Warning over “cash for gold” postal companies after investigation

PEOPLE looking to turn unwanted gold into cash are being warned over sending their items in the post to companies promising money in return.

In recent months, many companies offering cash in exchange for gold and jewels have started advertising on national radio and television, promising to return the valuables if the customer wasn’t completely satisfied.

But an investigation by Hertfordshire Trading Standards found that at least one of these firms was paying under the odds for people’s jewellery,

and then not returning customers’ calls when they asked for the gold back.

Posing as a customer, a trading standards officer sent a gold bracelet valued between �40 and �60 to one firm that had made the satisfaction or items back pledge.

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But the company offered just over �5 for the bracelet, which the officer managed to reject. A second offer of �30.62 was then received via a cheque through the post.

There was no return address, and the officer was unable to contact the company before the seven day deadline expired, by which time the gold had been smelted.

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County councillor Keith Emsall, executive member for community safety, said: “Our investigations have shown it is always advisable for people thinking of selling their jewellery to shop around for the best price.”

Anyone who has experienced problems when selling their jewellery should contact Consumer Direct on 08454 040506.

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