Don't be taken for a fool when selling your gold

Havering Council is urging people who want to sell their gold to shop around after an undercover investigation discovered huge differences in quotes for customers.

Council officers posing as customers visited eight gold buyers in Romford on the same day and quotes they were offered differed by as much as £160.

The officers asked for a quote for four rings, a pair of earrings, a pendant and bracelet.  The quotes offered varied from £200 to £360. The average quote was £296.

Some of the gold buyers had signs claiming they were offering 'the best price in town today'.

Others failed to ask for identification from the seller - which helps deter thieves from selling on stolen goods.

Council weight and measures experts have since visited 20 gold buyers across the borough, including one hairdressers which buys gold, to test their scales and ensure that they are calibrated correctly and are suitable for business.

Officers handed out 15 notices to buyers who were not using the correct scales for trade use.  Now they must ensure they have the right scales.

In the current harsh economic climate, residents who have hit tough times may be tempted to sell gold jewellery.  The Council is now urging people to shop around to make sure they get a fair price.

Cllr Peter Gardner, Cabinet Member for Trading Standards, said: "Quotes that vary from £200 to £360 for the same amount of gold is a cause for concern.  We want to make sure that no-one is being misled.  We want to work with the buyers to ensure that the quotes they offer are not unreasonable due to faulty scales."

ENDS

Contact Claire Still, Havering Council press office, 01708 432005.

For immediate release

21 December 2009