Precious metal refinery

[Adam M]

Hello, I’m in the very early stages of setting up a small gold refinery in the UK and would like some advice.

The plan is to work with an international client who will send us their scrap gold for refining into 1kg bullion bars (a key selling point for the client is that the bars are 'refined in London').

Could anyone advise on the regulatory requirements for the bars? Do they need to be a specific size, hallmarked, have serial numbers, need assay report on export etc? Any insight would be greatly appreciated.

 

[Yggdrasil]

Hello, I’m in the very early stages of setting up a small gold refinery in the UK and would like some advice.

The plan is to work with an international client who will send us their scrap gold for refining into 1kg bullion bars (a key selling point for the client is that the bars are 'refined in London').

Could anyone advise on the regulatory requirements for the bars? Do they need to be a specific size, hallmarked, have serial numbers, need assay report on export etc? Any insight would be greatly appreciated.

Welcome to us.
We have a few UK members that may be able to answer these questions.

 

[Adam M]

HI
Thank you, please could you send me those UK members details??

Welcome to us.
We have a few UK members that may be able to answer these questions.

Welcome to us.
We have a few UK members that may be able to answer these question

 

[Yggdrasil]

HI
Thank you, please could you send me those UK members details??

They will chime in, if they have information of interest/use I guess.

 

[Adam M]

Thank you

They will chime in, if they have information of interest/use I guess

 

[Yggdrasil]

Hello, I’m in the very early stages of setting up a small gold refinery in the UK and would like some advice.

The plan is to work with an international client who will send us their scrap gold for refining into 1kg bullion bars (a key selling point for the client is that the bars are 'refined in London').

Could anyone advise on the regulatory requirements for the bars? Do they need to be a specific size, hallmarked, have serial numbers, need assay report on export etc? Any insight would be greatly appreciated.

Just a few questions.

Are they going to be re exported to their origin?
If so why are they not refined on site?
When dealing with highly valued items like Gold, the risk of theft during at any of the stages will have to be addressed.
Accountability and analysis have to be impeccable as well.
So if assays are not required by the regulators it will be from the owner/buyer.
Just my two cents.

 

[nickvc]

Before you spend too much time or money or both on this ask if they think that because the bars are produced in London they are going to be good delivery bars accepted worldwide, if this is the case please save your efforts as getting that accreditation is very costly and very long winded so unless you have very very very deep pockets I’d forget the whole thing.

 

[anachronism]

Adam

What form will the scrap gold be delivered to you in please?

Jon

 

[4metals]

Depending on what you are actually planning on refining and the quantity, your biggest challenge will not be making .9999 gold or casting it into ingots, it will be having your hallmark or brand recognized as a reputable brand. That is the challenge.

 

[Dreamer]

If you are serious, it's best to hire a consultant for this guidance and form a team to work with. There is Mercatis Law, Solicitor Paul Johnson who could guide you in the regulator process in hallmarks and export rules.

As others have said, it's costly. The largest expense in the business aspect of your endeavor will be incurred before you buy the first piece of equipment. Sounds like an exciting project If your proforma and market analysis can pass third party scrutiny.

Keep us posted and good luck !!