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The intrinsic value of gold, its desirability as a safe haven, its inability to suffer excessive devaluations but, on the contrary, the prerogative of maintaining its value high, make it one of the most valuable precious metals among the most suitable for growing in value in periods of political and economic turbulence, such as the current one.
But while the growth in the value of gold is a source of satisfaction for investors, on the other hand it can pose a risk for people who choose to sell used gold jewelry and objects to make an extra profit. We asked Orolive, a famous gold buyer in Rome, to help us write the handbook on the safety of buying and selling gold, silver and precious jewels.
I buy irregular gold: how to make a safe sale
The risk lies in the increase in scams in the gold buying sector.
Operators who are less honest, less attentive, more corruptible or whatever you want to call them, are tickled by the idea – which they then transform into action – of working fraudulently. Only last month, five people in Trentino Alto Adige were reported for illegally carrying out gold buying activities.
The sector of buying and selling used gold and precious metals is subject to strict regulation, which unfortunately is easily circumvented by those who subtly neglect to follow the correct purchasing process.
Those who are damaged are the customers of gold buyers, that is, the people who honestly go to these businesses to sell their used jewellery, perhaps without having adequately informed themselves first about the correct procedure that must be followed. Procedure that begins with the quotation of gold by observing the price of gold in real time, passes through the evaluation of the objects and ends with final negotiation and traceable payment.
When dealing with valuable items such as those made of gold, it is essential that all documents are in order and that each step is carried out with the greatest possible transparency, correctness and professionalism. Consequently, carefully choosing who to sell your precious objects to becomes a crucial step.
Fraudulent gold buyers can carry out various types of scams, the most common of which are the offering of extremely low valuations, the absence of transparency in the valuation and payment procedures, but even a much more serious one, such as purchase of used gold without having the necessary authorizations to practice.
It goes without saying that the first thing to do, when you think about selling used gold and jewellery, is to look for a gold buyer who inspires trust, who is specialized and has years of experience. In this field, seeking professionalism is not just a matter of precaution but becomes an absolutely necessary condition to be sure of protecting your values and receiving a fair and safe transaction.
Recognize scams and protect your gold
In the gold market, as in other types of markets, it is important to receive the maximum valuation of the used gold, in order not to risk losing money that would rightfully belong to the owner and which would make the sale satisfactory.
But how do you distinguish a safe and reliable operator from fraudulent ones that must be absolutely avoided? Attention is the key word, because it will allow you to be sure of making a regular and legal sale of used gold and jewellery.
First of all, you need to read the online reviews of customers who have already concluded a sale with the identified gold buyer, who perhaps you have already read or heard positive things about. The online reputation of a gold buyer is a good indicator of trust and reliability. A piece of advice: in addition to reading the positive reviews, you should carefully observe the responses that the shopkeeper gives to any criticisms, because you understand the type of person and his professionalism.
Another detail to check is the presence of the certifications and authorizations necessary to operate in the sector. This information can be found on their website (but also clearly displayed at the point of sale), because reliable, serious and professional operators who comply with current regulations must be regularly registered with the Organization of Agents and Mediators (OAM) or to other recognized regulatory bodies.
Once the gold buyer has been chosen, those who want to sell used gold will go to the shop (or call to have an initial telephone evaluation), and here too they will be able to observe signs of reliability. A regular gold purchase, throughout the entire process of evaluating precious metals, will be transparent, will show the live gold price from the London Stock Exchange, will provide clear explanations on how the value of gold is established based on current market prices, will show which tests will be carried out and how these will influence the final quotation and will fully answer all the customer’s questions.
On the contrary, we must be wary of those who are not willing to share the details of the evaluation, those who do not communicate clearly and directly and use technicalities that they do not explain, those who refuse to communicate the evaluation on the telephone, those who rush to conclude the negotiation because wants to convince the customer to sell immediately.
Finally, at the end of the negotiation, the agreed sum will be paid with a traceable payment method and never in cash, as established by law, if the amount exceeds €499.00. Furthermore, a guarantee certificate is given to the seller which certifies the authenticity and value of the transaction. If all this doesn’t happen, it is definitely a scam.
At these signs, the customer may not feel at ease, he may feel pressured to make a hasty decision, because clarity in communication is necessary in building a relationship of trust. And so is the freedom to offer valuations without immediate sales obligations.
Selling gold to the most advantageous and professional gold buyer is a decision to be made with caution, to avoid having fraudulent experiences that would devalue, often significantly, one’s jewels.
