Jewelry box discards propelled revenue and profit at Dallas Gold and Silver Exchange's parent company in the first quarter.

DGSE Inc. president William Oyster said that while gold has backed off from its $1,000-an-ounce highs, people are still bringing in jewelry, worried that the price of gold is heading lower. Gold futures fell to $869.60 on Tuesday.

The Dallas-based company turns around and sells what it buys, making money on the spreads.

The public is also selling silver and Rolex watches, Mr. Oyster said.

The most popular items are high school class rings and out-of-style chains, but silver flatware and coffee and tea sets regularly show up at the company's Dallas and Euless stores.

During the first quarter, the company bought more than $17 million in scrap jewelry, rare coins and bullion directly from consumers, up from $4.8 million in the same quarter last year.

One of Mr. Oyster's favorite purchases: A man brought in his father's tackle box full of gold fillings. "He was a dentist." It fetched $11,000.

The average purchases are between $500 and $1,500, and some days there's a constant line of 20 people, he said.

DGSE reported net income of $477,255 on revenue of $32.7 million in the period ended March 31, up from net income of $182,415 on revenue of $10.7 million a year ago.