Supermarket chain Tesco have entered the 'cash for gold' market with the launch of a new web site, Tesco Gold Exchange (tescogoldexchange.com).
Tesco Gold Exchange is being operated for Tesco’s by Ramsdens, an online cash for gold operation and chain of high street Pawn Brokers. Looking at the prices being quoted on their gold calculator, it appears they are paying roughly 70% of market value for scrap gold.
This is a lot higher than many TV advertising companies, but still falls way short of the rates paid by specialist gold buyers, such as Gold-Traders. It’s interesting that when using their calculator, they highlight the poor prices offered by some of their competitors, like postgoldforcash.com (WHSmith).
It appears Tesco Gold Exchange only recognise 9, 14, 18 and 22ct carat gold when making valuations. I’m not sure what would happen if you sent them some Asian 21ct gold – at a guess, it would probably be valued at the 18ct rate. Undoubtedly, Tesco Gold Exchange will prove profitable for Tesco.
However, for the savvy customer who does their research, there are far better places to sell your gold for cash.
More reading:
- The scam behind the gold buying comparison websites
- OFT takes action against Cash for Gold companies
- The Cash for Gold tricks we think the OFT should be investigating
- British Gold Refinery featured on BBC1’s Rip-Off Britain program
- Why 'cash for gold' companies often fail to deliver
- Company behind CashMyGold.co.uk struck off
- Tesco Gold Exchange don't recognise 21ct gold
