Most people have a jewelry or valet box at home containing gold pieces like a ring from a former sweetheart, a necklace with a broken clasp or an outdated pair of earrings that haven't seen the light of day in years. Now, with the help of a new business called Aqua Owl Gold, folks can sell forgotten glittery trinkets without having to step foot in a pawn shop. And while drinking a cocktail at the same time.

Aqua Owl Gold is a new home party business started by Elm Grove's Ed and Carole Ross, but the concept is different than traditional home parties selling candles or cooking utensils. Instead, interested hosts book an evening with the Rosses, invite their friends over for snacks and beverages, and encourage them to bring unwanted or broken gold pieces that they might want to sell.

"We don't stop the party to give any sort of lecture or sales pitch," says Carole. "People come to the party with their unwanted gold jewelry, they mingle, eat, drink and then at some point during the party they sit down with us to find out the scrap value of their gold."

The Rosses, trained by a relative who is a professional jeweler, begin the assessment by determining that the item is indeed gold. Then, they test the gold to find the karat content by using an electronic tester or by conducting a chemical test, and finally, they weigh the gold to determine how much they are able to pay for it.

"If the person wants to sell it, and usually they do, we will write them a check right then and there," says Carole. "It's that simple."

Although it's difficult to assess how much money a person can make at an Aqua Owl Gold party, Carole says the average payout is $125-$150 per guest.

"It really varies. We had individuals bring in as much as $1,100 worth of gold and we've paid out as little as $20," says Carole.

Plus, the host makes an extra 10 percent of the total amount paid to the guests, and $50 for every party booked off of theirs. The host does not need to have gold of their own to host a party.

"You'd be surprised at how many of your friends may have gold that they want to sell, but don't know where to go, and are afraid to mail it away to some unknown place," says Carole.

The cost of gold fluctuates daily, but it currently hovers around $850 an ounce. "As history shows, the price of gold typically goes up during a recession," says Carole.

For now, Carole and Ed -- who have professional day jobs -- plan to keep Aqua Owl Gold as a side business. It's something they enjoy doing together and the extra income is a nice perk.

The couple picked the name Aqua Owl Gold because they wanted something unique and fun, conveyed in their tagline, "Have a hoot, earn some loot."

"We love meeting new people, and hearing the funny stories behind some of the jewelry. We hear a lot of old boyfriend stories," says Carole.