The competition among Bermuda’s gold dealers has heated up with one trader expanding his services into selling bullion and jewellery.Entrepreneur James Gilbert, the sole proprietor of Bermuda Gold Exchange, recently moved his drop box from Gorham’s hardware store and set up at a new location in the walkway by Trends in Reid Street.And with the price of gold hitting a high of $1,607 an ounce yesterday, Mr Gilbert, who launched his business in December, is looking to take advantage of the surge in demand from people looking to sell their items.Last week, The Royal Gazette reported that customers had cashed in on $750,000 worth of gold items at Gold Standard Bermuda at M&M International Ltd in Church Street.The company, which is backed by sister company the Cayman Gold Exchange, has been registered as a Limited Liability Company and Mr Gilbert prides himself on his professional and reputable service, checking customers’ ID and taking pictures of the gold that is brought in for sale.Having started out buying gold for cash, he has branched out into exchanging and selling used jewellery and coins. Bermuda Gold Exchange also accepts gold and platinum for its scrap programme, as well as some types of silver.In the future, Mr Gilbert plans to put items for sale on eMoo and BidBermuda.com.“My main goal is to educate people about the gold and money situation,” he said.“There is a selling market right now when it comes to gold, especially with gold hitting its high of $1,600 today.“That is due to the American government dealing with its debt limit and the European Union having so many countries in its group defaulting on its debt.“A lot of people are leaving the paper dollar and getting into the hard metal business.”Clients can take their unwanted or broken jewellery to the retail outlet for a free consultation or valuation, the item is tested for gold content, weight and carat value and they are given a valuation or made an offer based on the current spot price of gold.Mr Gilbert said that his average transaction is $1,000 per person depending on the item the customer brings in, with the value varying based on the gold price that day.Tuned into www.goldprice.org and www.bloomberg.com, he keeps an eye on the markets and get up-to-the-minute prices, enabling him to help his clients make informed decisions.In fact, Mr Gilbert recommends people to sell their gold on the open market before using dealers such as himself. He added that bullion is a good investment for those looking to trade in their old items, particularly given the rising price of gold lately, and above all, for anyone who does own gold to keep it safely under lock and key.Despite having no formal background in the gold business, he has learned on the job and been trained by his colleagues at the Cayman Gold Exchange on testing and dealing with different grades of gold. His mentor Cody Zander, one of the partners at the Cayman Gold Exchange, who he knew as a manager at Fine Dining, called him up one day to see if he was interested in getting into the gold trade and they decided to set up the company.For more information contact 297-4653 or 734-4653, email jamesgilbert[AT]bermudagold.com or visit the website at www.bermudagoldexchange.com