Business
Brits cashing in jewellery as gold price hits record high
Pawnbroker Ramsdens has significantly upgraded its annual profit forecast, attributing the boost to record levels of lending as consumers increasingly turn to their jewellery for cash amidst soaring gold prices.
The lender and retailer noted the precious metal’s higher price was driving demand and bolstering profits.
Pawnbroking lending hit record levels in February, continuing into March, and boosting its loan book by 18 per cent since the financial year ended in September.
Ramsdens’ service allows individuals to secure loans against jewellery or watches.
The company also purchases unwanted items for resale in stores, online, or to bullion dealers. Furthermore, revenues from its jewellery shops climbed by approximately a quarter year-on-year.
It comes as the price of gold has rallied to reach record highs at points during 2026, as investors sought refuge during global geopolitical uncertainty, conflict and worries about tariffs.
The most recent spike occurred at the beginning of March following the escalation of conflict in the Middle East, with gold hitting around $5,400 (£4,040) an ounce.
The average gold price for the year-to-date is about 50 per cent higher than last year, and the geopolitical and economic climate could mean it remains elevated throughout the months ahead, Ramsdens said.
The London-listed business told investors that owing to stronger trading in the first five months of its financial year and the outlook for gold prices, it was now expecting to make an annual pre-tax profit of at least £24 million, which could rise to as much as £28 million.
Analysts had previously been forecasting a profit of £21.1 million for the year to the end of September.
Get a free fractional share worth up to £100.
Capital at risk.
Terms and conditions apply.
ADVERTISEMENT
Get a free fractional share worth up to £100.
Capital at risk.
Terms and conditions apply.
ADVERTISEMENT
Chief executive Peter Kenyon said: “In addition to underlying progress across the business, we continue to benefit from the high gold price, which is significantly boosting both customer demand and profits within our purchase of precious metals segment.”
Russ Mould, investment director for AJ Bell, said: “This is the second profit forecast increase of 2026, following on from February’s trading update, and means Ramsdens is now on track to post record annual earnings in the 12 months to September 2026.
“The good news is it is not just the soaring gold price that is doing the heavy lifting.
“Ramsdens reports strong sales of jewellery and rapid growth in the pledge book at the pawnbroking operation, while the foreign currency exchange business seems steady, although there remains a chance that the conflict in the Middle East has an impact there at some stage.”
Ramsdens’ shares jumped by about a tenth on Wednesday.
Business
Ads for British beef and milk banned following Chris Packham complaint
Two ads promoting British beef and milk have been banned after television presenter and environmental campaigner Chris Packham complained that they misled consumers about the products’ carbon footprints.
Both ads for the Agriculture and Horticulture Development Board’s (AHDB) Let’s Eat Balanced campaign used the carbon footprint of British beef and milk to promote the products, firstly stating: “British beef not only tastes great, but has a carbon footprint that’s half the global average*.”
The asterisk linked to text that stated: “Full lifecycle emissions of CO2 eq (carbon dioxide equivalent) per kg of beef.”
The ad for milk stated: “British milk not only tastes good, but is also produced to world-class standards, and has a carbon footprint a third lower than the global average.”
Packham complained to the Advertising Standards Authority (ASA) that the ads, and specifically the carbon footprint claims, were misleading as they did not reflect the full environmental impact of British meat and dairy.
The AHDB said the ads’ mention of carbon emissions would be understood in relation to the environmental impact of beef and milk that occurred between the “cradle-to-retail” stages.
But the ASA said the average consumer “being reasonably well-informed, observant and circumspect” would understand the claims to apply beyond the retail stage and include actions such as cooking and wastage.
The ASA said: “While we acknowledged the potential difficulties in producing post-retail emissions data, the claims in the ads suggested those emissions were included and we therefore expected the evidence provided to also include them.
“We therefore concluded that the evidence presented was insufficient to support the full life-cycle claims in the ads, which was how the average consumer was likely to interpret them.
“We reminded AHDB that environmental claims should be based on the full life cycle unless the ad stated otherwise.”
AHDB’s director of communications and market development, Will Jackson, said: “Let’s Eat Balanced is doing what it was designed to do, providing clear, factual, evidence-led information about British food, nutrition and farming standards.
“Since the investigation began, we have conducted independent consumer research which found that the majority of respondents interpreted these adverts as relating to the production phase only, from farm to retail.
“This research provides important insight into consumer understanding and supports our belief that consumers were not misled by the information we shared in these two specific adverts.”
Business
Gen Z pros embrace ‘portfolio careers’ as side hustles surge – The Times of India
BENGALURU: India’s Gen Z workforce is embracing what experts describe as “portfolio careers” – balancing multiple professional identities and income streams simultaneously. New research from LinkedIn shows that 75% of Gen Z entrepreneurs in India now manage multiple income streams, significantly higher than the 62% among Gen X entrepreneurs. The findings point to a growing preference among younger professionals for flexibility, autonomy and diversified sources of income. “We’re also seeing the rise of the ‘portfolio era’, with more professionals creating multiple income streams and redefining what a career can look like. This shift is making entrepreneurship more accessible than ever before,” said LinkedIn India country manager Kumaresh Pattabiraman.Rather than depending on a single full-time role, many professionals are simultaneously building businesses, freelancing, consulting, creating online content and monetising specialised skills through digital platforms. The trend comes amid a broader rise in entrepreneurial activity in India. LinkedIn recorded a 104% year-on-year increase in members adding “Founder” to their profiles – the highest growth among all global markets.AI is also emerging as a major enabler of this shift. The report found that 85% of Gen Z entrepreneurs consider AI and digital tools important to their business operations.
Business
Elon Musk said control of OpenAI should go to his children, Sam Altman tells jury
Sam Altman said Elon Musk tried many times for total control of OpenAI, which he’s now suing.
Source link
-
Tech1 week agoDHS Demanded Google Surrender Data on Canadian’s Activity, Location Over Anti-ICE Posts
-
Business1 week agoHeineken plans huge investment in hundreds of UK pubs ahead of World Cup
-
Tech5 days agoA new frontier: Identity stack evolves for agentic systems | Computer Weekly
-
Tech4 days ago‘Orbs,’ ‘Saucers,’ and ‘Flashes’ on the Moon: Pentagon Drops New UFO Files
-
Sports5 days agoShaheen Afridi achieves landmark feat during opening Test against Bangladesh
-
Business1 week agoIndia among most resilient large EMs, better placed for future global shocks; policy reforms & strong buffers help: Moody’s – The Times of India
-
Tech5 days agoWhat Microsoft Executives Really Thought About OpenAI in 2018
-
Fashion5 days agoNew orders in German manufacturing up 5% MoM in Mar 2026: Destatis
