'I made £500 from gold lying around at home - here's how to make money from old jewellery'

As more and more people struggle with rising bills and the increasing cost of living, one way they could make money is by selling unwanted gold lying around their home.

With so much uncertainty in the global markets and economy, gold prices are continually setting new records leading more people to consider the value of what were once regarded as trinkets sitting in the backs of drawers.

Suttons and Robertson’s Managing Director, Jim Tannahill, who has worked at the firm for over 25 years said: “Our Gold purchasing has increased by 105% since the beginning of the year, which tells us that people are realising there is real wealth to be found from even small items they thought were not worth very much. For example, my wedding ring that we paid £50 pounds for 25 years ago is now worth £500 just in scrap value.”

While Jim is not suggesting selling your own wedding ring, there are many people who might have an old wedding band in the back of a drawer that dates back a couple of generations, and perhaps no longer has any sentimental value. "£500 or so is suddenly a useful sum of money when things are tight and you have something important to pay for," he says.

One woman from London told The Mirror how she bought a ring about 20 years ago from Suttons and Robertsons in Victoria, London near to where she used to work. After not really warming to wearing yellow gold, she decided now was a good time to sell it and received £560 although it initially only cost £150.

If Sarah had sold it three years ago she’d have received about £350 based on the weight, so her return has increased by over £200 (60%) in just three years.

Sarah Byfield-Riches, who runs her own creative partnerships consultancy, said: “I’d had this item in my jewellery box for years it was not something I was ever going to use, as I no longer wear yellow gold. I don’t believe in holding onto things that are not being used when they could perhaps be enjoyed by someone else, and I’m often giving clothes etc. to my local charity shop.

"But I held onto this because it was beautifully designed, and I thought one day I might fall in love with yellow gold again! However, I kept reading about the price of gold going up and it seemed like a good time to finally let the ring go. I made an appointment at Suttons and Robertson’s shop in South Kensington, close to where I live.

"I already had an idea of what I thought it might be worth, and so when I was offered a little bit more, I was happy to accept. We shook hands and the money was all in my bank on the same day. The whole process could not have been simpler, and I’m thrilled to have been able to realise a generous return for something I’d not looked at in a long time.”

Coins are also making more of an appearance when it comes to people selling gold. Old Sovereigns and Krugerrands have hugely increased in value. And if you’re lucky enough to be selling Royal Mint made UK Gold Sovereigns or bullion coins, because they are legal tender, there is no capital gains to pay even if you find you’ve made a mint!

Like a lot of online services these days, Suttons and Robertsons also offer a courier service to sell your gold. You can simply apply online and set up a secure home collection and your gold will be assessed and valued and a cash offer made within 48 hours. You are still free to choose whether to accept the offer or not, and should you decline, your items will be securely returned.