Among many British Asian families, gold is often bought or passed down from older family members to the younger generation as a wedding gift, signifying good fortune in the years to come. Sadly, possessing such ornate jewellery makes families the targets of theft by organised crime groups.
Golden roots
Gold prices are elevated in early 2022, meaning any gold in your possession is worth considerably more than it was for most of human history. However, with high prices comes greater risk of theft, as organised crime groups have been targeting communities with a particularly large amount of gold in their households. British Asian families are on the receiving end of many such burglaries and robberies, and it was estimated that Asian gold thefts had cost more than £140 million between 2013-19.
Such losses are upsetting not just in terms of the monetary value lost but the irreplaceable sentimental value families place in golden heirlooms. One issue that comes with holding such items is that they are often produced by artisans on the Indian subcontinent with no forms of hallmarks, making it hard to trace the point of origin. Not only that, but it can be tricky to work out its purity with the naked eye. Fortunately, here at Cash for Your Gold, we use a process called gold assaying to determine purity using the latest in X-ray technology.
Devices called X-RF machines can produce X-rays which when used on gold items produce forms of light corresponding to the molecular make-up of the item itself. As a result, we have the means to accurately tell you how pure your gold truly is. For example, we may find your item is closer to 21 carat, while items sourced from East Asia could be of higher purity, depending on the sources. With this process complete, we can give you an offer, allowing you to make the most of the high gold prices at present.
Keeping gold in the family
While selling the family gold could be easy for some, others might find it impossible to part with tradition. With this in mind, it might still be possible to sell your family gold and simply swap it in favour of modern bullion bars. This comes with a range of benefits: bullion bars are of a high purity, with clear serial numbers and purity markings. Not only that, but they come in a wide range of shapes and sizes, and can be stored in a secure way, allowing you to minimize the risk of theft in the future, while keeping gold in the family.
Such items have tremendous value in sentimental terms, as gold is viewed as an auspicious metal in many cultures. By swapping old jewellery for bullion bars, traditions can be maintained, but with a purer gold item that can be kept safely and passed down for many more years to come.
If you wish to learn more about selling scrap gold or selling and swapping old gold heirlooms for bullion, don’t hesitate to get in touch with Cash for Your Gold today.