It's the latest way to earn a quick euro – or €200.

Dozens of cash-for-gold shops are springing up across Dublin as the recession-hit Irish public look to sell their unwanted jewellery.

Tony Lester, who runs one of the stores on Dame Street in the capital, says he has seen a huge increase in the number of people bringing in their old gold in the past few months.

"It has really taken off. Previously I dealt only with trade companies, but recently I have widened it out to the public and the response has been huge. The increase could be partly down to the recession and money problems, and also down to the fact that gold is just not as fashionable as it used to be."

According to Lester, people walking in with a few bits of gold can expect to leave after 10 minutes or so with between €200-€300, after a quick valuation process which involves acid-testing the gold and looking for hallmarks. In a few cases, people have earned as much as €1,000.

"A lot of the time, people leave with large amounts of money for broken items, unwanted gifts and things that they would never even wear anyway," Lester said. Many of his customers are elderly people getting rid of years of hoarded jewellery.

Along with the booming trade have come security concerns. All of Dublin's cash-for-gold shops have undertaken strict security measures to ward off possible thefts.

In Lester's shop, there are security cameras at the front door and in every hall of the building, right through to upstairs where he has a screen in his office on which he watches all movement.

He never keeps cash inside the premises – he is right across from his bank. Gold items left in the shop are valued and moved from the premises within the hour.

When the Sunday Tribune visited on Friday, there was only one plain gold ring on the premises which had just been left in a matter of moments before, and had earned its owner a handy €100.

"It is a dangerous enough business to be in at the moment. There are always those who will spot the potential in a shop like this with gold and cash both on the premises. But any potential thieves will be disappointed, as neither gold nor money is kept here."

One item Lester will not accept is an engagement ring, or any ring with diamonds.

"Hopefully couples aren't selling off their engagement rings anyway, but we do not offer money for them," says Lester.