The supermarket chain Tesco has set up a scheme to allow members of the public to use their unwanted gold to make donations to its charity of the year, Cancer Research UK.
The initiative enables customers to donate a percentage of the proceeds to the charity when they exchange their gold for cash through the Tesco Gold Exchange. This is a website where people register, post their unwanted gold to Tesco, and receive cash in return.
Tesco will top up donations by 30p per gram of gold exchanged. The website currently buys gold for around £10 per gram of nine carat gold, with customers, on average, receiving £308 for the gold jewellery they exchange.
Tesco has not set a fundraising target for the gold scheme but it hopes to raise £10m for Cancer Research UK in 2012 to fund 32 early diagnosis and detection research projects.
Claire Rowney, head of corporate partnerships at Cancer Research UK, said: "We’re always keen to explore different ways to fundraise and that’s why we are working with Tesco Gold Exchange to offer our supporters a new way of contributing towards our life-saving research."
The partnership will also be supported through a range of promotions in stores. A donation of 0.0125p will also be made to Cancer Research UK by Tesco Personal Finance every time a cash machine is used at Tesco until February 2013.