The rising price of gold has prompted many consumers to sell their antique gold jewellery to refineries
Antique jewellery loses out in tough times
Posted July 19, 2011 |
Western Australians are cashing in on their heirloom antique jewellery and selling them to refineries to be melted down in the face of record high gold and silver prices, according to WA Today.
Tough economic conditions have driven the price of gold to $1500 per ounce and the price of silver to $35 per ounce, as of last Friday.
Gold refinery Perth Mint spokeswoman Cathy Anza told WA Today that it had received “unprecedented amounts of silver bullion” and had also bought back a lot of gold jewellery.
“[Consumers] are bringing their chains, earrings, everything that’s hallmarked. We do see a lot of beautiful jewellery pieces coming through,” Anza told WA Today.
“The global financial crisis…was one of the best periods that we’ve had. This would be on par,” Anza added.
Hayes Auctioneers co-owner Gilli Hayes told WA Today that consumers were tempted to sell their family heirlooms to refineries because they could get more money and sooner when compared to selling it to a dealer or collector who base the value of the antique jewellery on its cultural significance rather than weight.
“It’s a tragedy, beautiful antique things are being scrapped just for the [gold and silver] weight,” Hayes told WA Today.
“We’ve had beautiful 1940s bracelets and 22-carat chains and big lumps of jewellery that are perhaps outdated or unfashionable… [but] are marvellous examples of the jewellery of the day [being melted down],” he added.
To read the full article on WA Today, click here.
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