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Estimated £66 Billion Untouched Gold Treasure In UK Jewellery Boxes As Gold Rush Continues
• Half (50 %) only ever wear the same two pieces of gold
• Three quarters of gold jewellery has never been worn
• 53% say sentimentality is what makes them keep unwanted gold
• One in ten admit to never wearing the gold in their jewellery box
• £3000 is the average value of a UK jewellery box, according to consumers
A national jewellery box audit, carried out by The Money Shop, has revealed that UK consumers believe they are sitting on their very own treasure chest with a staggering £66 billion* of gold jewellery left unloved and unworn.
The figure, based on consumer valuations of their own jewellery, could be even higher than predicted as more than a quarter (26%) confess to never having valued their bling. Not too surprising when you consider a fifth (19%) have no idea what treasures they have buried away.
With the largest network of pawn broking stores in the UK, The Money Shop commissioned the research, which highlighted that the average UK jewellery box is worth an estimated £3000 according to consumers, with women claiming ownership of at least eight individual gold trinkets.
But with one in ten confessing to never wearing any of their bling, half (50%) admitting to only ever wearing the same two pieces, and 16% saving their golden jewels for that special occasion, it's clear that the nation's jewellery boxes are overflowing with excessive and wasted treasure.
Andrew Bryan of The Money Shop, the UK's leading instant cash provider, said: "These findings are very revealing especially when you consider that when asked, more than half (53%) said they could never swap their bling for cash for sentimental reasons. But are consumers saying one thing, and doing another when it comes to making their gold pay?
"2009 saw gold prices rise to an all time high from £180 per ounce ten years ago to £700, when you think about the potential value of unwanted, scrap and broken gold languishing at the bottom of jewellery boxes across the UK, it's no wonder services such as The Money Shop's Gold to Cash and our in store pawn broking services, which allow cash to be borrowed against a treasured item which can then be redeemed on repayment, are seeing a dramatic increase in customers."
Despite only a quarter (18%) admitting to hocking their bling, the amount of gold taken into Money Shop stores in the first two weeks of January was up 300 per cent on last year's bullion bonanza.
With selling off unwanted gold becoming increasingly popular, the survey unveiled some consumer apathy towards profiting from their superfluous jewellery with almost a third (29%) believing they will be short changed on their gold and 14% being put off by the number of unscrupulous companies that have already ripped off their friends and family.
Mr Bryan added: "Despite what they say here, more and more savvy shoppers are turning their unwanted gold jewellery into instant cash. At The Money Shop we're urging consumers to be vigilant when it comes to selling their gold.
"It's vital to shop around to make sure you get the best price and avoid the many companies out there who will take your gold and give you next to nothing in return. Our experts evaluate items based on weight and quality and make a genuine cash offer which can free up funds."
"Being part of the National Pawnbroking Association has meant that we have been a popular choice with consumers who rightly trust us to provide a fair valuation in what is a very competitive, crowded market. Some gold companies offer a very poor price and make it difficult for customers even charging them to get their gold back if they change their minds."
For the 53 % worried about giving up jewellery with a sentimental value, The Money Shop also offers an option to lend on gold which represents a straightforward and comforting way of turning almost any piece into short term cash.
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| At the Money Shop we believe that you should get your hands on cash when you need it. So why wait? We offer a fast, friendly and confidential service with the best deals around. For instant cash, come to the leading cheque cashing company in the UK. We are the UK's No.1 for Cheque Cashing, Payday Loans (Cash 'til Payday) and Cash Loans. We have over 450 Stores across the UK. Call in today! |
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