People have been urged to check their jewelry boxes after gold and silver prices have recently soared.
As reported by Business Matters magazine, gold and silver prices reached all-time highs, with the price of gold climbing to $4,603.87, while silver reached $84.69 an ounce.
It is largely attributed to investors putting money into traditional safe-haven assets amid growing geopolitical tensions.
Experts have added that it's not just the global markets and professional investors that are set to profit, as everyday individuals are also able to benefit from the rise in gold and silver prices.
Jim Tannahill, managing director of London-based jewellers Suttons and Robertsons, revealed that people could cash in on the gold and silver jewelry they already have and wish to get rid of.
He explained to the outlet: "These all-time highs are creating real opportunities for everyday people.
"If you already own gold or silver, whether physical or digital, these levels give you choices. You can sell and lock in a profit, or even use what you own as security for a short-term loan without having to part with it permanently."
He urged: "It’s also well worth checking drawers and jewellery boxes. Old, broken or unwanted jewellery can be worth far more than people expect at today’s prices.
"And if you’re unsure whether something is real gold, it can usually be tested and valued by carat at no cost."
Tannahill added that investing in gold does not always mean buying bullion, as well-bought second-hand jewelry can not only be a piece to be worn and enjoyed, but can also bring long-term value, too.
While tax rules vary around the world. in the UK, many jewelry items sold for under £6,000 are free from capital gains tax, while UK legal-tender gold coins such as Sovereigns are exempt altogether.
However, people are urged to be careful if they want to invest directly into precious metals while they are at record prices.
Samuel Mather-Holgate, managing director at Swindon-based Mather and Murray Financial, warned that the income generated by gold and silver is very different to that of traditional investments.
He explained: "With precious metal prices at all-time highs it’s tempting to jump straight in. But unlike shares or bonds, these assets don’t compound or generate returns beyond capital growth. The risk is buying at the top."
He suggested investing in a fund or company within the sector, which others have also echoed as the strong upwards momentum can quickly reverse.
Anita Wright, a chartered financial planner at Ribble Wealth Management, explained: "Gold and silver making new highs is exciting, but this is exactly when people need to keep their heads. Prices can overshoot and then snap back sharply on profit-taking.
"Checking jewellery boxes can be worthwhile, but do it carefully. Separate items by hallmark, weigh them, and get more than one quote from reputable buyers.
"Be clear whether you’re selling for scrap value or as a collectable, and remember that sentimental value can’t be recovered once an item is gone."
While precious metals have traditionally held or increased in value over time, and with global uncertainty driving demand for safe havens for investment, there is always a possibility that the trend could also turn in future.
However, if you have some old or broken jewelry that you'd like to get rid of that's just gathering dust, now's probably a great time to sell it.