Kay Jewelers has announced the launch of the Kay Gold Exchange. In a press release the company states that the Kay Jewelers Gold Exchange Program is a secure way to exchange gold for cash. Customers can send in anything made primarily of precious gold - 10 Karat, 14 Karat, 18 Karat, 22 Karat or 24 Karat Gold or European equivalents.

Kay Jewelers states that the service is risk-free because if the customer is not happy with the payment amount or any other aspect of the service, he can return the check within 14 days of check issuance, and Kay undertakes to return the items at no cost.

Every package received is reportedly videotaped while it is being opened, enabling customers to log in and view their very own valuables being unpacked and weighed. During the handling of the transaction, customers are said to be kept informed every step of the way.

Mark Light, Kay Jewelers President and CEO , stated: "The Kay Jewelers Gold Exchange was created in response to the many requests from customers who were looking for a secure way to exchange their gold jewelry for cash. And as always, customers' satisfaction comes first. Anyone can offer to buy gold, but we are jewelers first and foremost, and we have the expertise, experience and resources to ensure our customers' peace of mind."

The press release states that the program uses three critical factors to determine the value of the items: The purity of the precious metals, the weight of the items (excluding any stones, pearls, etc)., and the market price of each type of precious metal on the day of the payment, based on the London Fix.