Precious Metal Definitions
Jewelry is an accessory, ornament or adornment that is worn primarily to decorate and enhance the visual appearance of the wearer, to symbolize a union, affiliation or special achievements and/or as a status symbol. Some jewelry items do serve a functional purpose as well, (clasp, hairpin, buckles, and cufflinks to name a few), Precious metals (gold, silver and platinum), diamonds, precious and semi -precious stones are common design elements in both contemporary and antique jewelry pieces.
Precious Metal Scrap
Any article comprised of precious metal and suitable for reprocessing can be regarded as precious metal scrap. The term scrap may indicate the item’s being discarded or otherwise lacking any added value other than the quantity and purity of precious metal in contains.
The term Bullion refers to a refined and stamped weight of precious metal (gold, silver, platinum, and palladium) in the form of ingots, bars, or coins. Unlike currency, bullion is strictly valued by its purity and weight, and must be at least 99.5% pure.