Britons are unlocking the hidden value in their jewellery boxes, fuelling a modern-day gold rush as prices for the precious metal hit unprecedented levels. The soaring market value is prompting a surge in individuals selling unwanted heirlooms, broken chains, and single earrings for a significant cash injection.
The trend is powerfully illustrated by the performance of the 'Sell Your Gold' service at John Lewis & Partners. The retail giant has reported a staggering 73% increase in sales for this service in the first two months of 2024 compared to the same period last year, signalling a massive shift in consumer behaviour.
Why The Sudden Gold Rush?
The driving force behind this national clear-out is a dramatic surge in the global gold price. Recent economic uncertainties and geopolitical tensions have solidified gold's status as a classic 'safe-haven' asset, pushing its value to a record high. For the everyday person, this means items gathering dust at the bottom of a drawer are now worth considerably more than they were just a year ago.
What Are People Selling?
It’s not just about gold bars. The boom is primarily in everyday items. The most commonly sold pieces include:
- Old or broken jewellery that is no longer worn.
- Single earrings that have lost their partner.
- Outdated pieces or gifts that don't suit the owner's taste.
- Heirlooms that have been inherited but are not to the current owner's style.
Services like John Lewis's offer a simple, secure process: customers post their items in a provided kit, receive a valuation, and can then choose to accept the offer or have their items returned at no cost.
Expert Advice for Selling Your Gold
With the market booming, experts urge those looking to sell to do their homework. Potential sellers are advised to:
- Shop around: Get quotes from multiple reputable buyers, including high-street jewellers and trusted online services.
- Understand the valuation: The price offered is based on the weight and purity (carat) of the gold, not its original retail value.
- Check for hallmarks: These stamps indicate the carat (e.g., 9ct, 18ct, 22ct) and are crucial for an accurate valuation.
- Only use secure services: Ensure the company has clear policies, is registered, and uses insured postage methods.
This national trend highlights how global economic movements directly impact domestic spending and saving habits, turning forgotten trinkets into timely treasure.
