Buy some milk... and flog the family jewellery: Tesco enters gold exchange business by offering cash for gold

 

 

3rd January 2011

Buy some milk... and flog the  family jewellery: Tesco enters gold exchange business by offering cash for gold

It is seen as the preserve of backstreet pawn shops and daytime TV adverts, but now selling your gold could become as commonplace as your weekly grocery shop.
Tesco has added to its ever-increasing range of services by launching its own Gold Exchange and is seeking to take customers' unwanted trinkets off their hands.
The nation's biggest retailer is seeking to put a golden sheen on a market that has been the subject of investigations by the Office of Fair Trading.

Consumer advice groups have claimed that the biggest names in the gold-buying business are guilty of offering unfair prices for jewellery, with a Which? report alleging the CashMyGold company paid just £38.57 for an item worth over £700.
However, Tesco is vowing to raise standards in the industry with a competitive pricing scheme and a pledge to help customers turn their unused jewellery into 'something more worthwhile'.
'Customers have been poorly served in this area, so we're pleased that we can trial a trustworthy service that is transparent and offers market-leading value,' said a spokesman.
'Plenty of people have old jewellery in the back of a drawer that is never worn and is of no great sentimental value but can be surprisingly valuable; particularly at a time when the price of gold is so strong'.'
Gold prices have skyrocketed in recent years, rising to more than $1,400 (£900) an ounce in 2010, compared with the 2007 price of $600.

http://www.dailymail.co.uk/news/article-1343598/Tesco-enters-pawn-business-paying-customers-unwanted-jewellery.html