UK supermarket chain Tesco has entered the cash-for-gold market, offering a service that will allow customers to submit their gold for assessment in 15 stores across the country as well as an online submission service.
The service, named Gold Exchange, is aimed at helping the company benefit from the rising prices of gold, competing directly with other gold exchange companies like CashMyGold and Cash4Gold.
Tesco has vowed to pay £7.81 for each gram of nine-carat gold it receives, sending potential customers a prepaid and insured delivery bag that will be sent via Royal Mail. The company will accept earrings, gold rings, necklaces, lockets, broken jewellery, bracelets and bangles, even allowing the submission of £2 and £5 gold coins.
Payments are made into the customers bank account within three working days once an agreeement is made, there is even the ability to earn clubcard points.
Tesco has partnered with Ramsdens, who have over 20 years experience in gold trading, offering higher prices for gold than many of its competitors.
Who would have thought? It looks like Tesco knows where the money is.