AUCTION rooms are being flooded with Rolex watches and designer jewellery as Celtic Tiger cubs are being forced to sell up for cash.

Loaded property developers, who splashed out on expensive accessories during the boom years, are turning to jewellery auction rooms to offload their assets.

John Weldon Auctioneers in Temple Bar said that there has been a huge influx in gold in particular, but they have also spotted a trend in the sale of luxury watches.

"People are selling their secondary watches," said John Weldon. "These are the people who had five, six, 10 Rolex watches at one time. We had a Cartier Santos 100 watch in recently which sold for €2,300. The man was in the property game but is no longer in the industry. He would have paid at least €6,000 when he first bought it."

Mr Weldon said a lot of people are finding themselves with a considerable amount of jewellery which is "surplus to their requirements".

One piece up for auction tomorrow was likely to go for half what it cost in March.

"Any girl would wear this diamond solitaire ring. It was purchased in March for €4,600, we have the receipt from a reputable Dublin jewellers. It has a guide price of €1,500 to €2,000."

The auctioneer has noticed that there is a lot of jewellery coming in which may have been purchased within the last six to seven years. But the big seller in Irish auction rooms at the moment is gold and there have been dozens of television adverts from enterprising companies seeking gold jewellery.

The precious metal has increased in price by 10pc over the past 12 months, which is a much healthier return than the interest rates being offered by banks at the moment. Gold coins, necklaces, bracelets and rings are all being sold for cash.

"Anything with gold in it is selling, the price is so strong at the moment," Mr Weldon said. "People are bringing in their scales, doing the maths and making a profit. Gold is what people want and we can't get enough of it."

And Mr Weldon said that good-quality jewellery will also hold its own as an investment.

"People are selling the pieces because they need the cash," he said. "If you have cash at the moment, you can pick up some stunning pieces."

John Weldon's next auction takes place tomorrow in Cow's Lane, Temple Bar.

clairemurphy@herald.ie

- Claire Murphy