A jewellery firm say they are looking to reopen a gold mine, which supplied the precious metal for Princess Diana's wedding ring.
New Welsh gold could be found if the mine re-opens
Clogau Gold Limited have written to the Crown Commissioners to negotiate a new lease on the famous Clogau St David's gold mine.
The mine, above Bontddu near Dolgellau closed in 1998.
Managing director William Roberts, said it was a risk to reopen as there was no guarantee gold would be found.
"There will be a number of health and safety issues to address and all the equipment was cleared from the mine when it closed in 1998," said Mr Roberts.
The company say the current high price of gold and new technology has encouraged them to look at re-opening the mine.
It could create around 10 jobs.
The mine originally closed because it was economically unviable
Gold from Clogau has been used for many royal wedding rings.
The Queen, the Prince of Wales, Princess Margaret and the Queen Mother all had their rings crafted from gold extracted from the Clogau St David's mine.
Clogau Gold, is an established jewellery brand which uses its stockpile of Welsh gold in most of its collections.
Despite the new technology there was still uncertainty.
"We do not know if there is any gold remaining. It could be an inch away, or a mile, that's the risk," Mr Roberts added.
In January 2005 Clogau Gold of Wales switched production of gold jewellery from north Wales to China.
The company had previously moved production of its silver jewellery items from its Bodelwyddan base in north Wales to the Far East.
Company representatives said it was transferring work to the large Chinese factory to keep up with demand.