Monday, January 3, 2011

“Tesco Offers to Buy Customers' Gold Jewelry for Cash, Times Newspaper Says”

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“Tesco Offers to Buy Customers' Gold Jewelry for Cash, Times Newspaper Says”

Tesco Offers to Buy Customers' Gold Jewelry for Cash, Times Newspaper Says

Posted: 03 Jan 2011 01:53 AM PST

Tesco Plc, Britain's biggest supermarket chain, has begun competing with pawnbrokers and cash-for-gold businesses by exchanging customers' jewelry for cash, the London-based Times reported.

Tesco Gold Exchange is operating on a trial basis in at least 15 stores; people can request a packet in the post and send items by special delivery or hand them over at a store, and they are then sent valuations, the newspaper said.

The company is offering 7.81 pounds ($12.15) per gram for nine-carat gold, the Times said.

To contact the reporter on this story: Alan Purkiss in London on apurkiss@bloomberg.net.

To contact the editor responsible for this story: Colin Keatinge in London at ckeatinge@bloomberg.net.

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