Scotgold Resources Ltd said it signed its first sales agreement with the Scottish jewellery industry involving two prominent Scottish jewellery manufacturers.

The agreement covers the first refining batch — about 16oz — of Scottish Gold made available for jewellery, and only the second refining batch produced to date, from Scotgold’s Bulk Processing Trial (BPT) at the Cononish Gold and Silver Mine.

The deal involves “significant input” from both Baird & Co which will serve as the appointed refiner and the Edinburgh Assay Office which will verify the Scottish gold’s source.

Scotgold CEO Richard Gray said: “This is yet another pleasing milestone and validates our belief in the strength and value of combining Scottish Gold of proven provenance with the skill and prestige of the Scottish jewellery industry.”

All the parties agreed to keep the exact terms of the sale confidential, but Scotgold said the premium received was in excess of the 30% reserve set for the Scottish Gold Rounds, auctioned in November 2016.

The two authorized jewellers will make further announcements as to where and how the gold pieces can be obtained.