s market value and our prices to gauge when is a good time for you to sell.
This is just one example of how we strive to be transparent with our customers, we understand the value of your jewellery and you deserved to realise it. This page also features a price comparison with various other competitors of ours so you can see how we measure up.
3. Understand how much your jewellery is really worth
Our final tip is specific to people looking to sell gold jewellery. You might be selling gold coins or other scrap items, but if you’re selling jewellery, there are some extra things to consider.
The main point here is to look at the gold separately to any precious stones in the item. This way you’ll get the best price for your item. Precious stones can actually devalue the overall price that businesses will pay for your gold because they will not be counted towards the weight of the piece looking at its worth. In fact, some companies might even reduce what they’ll pay you for the gold if they have to incur additional processing costs on the precious stones.
So instead of losing value on your jewellery, realise that it is often better to remove the precious stones before you sell your gold. Companies such as Cash for Your Gold can then offer you higher rates for your pieces and you can sell the precious stones to a specialist or keep them if they have sentimental value.
Selling your gold jewellery with Cash for Your Gold
At Cash for Your Gold we understand how difficult it can be to part ways with your jewellery.
But remember, by selling your gold to a reputable seller like us, you’re recycling your gold to create new products, giving your jewellery a new life!
With high demand for gold and new sources becoming increasingly hard to access, you’re helping to reduce the impacts of gold mining and damage to the environment by fuelling the recycled gold market instead.
When you’re ready to sell, simply fill out our form to find out how much you can get for your gold today. Any questions? Give us a call we’ll be happy to help.
When Queen Elizabeth II’s historic 70-reign came to an end in early September, she became Britain’s longest serving monarch. Her Platinum Jubilee was also celebrated in June 2022 making this year one of huge historical significance.
Following royal tradition, the image of the newly crowned King Charles III will replace Her Majesty on British coins and notes. Her portrait currently adorns all British currency including 29 billion coins and 4.7 billion banknotes. Her image appears on currency around the globe too having served as the sovereign leader of 15 nations and formerly the head of the Commonwealth, which includes more than 50 others.
It will likely take many years to update notes and coins featuring the visage of Queen Elizabeth II worldwide. Because of this, the Royal Mint and Bank of England have announced that currency with Queen Elizabeth II’s image will remain legal tender for some years to come – as have other national banks and mints in Commonwealth countries.
Whilst we do not buy general circulation coins, we are keen to purchase silver and gold commemorative and bullion coins and coin sets.
Keep reading this article to learn why it could be a good time to sell scrap gold today.
King Charles III will now replace Her Majesty as the monarch on currency as well as investment gold and silver coins. Throughout the long reign of Queen Elizabeth II many investment coins were minted, investors and collectors will now be keen to purchase these historic coins featuring the Queen’s profile. This means it could be a good time to sell scrap gold while demand for gold is high.
It remains to be seen how big the spike in demand will be, however a strong indication is the price of gold, which has already risen in the wake of Her Majesty’s passing. Gold was priced at £47.81 per gram on September 8th – compared to at the time of writing, October 06th, when one gram of gold is worth £49.15.
You might be surprised to learn that you have scrap gold at home. From a necklace with a broken clasp to an old watch with unmoving hands, scrap gold can be almost any object made from the yellow metal. So, hunt high and low at home to ensure you don’t miss out on today’s high price and demand for gold.
If you do have any scrap gold, you could really benefit from gold’s current high prices and counter the bleak outcome for the UK economy.
We buy a wide range of items including, jewellery, coins, gold bullion, watches, and dental gold.
Easy as 1,2,3…
1. Get your price – using our scrap gold calculator – all you need to know is its weight and purity.
2. Securely post – simply complete and enclose a seller’s form in a Royal Mail Special Delivery tamper-proof envelope.
3. Payment with 24 hours – if you choose a bank transfer you will receive payment within 24 hours of receipt of your items.
Royal Mail strikes – next set for 13th, 20th and 25th October
To benefit from your parcel being prioritised during industrial action, we recommend using Royal Mail’s Special Delivery Guaranteed service. You’ll get extra peace of mind from end-to-end tracking and signature on delivery. Breathe a sigh of relief, your gold is in safe hands.
If you’re satisfied with your price, complete our simple seller’s form when you’re ready to sell. The dedicated team at Cash For Your Gold can answer any questions you might have about selling your gold. Simply give our team a call on 01902 623 253 or contact us today. We also offer face-to-face appointments in our office in Wolverhampton.
As a mark of respect to Her Majesty Queen Elizabeth II, and to enable our staff the opportunity to acknowledge the Queen’s passing in their own way, our business will be closed on Monday 19th September 2022.
We will resume regular opening hours from 9am on Tuesday 20th September 2022.
