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Saturday, November 22, 2008, 07:30
But the company has experienced an increase in another area – with an increase in people buying and selling jewellery.
With the price of gold high and people looking for ways to make a bit of extra cash in the run up to Christmas, many are digging deep into their jewellery boxes for unwanted items.
Peter Gray has managed the Victoria Street shop since it opened 11 years ago in Becketwell Lane, and believes it is a good indicator of the recent changes in the economy.
He said: "When we first opened, cashing cheques was our main business and we had a lot of customers who worked in the construction industry and were paid by cheque but found it difficult to open bank accounts.
"But because a lot of construction workers have been laid off recently, that side of the business has slowed down, whereas the jewellery side has really picked up.
"We find that people are going through their jewellery boxes and bringing in necklaces, bracelets and rings they no longer wear or like and exchanging them for money to buy Christmas presents.
"Because the price of gold is so high, they are getting a really good price for their items."
The Derby Cash Centre is owned by the Gloucester-based Mann family, which also operates jewellery shops in Gloucester and Boughton-on-the-Water and cash centres, similar to the Derby store, in Bath and Gloucester.
Peter and the four part-time members of staff who work at the Derby branch all have experience working in banks and see the business as another option to traditional banking.
Peter said: "Having worked in a bank myself I know how difficult it can be to set up accounts, especially at the moment, so we offer an alternative.
"The pawnbroking service is still very popular and another way of loaning money without having to approach a bank.
"People can leave a piece of jewellery with us and we will lend them the money they need and give them six months to repay the loan and reclaim the item.
"If they choose not to re-claim it in that time, we sell the item in the shop."
Peter said the company was well aware of the dangers of thieves trying to sell stolen jewellery and had procedures in place to deter criminals.
He said: "We always ask for identification when someone approaches us with a piece of jewellery, and constantly on the look-out for suspicious characters that might be looking to get rid of stolen items."
He believes that once the construction industry recovers, the cheque-cashing business will pick up.
"I have every confidence that this is just a temporary lull and until it picks up we will continue to help people make some money from their unwanted jewellery."
The centre opens from 9.15am to 5pm Monday to Saturday.
HIGH PRICE: Manager Peter Gray examines a gold chain at Derby Cash Centre in Victoria Street
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