Jon White, the founder of Wiltshire-based Gold Traders UK Ltd has welcomed support from East Hampshire MP Damian Hinds after he raised the issue of price transparency in the UK’s precious metals sector.
Damian Hinds MP met with Jon White at M J Hughes Coins in Alton recently where they discussed Jon’s concerns about the lack of consumer protection in the precious metals buying market.
Jon outlined his campaign for greater transparency, highlighting the fact there is currently no legal requirement for gold buyers to display the price they pay per gram, no mandatory accreditation scheme and no consistent standards governing the treatment of customers selling their gold, silver or platinum. Yet if this was the scrap metal sector such regulation is in place.
Jon said: “I want to thank Damian for taking the time to hear the case for change and for the support he has shown. People selling gold and silver deserve to know exactly what they are being offered before they part with anything. At the moment, there is nothing in law requiring buyers to tell them the price per gram they are paying. Damian raising this issue in Parliament is an important step forward, and conversations like this help build momentum for meaningful consumer protection.
“At the moment, dealers can offer any price, even if it’s a fraction of the true value of the items being sold, and that’s entirely legal. It’s truly a case of ‘seller beware’ and it’s something which I’ve decided to campaign for.”
Following the recent meeting with Jon, Damian Hinds tabled a Written Parliamentary Question (UIN 17979), asking what assessment the Government has made of introducing a requirement for both over-the-counter and online gold buyers to display clearly the price paid per gram. The question is currently awaiting an official response.
Jon’s campaign centres on improving transparency for consumers at a time when many people may be selling jewellery or precious metals due to changing financial circumstances.
Without clear pricing information, sellers often have no easy way of knowing whether an offer reflects the true value of their items. Jon’s company Gold Traders UK Ltd clearly displays the prices that will be paid per gram on their website and also offer a tool allowing consumers to check a value of their items prior to sale – whoever they wish to sell to.
Jon wants regulation to:
- Show the price up front – any buyer must publicly state the rate they pay (as a price per gram for the metal’s purity) before a transaction begins.
- Fix postal buying – postal services must give a specific written indication of what a seller can realistically expect to be paid before items are sent, must make the actual percentage or per-gram rate clear (not just a live spot price), and must return declined items for free.
- Control travelling buying events – pop-up and mobile buyers must register with the local authority in advance, display their rates at the venue, and put any offer in writing before completing a sale.
- Ban large cash payments – cash payments above a set threshold prohibited, bringing the sector into line with anti-money laundering practice.
- Verify seller identity – buyers must check who they’re buying from, creating a basic audit trail and deterring the handling of stolen goods.
Damian Hinds, MP for East Hampshire, said: “It was good to meet Jon and hear first-hand about the concerns facing this sector. People selling their gold and silver, often at a difficult time in their lives, should be able to see clearly what they are being paid and know that they are being treated fairly. I was pleased to raise the issue of price transparency in Parliament, and I look forward to the Government’s response.”
Gold Traders UK Ltd was founded in 2008 and has built its reputation on transparent pricing and accredited customer service. The business operates branches in Royal Wootton Bassett, Wiltshire, and Bodmin, Cornwall, alongside a nationwide postal service.
It was the first precious metals company in the UK to achieve Trading Standards accreditation through the Buy With Confidence scheme and is an Official Partner of The Royal Mint, the only partner in the South West. To find out more visit https://www.gold-traders.co.uk/
Article from Scott Media
