Gold Parties All The Rage

Published on 10/08/09

IT IS the Tupperware party of the post-recession 21st century.

Instead of taking cash to buy plastic kitchenware, guests are asked to bring jewellery from a failed relationship and get money in return. Australia's first ''gold party'' will be held on August 19 at Bondi Icebergs, hosted by Gold Converters, a subsidiary of the Diamond Certification Laboratory of Australia.

The cash-for-gold parties are inspired by the success of similar ventures in the US and Britain.

Gold Converters director Roy Cohen said he and fellow director Dan Novick expected a mix of guests, who would have their pieces appraised and be paid by cheque on the spot.

Mr Cohen said parties were preferable to dealing with pawn shops. ''Pawn shops are for your second-hand bicycle. When it comes to diamonds or gold, you want … genuine dealers,'' he said.

He said the economic downturn - coupled with high gold prices, which last week hit almost $1150 an ounce - had increased the number of customers. ''We get literally dozens of calls a day where people are trying to find out what their items are worth,'' he said.