Over the last few years, the number of "cash for gold" outlets have increased dramatically. The price of gold has gone up to levels that make it viable for anyone to turn their unwanted jewellery into much-wanted cash.
Tesco is the latest to jump on the meltdown bandwagon, encouraging customers to recycle their jewellery into cash and even gain loyalty card points.
But is it all it's talked up to be? Does every little, really help?
Certainly there is no doubt that our current economic climate means that more and more people are looking at different ways to raise funds.
The problem with all of the "cash for gold" outlets, is that they will only give you a fraction of what your gold is really worth.
Think about it this way - they have to make money somehow, they don't charge commission, so how else do they make money? They offer you less than they will receive from large gold recyclers, thus making their money.
Typically, you will be offered 16.5 % to 82.5 % of the scrap value, though this will vary depending on the company, location, jewellery, etc.
So is there any way to get the true value of your gold?
Well, one option is to remodel your jewellery into new pieces. This involves working with a jewellery designer to produce your new design, and then using as much as possible of the old jewellery in the new piece.
This could include re-using diamonds or other stones, and of course, melting your own jewellery into your new design.
At Lorraine Law, we will ensure you receive 100% of the value of your gold. Our design service is free, and we only charge for the manufacturing costs and any additional materials required.
You are safe in the knowledge that you have made the most out of your old jewellery to achieve your new piece.
And if that old jewellery is sentimental, you still have the gold and/or stones in your new jewellery.
Of course, if you don't want new jewellery, then "cash for gold" is an option - just ensure you shop around for the best prices as they do vary significantly.
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