reference for jewellery in economy
The London Metal Exchange The LME is the world centre for the trading of industrial metals.
world The Exchange provides producers and consumers of metal with a physical market of last resort and, most importantly of all, with the ability to hedge against the risk of rising and falling world metal prices.
material In August 2016 LME announced its new initiative, the LMEPrecious. This was developed in response to a market demand and in close consultation with key precious metals stakeholders. Gold and silver will be traded on a daily basis. The yellow metal, gold is also known as the international currency. The single largest demand source for gold is in the production of jewellery, which uses up to 70% of the annual gold consumption. It is estimated that the total demand of gold in jewellery is close to 50 billion USD. Like any other metal, gold is also found in underground mines. he mining of gold is pretty costly as less than 10 grams of gold is received after extracting one ton of ore. After the extraction the the metal is refined and partly purified on the site. This metal is than melted into gold bars, which are sent for detailed refining to reach a sellable form. The refiners make mostly bullion bars or blank jewellery. Blank jewels are mass produced forms of jewels, that will be further worked on by the jeweller.
Blank jewel examples
sources London Metal Exchange Wikipedia Commodity Markets and Derivatives