Struggling Brits are cashing in their jewellery due to soaring gold prices after finding the gold in diamond rings is now worth more than the diamonds
James Constantinou, owner of leading pawnbroker chain Prestige Pawn, has experienced a threefold increase in customers trading in gold items during the first quarter of 2025, compared to the same period last year.
The gold rush has accelerated with gold now worth £2,536.45 per ounce, up by over 35% compared to last year’s price.
The TV Star who shot to fame on Channels 4’s Posh Pawn revealed: “I have seen a dramatic surge in customers bringing in gold but especially their diamond rings where the gold is now worth more than the diamond!
“Gold is at a record value and is worth thousands more than the rest of the jewellery.
“This is the biggest gold rush I have ever known, and there are no signs of it slowing down or even levelling off.
“Old jewellery, wedding rings, and other gold items are now worth an absolute fortune.
“Everyone is selling their rings to cash in on money during these tricky financial times.
“People have taken their money out of unstable markets and have chosen to invest in gold instead.”
J.P. Morgan estimates gold prices to reach an all-time high in 2025, after the precious metal surpassed a series of record highs in 2024 without signs of slowing down.
James added: “I run eight stores across the country with many in Surrey, London and one in Manchester. We have noticed this trend in all stores and so we are inundated with gold.
“We have even had customers bringing in their gold teeth!
“Another customer brought in what he thought was customer jewellery after nearly putting it in the bin. He walked out with £3500.
“People from all walks of life are discovering the worth of gold items which they had never considered before.
“I started out during the 2008 financial crisis when people were so desperate for cash, and we were loaning against family heirlooms and hugely sentimental items.
“I am noticing similarities now to this crisis - People are resorting to selling their valuable items to make the most of the current gold rush and are make a soaring profit.
“Gold is a massive part of the business today which I did not anticipate when I first started.”
Prestige Pawn specialises in luxury items and its sales are a barometer of fashion and economic trends. The company values anything from jewellery and accessories to Helicopters, Lamborghinis and secret letters from royals and rock stars.
Plans are advancing to revive the TV show which ran for seven series showcasing a revolutionary take on high-end pawn broking and the astonishing items that came into his stores.