Price for gold scrap rises in Kyrgyzstan
The price for gold scrap has increased in Kyrgyzstan, KirTAG said on Wednesday citing an employee of the www.jewelry.kg website.
"Over the past two years, the cost of gold scrap has increased by an average of $0.25 per gram, with respect to any gold standard. This is due to increase in gold prices all around the world," the employee said.
He said the gold handed in for scrap is mostly of Turkish and Russian production. Attempts to sell fakes have not been observed.
"We have only encountered attempts to sell low-grade gold in the guise of fine gold," he explained. The scrap is used as raw material for new jewellery and sold at an extra charge.
"For example, the cost of one gram of 375 standard gold scrap is bought at the price of 865 soums, while in the form of a product one gram is sold at around 1.100 soums, which is about 20 per cent more expensive. This is due to the cost of production and profitability," he added.
Scrap value depends on the standard. For example, the most popular 585 gold standard is bought at the price of 1350 soums per gram, 'triple nine' costs 2300 soums, while dental scrap gold costs 1960 soums.
According to the results of yesterday's interbank fixing in London, the price per troy ounce of gold was $1,653.75.