The nation is sitting on a potential goldmine worth £4.3bn according to a new survey from H&T Pawnbrokers, the UK’s leading pawnbroking company.
The survey revealed that over a third (36%) of adults in the UK have items of jewellery lying abandoned in drawers that they either rarely or never wear, with the average piece of jewellery worth almost £250.
Moreover, over half (58%) of those surveyed have absolutely no idea how much their jewellery is worth and one in ten has even ended up throwing jewellery away without realising how valuable it might be.
Bearing in mind that three in five of adults (61%) go through periods of having little cash at their fingertips, this poses a significant opportunity to unlock the value of unwanted jewellery and convert it into ready cash.
The survey also revealed the following:
Of those who have used a pawnbroking service, 44% use the money to pay off debts while 16% pay for clothes, 15% pay for an upcoming holiday and 8% use the money for treats for friends and family.
Other customers use the money to start up a new business, pay for show car repairs (which is then repaid with the prize money) and for weddings.
Customers regularly use H&T to store their jewellery safely, especially when going on holiday.
Gold chains (57%) and gold earrings (37%) top the list of most regularly pawned items.
John Nichols, CEO H&T Pawnbrokers, says, “Our friendly experts at H&T will help customers to look through their jewellery and identify the items of value – and our survey has revealed that we’re all sitting on a veritable goldmine of opportunity. We all have either broken or unwanted items gathering dust at home that we don’t wear anymore – we can help our customers to make the most of the unsuspected stores of cash that they already own.”
Pawnbroking offers customers a loan secured on an item of value for a six month period, allowing people to turn a wide variety of gold and diamond set jewellery into instant cash and unlock the value of their items. The items can be redeemed by customers at any point within the six month period and loan period can also be extended.
H&T staff are trained to evaluate a wide variety of gold and diamond-set jewellery to allow customers to unlock the value of their items to get access to instant cash. They also provide a range of other flexible finance options such as cheque cashing, payday advances and unsecured loans.
For more information about H&T Pawnbrokers, customers can call free phone 0800 838 973 or visit www.handtpawnbrokers.co.uk.
Notes to Editors:
Figure calculated from the percentage of the jewellery-owning adult population which has jewellery that is seldom or never worn (50.17million, Office of National Statistics) multiplied by the average worth of a single item of jewellery when pawned (£250).
2,000 UK adults surveyed by 72 point in May 2011.
For further information or hi-res imagery please contact us via email at H&T@hillandknowlton.com or call 0207 413 3139.
H&T is the UK’s leading pawnbroking company with 136 stores and 45 gold bars throughout the UK
H&T provides a variety of flexible finance options to customers in addition to pawnbroking. Including cheque cashing, payday advances and unsecured loans
All H&T staff are trained in valuing jewellery.
Items can also be pawned online using H&T’s online pawnbroking service. Visit www.handtonline.co.uk and follow a simple step-by step process.
H&T offers a gold buying service in its stores and in 45 smaller dedicated Gold Bar Retail Mall Units throughout the country
Customers can also sell their gold items using H&T’s postal service. Visit www.handtgold.co.uk and follow a simple step-by-step process
You can find out more about H&T’s gold bars at www.goldbar.co.uk