Precious metals are chemically inert elements. They are rare and hence are expensive. However, their utility also adds to their economic value. Once extracted, such metals are sent to a metal refinery. They are then purified and refined. Doing so reaps the following benefits:
Better usage
Precious metals naturally are impure. This is because they are mined from the ground. So, using them as they are not a wise option. They need to get cleaned and purified. For instance, an electrical contact manufacturer wants to make silver contacts. They should first refine the silver. Then, they get in touch with a refiner or silver manufacturer. The refiner purifies the silver.
On the other hand, a manufacturer will purify the silver. Refining increases the utility of precious metals and allows them to serve better.
Value
Unrefined precious metals are called scrap. They hold little market value, and hence, most individuals send it to a precious metal catalyst supplier. Suppose you find a scrap with some gold in it. Cleaning it manually takes time. Also, you cannot extract all the gold from the scrap. It requires professional equipment. The refiner recycles your scrap and separates the metal from other materials effectively. This way, you get valuable elements quickly.
Complex process
Precious metal refining is a complex process. It cannot be performed by an individual alone. It requires the intervention of a professional refiner. Following are the steps involved:
Step 1: Weighing the scrap
Once the refiner receives your scrap, they weigh it. Then, it gets photographed for further reference.
Step 2: Separation
After the lot gets weighed, it separates the precious metal from other materials. These could be stones, dirt particles, mud, etc.
Step 3: Melting & processing
Here, the refiner melts the metal in an induction furnace. They use a blowtorch for this.
Step 4: Assessment
The molten metal sample is taken for further inspection and gets assessed thoroughly to check its homogeneity.
Step 5: Fire Assay
Fire Assay is a commonly used method. It measures the quantity of precious metals in the molten material.
Market price
If your scrap is unrefined, it does not hold much value. Besides, you cannot determine its market price. This is because it has other materials in it. Hence, knowing the exact value is difficult. However, when you refine your precious metals, you get accurate figures. You find out your precious metal’s weight and quantity. This helps you assess the market price for it. Also, a reliable metal refinery pays you fairly. They provide the exact market price for your metals.
