THEY'VE already cut up the platinum credit cards, auctioned their Chanel on eBay and ditched their Jimmy Choos habit thanks to the credit crunch, and now ladies who lunch but are suffering a tightening of the purse strings have a dazzling way to make some fast cash - a gold party.
The concept, which started in America late last year as the recession took hold, sees wealthy women gather together to sell their unwanted gold necklaces, bracelets and rings - with the help of a specialist company.
A sales rep sets up gold-testing equipment in the party host's home to calculate what each item is worth, based on the carat, weight and the market price.
The owner is then offered a cheque for their item but if the reality of parting with that first boyfriend's signet ring is too difficult, there's no obligation to sell. Just like the Tupperware parties of the '70s, emphasis is on having fun, with Chardonnay and canapes on offer, as well as making cash.
Now, gold parties are coming to Scotland.
Ounces to Pounds, one of the UK's first gold party firms, had six inquiries last week from people in Glasgow and Edinburgh keen to host one.
The London-based firm plans to send sales reps up to Scotland to host the parties, and if they go well the company will recruit Scottish staff.
Ounces to Pounds has been running for three months and has already had 25 parties at homes across England and has arranged exclusive gold-selling gatherings at other venues, including Guilford Golf Club and Fulham FC. It can also arrange charity events.
The firm has so far paid out as much as £5000 to a single party-goer - who are almost exclusively middle-aged women. The company, sales rep and the party host all get a cut of the value, usually around 10% each.
Stephen Pearson, 43, who is head of UK operations for Ounces to Pounds, said: "We've had people waving cheques around like they've just won the lottery!
"There are three reasons for the firm's success. First is, gold is at an all-time high, it's pretty much tripled in the past couple of years, it's trading at £605 an ounce and it's still rising. Combine that with the recession, people are looking for new ways to make cash.
"Thirdly, the most important fact is that there's obviously a huge stigma about walking into a pawn shop.
"This takes away all of that stigma. The prices we pay are about three times more than pawn shops because we are buying in sufficient volume."
The firm, which has nine staff, grew out of a Las Vegas gold party company and already has offices in Australia and plans to expand to Spain.
It has bought gold from bankers' wives - and has even swapped a man's gold tooth for cash.
Some party hosts opt for a theme - James Bond's Goldfinger is one of the most popular. January Thomas, president of one of America's first gold party firms, MyGoldParty.com, employs sales reps in 29 states across the US.
He said: "Most of the items we see have been sitting in a dresser drawer for five, 10, 15 or even 20 years.
"If you haven't worn something in over five years, chances are you won't be wearing it in the future. Plus, many items we see are broken.
"This is the first party where people can get together without feeling obligated to buy something. Instead, guests get to leave with money!"
All the sold gold from the parties organised by Ounces to Pounds is turned into ingots.
Stephen Pearson said: "Even when we smelt it down we're making a profit, and it's fun!"
