Rising Gold Prices Prompt Warning from Wetherby Jeweller

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A jewellery firm has warned that rising gold and diamond prices could be leaving many people’s heirlooms under-insured.

Family jeweller Townsends has been making, selling and valuing jewellery in for three generations and Managing Director Nigel Townsend said gold prices were currently at an all time high.

“There have been significant rises in gold and diamond prices over the past year with diamond prices rising by an average of four per cent this February alone,” he said.

“The problem is that many people will have had their jewellery valued several years ago and the valuation certificates will now be out of date. If the jewellery is lost or stolen their insurance company will be basing its assessment on information that is well out of date and the payout will not cover the cost of replacement.”

Nigel said high gold prices had led to an increase in the number of people wanting to trade in old jewellery for cash.

“In the current economic climate the fact that people can come into the shop with gold jewellery that is out of fashion or hasn’t been worn for a long time and exchange it for money is proving very popular and we expect this trend to continue throughout 2011.


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