Precious metal recycling. Worker placing precious metals in a furnace to be melted and recycled. The use of precious metals is greatest in the jewellery business, though precious metals are in widespread use in electronic equipment. Many other specialist applications include watch springs, medical uses, photography, alloys and industrial uses. The value of the metals, such as gold, silver, palladium and platinum, and their rarity, make recovering them worthwhile, even if only used in small amounts.