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Are you sitting on a goldmine?

Are you sitting on a goldmine?

Category: Investments

Updated: 02/08/2011
First Published: 29/07/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Millions of people could be sitting on a goldmine in their homes, as their valuable jewellery sits around gathering dust.

Research by Tesco Gold Exchange has found that more than 27 million people have stashes of broken or out of fashion gold in their jewellery collection, with more than one million having more than ten pieces which they no longer wear.
The price of gold – and more recently, silver – has rocketed in recent years, meaning people could have hundreds or thousands of pounds worth of gold that they no longer use.

It is thought that across the UK , the combined value of all the gold that is no longer worn could total some £1.1 billion.

The rampant rise in gold prices has seen a number of gold exchanges spring up, offering people money for their gold.

People looking to offload their jewellery should spend some time comparing prices from different services as they can differ substantially, meaning they could miss out on hundreds of pounds.

"It's surprising how much value people have in unworn gold jewellery just sitting gathering dust in a drawer at home," said Euan Ballantyne, spokesperson for Tesco Gold Exchange.

"Once you add up the odd earrings that are left from pairs, unloved gifts or pieces that have gone out of fashion, you could literally have a 'pot of gold' at home.

"We can see from this research that people don't realise that the value of gold has significantly increased in the last decade.

"If you're not wearing your gold, it really does make sense to get it valued by a gold exchange service and potentially put the cash to better use."

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