Goldealers Ltd are one of the very first 10 gold buyers in the UK to sign up to the gold standard code of conduct.

This article discusses why the gold standard is so important, how it protects you and why you should not sell your gold to any company who do not adhere to this code of practice.

If gold buyers know what ‘The Gold Standard’ code of practice is, but are not members, walk away – Goldealers Ltd

What is the Gold Standard?

The Gold Standard is a voluntary code of conduct for the face to face purchase of second hand precious metal and jewellery.

The Gold Standard is a joint initiative between the following organisations

• British Jewellers’ Associaiton
• National Association of Goldsmiths
• National Pawnbrokers Association
• Surrey Police

The Gold Standard is accredited by

• Association of Chief Police Officers
• Trading Standards Institute
• National Measurement Office

Good Practice Protocols

Aside from protocols put in place to mitigate the chances of purchasing stolen jewellery, the following good practice protocols are adhered to, to ensure that the customer understands the gold selling process and has clarity of how we are valuing their items.

• Where possible, we will weigh and evaluate the customer’s jewellery whilst the customer is in attendance.
• All items are weighed using Trading Standards approved Class II jewellery scales.
• Goldealers shall consult with the customer in the evaluation process so they understand and agree with the evaluation before making a decision to sell.
• The customer will be provided a written statement, itemising articles being sold.
• We will inform the customer before the transaction has been completed and confirmed, there is a possibility that their item(s) may be melted or recycled immediately.
• Goldealers Ltd will strive to improve on these recommendations.

The Gold Standard code of practice is relatively new, however the fundamentals of the code have been adhered to by Goldealers for over 8 years now.

It is important to note that very few of the UK’s gold buyers adhere to or are members of the gold standard’s code of practice. The code of practice is designed to protect you the general public, as well as gold buyers, jewellers and refiners.

We would suggest that any business not willing to adhere to this simple code of conduct is not a trustworthy business to deal with.

When contacting gold buyers for a quote, ask if they are members of The Gold Standard. If they don’t know what it is, point them to this page and educate them. If they do know what it is and are not members, we would recommend that you politely walk away.