A SERVICE allowing consumers to send in broken or unwanted gold jewellery through the mail in return for cash is launching in Sheffield, it has been announced.
Cash4Gold - which has been running in the United States for two years - is introducing its service to UK residents from tomorrow amid a planned advertising and marketing blitz.
The business has already proved a popular way for recession-hit consum
ers to raise cash in the US, having been used by 800,000 Americans since its launch.
It claims to offer an "easy and secure" alternative to the traditional pawn shop, allowing people to convert gold into cash by sending it off in special freepost packages. Cash4Gold will operate from a processing site in Sheffield and hopes to recruit dozens of staff from the local area.
Jeff Aronson, founder and chief executive of Cash4Gold, said: "With times being tough in the UK, just as they are in the US, we know people are hurting and look forward to providing them with a way to turn broken or unwanted items into cash.
"Many people may not realise that they can sell items which otherwise would just collect dust lying around the house."
The group now employs nearly 300 people in the US receives around 50 kilograms of gold every day.
It hopes to replicate the success in the UK, with plans to expand its Sheffield workforce as the business grows.
Mr Aronson said: "We chose to base our operations in Sheffield because of the city's unique easy access to all parts of the country, and its long and storied metal-working history.
"We look forward to playing a positive role in helping boost Sheffield's economy, hiring local workers and becoming active in the city's business community."
The service works by allowing consumers to request a gold return package, which can be sent by freepost to Cash4Gold's processing depot.
The gold will then be photographed and verified, with the jewellery tested for gold content and a cash value calculated based on the type of material, weight and the daily price of gold.
Cash4Gold said it also excepts silver or platinum and even diamonds, although it can only give the wholesale value for diamond stones.
The group has its own refinery and melts down the gold or precious metal to sell on.
Rings, watches and necklaces are among the items accepted, but the firm said it would take any item made of precious metal - even gold teeth.
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