Angela Rippon, Gloria Hunniford and Julia Somerville started their brand new Series 4 of Rip Off Britain investigating one of the most notorious cash for gold companies in the country – Weston Knightly Ltd trading as the British Gold Refinery (britishgoldrefinery.co.uk).
When you use the online calculator for any gold buyers website, it is important to NEVER just to sell to the company who appear to pay the highest price. Companies like the British Gold Refinery, are simply showing a high value, but when they receive your jewellery, use tricks to pay you around 1/3rd of the true market value.
Customer posts gold to British Gold Refinery
Lisa Tate was looking to sell an expensive watch which she rarely wore as she wanted to go on holiday with her daughter. She found an impressive website from a company called the British Gold Refinery who promised her excellent rates and a first class service.
I would rather flush my watch down the toilet than sell it to them – Lisa says about the British Gold Refinery on BBC’s Rip off Britain 3 Sept 2012
Lisa entered the watch’s weight and carat into the online calculator. 27.5g of 14ct gold and she was delighted when the British Gold Refinery offered her £525.94 for it. Lisa posted off her watch, to find that after the British Gold Refinery received it, they telephoned her offering her only half the online valuation (just £214).
The reasons provided by the British Gold Refinery for the reduced offer was that the gold was 13ct and not 14ct. They also explained that the weight was wrong also.
Lisa was certain that the weight and carat was correct as she had had an expert insurance valuation on the watch in the past.
If Lisa turned down the offer of £214, she would need to pay the British Gold Refinery £35 administration fee plus postage and packing costs which totalled £50. Their website says “Free quotation, Free Valuation, Free Return”, so Lisa was extremely shocked to be asked for £50 to have the watch returned to her.
The promises made by the British Gold Refinery are not worth their weight in Gold – BBC Presenter on Rip off Britain 3 Sept 2012
BBC posts Gold to the British Gold Refinery
The BBC also sent a test parcel to the British Gold Refinery. The offer was reduced by almost two thirds! An offer of £335.94, when the website calculator quite clearly stated that the value of the jewellery was worth over £900. Their offer was over £500 less than their original quote.
After questioning the British Gold Refinery, the BBC gathered the following evidence.
|BBC’s Expert Valuation||British Gold Refinery Claims|
|Bracelet Carat||18ct Hallmarked||16ct|
|Chain Carat||14ct Hallmarked||9ct|
|Money Clip Carat||9ct Hallmarked||9ct|
As you can see, there is a startling difference between the BBC’s expert valuation, and the valuation of the British Gold Refinery.
The BBC asked for their gold back. The BBC had to request by telephone 6 times for the jewellery to be returned plus an email.
The BBC recommend that you have your items accurately weighed, tested and valued before you post your gold off.
Goldealers Ltd would also like to add that you should rarely just go with the highest price you can find on the internet – you will probably find yourself quite disappointed. There are many other companies who operate in a similar way to the British Gold Refinery.
Prior to using any gold buyer, we would recommend that you search for complaints about that gold buyer, because more often than not, it will uncover any hidden skeletons.
If you would like a true and accurate valuation and offer for your gold jewellery, use our online Scrap Gold Calculator. It’s easy to use, and will provide you with an itemised quotation for your unwanted gold, silver, platinum and bullion coins.