Southern Jewelry News

Precious metal refining has reached new heights the industry hasn’t experienced in decades. It has been fueled by the incredible rise in the prices of precious metals, coupled with the weakening economy which caused the secondary precious metals to flood the market, mainly by people looking for means to quick cash or struggling businesses seeking relief, or simply individuals wanting to take advantage of the gold peak.

While jewelry retail business has weakened tremendously, a lot of jewelers and pawnbrokers have sought out aggressive gold buying strategy from the public to stay profitable. This new era of gold pricing has created a downpour of small to medium size gold buying businesses.

Hi-Tech Precious Metals & Refinery’s customer base more than tripled the past two years, with customers spanning all across the United States. Now jewelers, pawnbrokers and gold buyers are facing more and more competition and finding themselves having to pay a lot higher percentages for gold to capture the business.

 

This same level of competition has transitioned to the refining side. The refineries had to step out of the box relative to higher payout percentages and faster service to meet the gold-buying market requirement, while maintaining accuracy and precision in the refining process. That’s why Hi-Tech PMR has invested hundreds of thousands of dollars in the most advanced technology equipment to deliver same-day service with high precision.

This fast-to-action market requirement also led Hi-Tech PMR to develop market leading chemical based processes for diamond removal that reduced the turnaround time from 12 days to 2, which is receiving rave reviews from the market.

Another interesting new phenomenon that is widely spread is the increased amount of interest in gold importing into the U.S. from foreign countries, mainly the African region. This initiative has yet to be proven lucrative, companies and even individuals are spending a lot of time and money exploring the possibilities of importing gold into the U.S. Hi-Tech PMR’s advice to all these entities seeking to import gold “by the tons” is to take extreme precaution due to many reported fraudulent occurrences.

The past two years have been the years of “out-of-the-box” thinking relative to precious metal refining and the jewelry industry in general. We’ve seen jewelry retail giants size down drastically or close doors. Also many of the smaller jewelry stores and pawnbrokers have decided to melt and/or size down their old inventory once gold reached the $1100 mark.  It simply made sense; much of their inventory was acquired when gold was in the $600s and $700s.

Hi-Tech Precious Metals & Refinery is anticipating the wild ride in refining to continue in 2011 with more intense competition which means more of the “out of the box” approach to capturing the market.

Amir Jabin is the Chief Sales and Marketing Officer of Hi-Tech Precious Metals & Refinery.  Hi-Tech PMR is located at 13620 Gamma Rd., Dallas, TX 75244. To contact Hi-Tech PMR, call 866-950-PLAT (7528) or visit www.HiTechPMR.com.

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