Gold and jewellery buying shop

Local people selling jewellery, coins or scrap, and refiners or dealers buying your accumulated stock.

You keep the margin between your buying price and the price a refiner or dealer pays. Reselling decent second-hand jewellery or coins can add extra income.

• Testing and valuing precious metals
• Negotiating fairly and building trust
• Security awareness and record keeping

• Check whether you need a scrap metal dealer's licence from your local council
• Check anti-money laundering obligations with HMRC, including high value dealer registration if you handle large cash payments
• Keep seller ID and records, and know how to spot stolen goods
• Shop premises carry theft and robbery risk, so check security, safe and stock insurance requirements
• Lease terms, business rates and planning use for the unit

Startup costs are estimates, typically around £10,000 to £40,000, depending on the unit, shop fit-out, security and the cash you need to buy stock. Also check lease terms, business rates and planning use for the unit.

Check whether you need a scrap metal dealer's licence from your local council. Also check anti-money laundering obligations with HMRC, including high value dealer registration for large cash payments, and keep seller ID and records.

Monthly revenue is typically around £2,000 to £8,000, depending on footfall, what you pay for items and what refiners or dealers pay you. These are estimates, and they assume at least about 30 hours a week.