Lancashire County Council helping to maintain 'gold standards'

Lancashire County Council helping to maintain 'gold standards'

LANCASHIRE County Council Trading Standards Service is advising consumers to shop around if they want to sell gold or other precious metals to the growing number of 'gold buyers' setting up business in the county or offering sales via the internet.

With gold prices reaching record highs, many businesses are now actively seeking to buy gold jewellery from the public. However, a survey of 18 buyers in the county revealed that prices offered varied from £4 to £7.40 per gram for 9ct gold, the usual quality for gold jewellery.

Based on current 9ct gold wholesale prices, Lancashire County Council Trading Standards Service is advising that consumers should aim to get at least £6 per gram, or approximately £36 for a typical 6 gram 9ct gold ring.

If the gold item is weighed to determine its value, then it is important the scales can measure accurately. However, in nine of the businesses visited by Trading Standards, inappropriate or inaccurate scales were being used.

County Councillor Albert Atkinson, deputy leader of the county council, said: "At this time of the year it may be tempting to sell spare gold and other jewellery to raise some spare cash. Because of the high unit cost of gold, it is critical that the equipment it is weighed on is accurate and the consumer gets a fair price.

“It is important for individuals to shop around in order to get the best deal as the price offered can vary between competitors. If you are sending items via the post after seeing an advert on the television or internet, you also have the right to ask for the items back if the price is not acceptable to you."

Consumers who feel they have been misled about the price of the items they have sold, should contact Consumer Direct for further advice on 08454 04 05 06.