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New business as good as gold

02/Feb/2010

By Emma Brennan, Joondalup Times

Comments:

Joe Fagan. Joe Fagan.

A NEW business offering people a chance to turn unwanted jewellery into cash has just opened in Joondalup.

Cash King in Piccadilly Circle, owned by Joe and Shirley Fagan, will take anything from gold rings to necklaces or brooches, including broken items.

“The business makes it possible for people to cash in on items that would gather dust at the bottom of a jewellery box,” Mr Fagan said.

“We test the pieces for quality using a special acid test. We then weigh them and pay a fixed price per gram. It's a very straightforward process getting it valued and we pay on the spot.”

The shop can only deal with people who are over-18 and sellers have to provide identification such as a driver's licence or passport, and a recent utility bill.

The Fagans work under a pawnbroker's and second-hand licence.

They enter every transaction on computer and provide details to WA Police. Mr Fagan said the business offered a form of recycling.

“Usually it is too much hassle for individuals to get money for gold because the Perth Royal Mint doesn't accept it in jewellery form,” he said.

“The reaction to the business so far has been quite good because it is an uncommon idea. Also, the price of gold is good right now.”

The Fagans also offer “gold parties” which can be run as a fundraiser for clubs or organisations. Cash King already has a branch in Hay Street Mall.

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