Introduction
In this report I am going to discuss the two topics of
portable wealth which are redeemable and cost of precious metals.
Portable Wealth
“Jewelry is used as a redeemable investment and a portable
bank account, with women wearing a substantial portion of their wealth in it.
It can also be used as a life insurance policy, guaranteeing the survival of a
family in the event of death.”(Metcalf,B,1998,On The Nature Of Jewlry,Available: https://www.brucemetcalf.com/on-the-nature-of-jewelry-part-1
)
Cost of Precious Metals
Cost
Jewellery is priced based on the metals used to create the
piece.The market price changes on a weekly basis, and they change depending on
the alloy.
Gold Pricing:
Gold prices vary depending on the alloys added and the
percentage of alloy added. With pure gold being R1 167.07, 18kt with alloy
added R900-R1000, 14kt gold R700-R900, 9kt gold R400-600.How Gold prices are
calculated:To calculate the pure gold price, multiply the daily gold price per troy ounce by the weight of the item.
Gold is priced in Troy ounce and not an ounce.
One
Gold bar weighs around 12.4 kilograms which is 400ozt(troy ounce).
The ranges
for 1 kilogram is around $64 353 which is R1 168 026.26
Gold:
CPM stands for Cape Precious Metals and is based in Johannesburg, Durban
and Port Elizabeth. Gold in jewellery is determined by "Karat" which
is the measurement of purity of gold alloyed with other metals. Different
alloys are defined as 24kt, 18kt, 14kt, 9kt. In the CPM price list, fine gold
is seen with elements such as Yttrium and Rhenium, W(%PD), W(PD/PT), W(Ni) and
9Kt gold is seen with Nickel and Nickel free. Gold solders come in Hard, Medium
and Easy solder. 14kt is rarely used in the industry, whereas 24kt represents 999, 18kt
represents for 750, and 9kt represents for 375, which are the
regular standard fineness.
Silver:
Silver
is supplied as fine silver or sterling silver, both of which contain the same
mixture of silver alloys. Pure silver is often used in jewellery due to its
softness. Argentium Silver is a tarnish-resistant silver alloy with a silver amount of 93.5% or 96%.There are various kinds of
silver, such as fine silver with a purity of 999.99.9%, coin silver with
90% silver and 10% copper.
Redeem
Redeemable: Definition
The Cambridge dictionary defines redeem as something that can be redeemed for goods or money. It can also be defined as the ability to rebound from flaws or challenges.
Indian
Dowry
A woman's dowry was an important mechanism through which jewellery and other property changed hands. In the Nattukattai Chettiar community, each bride would receive a basic jewellery set and may also receive particular pieces from her-in-laws. The gold used to make the complex marriage necklaces of the Nattukattai Chettiar community is given by the bride's family, except for the central pendant or thali, which is provided by the bridegroom's family. Women often wore large quantities of heavy ornaments to keep this wealth carefully about their person. In one case, wedding decorations cost Rs 148 out of Rs 370.5 in the early 20th century. Even now, jewelry can make up between a third and half of a daughter's dowry, which can still consume a significant percentage of a family's wealth. Depending on the culture, each bride might also receive specific jewelry items from her in-laws in addition to receiving a basic jewelry set. The specifics of the ritual differ.
More about Indian wedding jewellery,The ritual of'streedhan' is seen as auspicious and a sign of wealth and security, and is seen across India. With a young population that still holds traditional values, it is believed that 40%-50% of gold jewelry, bars, and coins are purchased for weddings.
Pawn Brokers:
Pawn brokers
are those who make loans based on the value of items left behind. They charge
higher interest than payday lenders, but lower than payday lenders. They make
money through personal loans, retail product resale, and additional services.
They must have a consumer credit license issued by the FCA.
Gold & Finance was initially to introduce the notion of selling jewellery for instant cash in a secure, confidential, professional, and up-market setting. They offer a discreet, confidential service and the best price with same day or immediate payment.
Redeemable: American Indian
Old Pawn is a name for American Indian jewellery manufactured and worn by Native Americans that is uncommon and valuable to collectors. Horse halter headstalls, bracelets, rings, squash flower necklaces, Concho belts, leather pouches, tobacco canteens, earrings, and Jacla necklaces are some examples.
These vintage pawn pieces were carried to a Trading Post and pawned for a specified amount of money before being retrieved when the payment was paid back.
Conclusion
In conclusion Jewellery is priced based on the metals used to create the piece. Gold prices vary depending on the alloys added and the percentage of alloy added and silver is supplied as fine silver or sterling silver. Argentium Silver is a tarnish-resistant silver alloy with a silver part of 93.5% or 96%. Redeemable refers to something that may be redeemed for commodities or money, and Indian dowry was an important mechanism for the exchange of jewellery and other property. Pawn brokers provide loans based on the worth of objects left behind, and American Indians pawned items for a set amount of money and subsequently redeemed them when the balance was returned.
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