A local entrepreneur has set up a business offering cash for unwanted gold jewellery.James Gilbert said the Bermuda Gold Exchange, which is operating now from its collection point inside the Gorham's hardware store on St John's Road, could help people realise wealth they did not know they had.“A lot of people have invested most of their money in things like property and investments that have lost value,” Mr Gilbert said. “But gold has tripled in value over the past five years. So a lot of people are sitting on top of a goldmine in their house.“If they need a few dollars to pay for something, cashing in some of that unwanted and broken jewellery could be the way to do it.”Mr Gilbert said the Bermuda Gold Exchange takes both yellow and white gold, but not precious stones. He said he based the idea on the Cayman Gold Exchange, which has grown to trade in other precious metals, such as platinum and silver.The Bermuda Gold Exchange website offers a three-step process for cashing in your jewellery. First, clients take the jewellery to the collection point at Gorham's and place it inside the ‘Cash for Gold' envelope. Then they drop the envelope into the Cash for Gold monitored drop safe, also at Gorham's. Then Mr Gilbert assesses the value of the gold and contacts the customer with a cash offer. Then, payment is arranged or the jewellery is returned.Mr Gilbert said the price he offers to pay depends partly on the spot price for gold on the commodities market and the rate he paid would be about half of that. Yesterday gold was trading at $1,332 per ounce, compared to its closing price of $567.40 per ounce on January 26, 2006 - a rise of approximately 135 percent over the five-year period.For more information, contact Bermuda Gold Exchange at 734-4653 or visit the website at www.bermudagoldexchange.com