Home Business News Gold-Traders becomes first UK precious metals buyer to receive Trading Standards accreditation

Gold-Traders becomes first UK precious metals buyer to receive Trading Standards accreditation

by LLB Finance Reporter
30th Aug 22 12:06 pm

Leading precious metals buyer Gold-Traders has received accreditation from the Buy with Confidence scheme, awarded by Wiltshire Council.

The business is the first gold buying business to be awarded trading standards accreditation Gold-Traders offers its customers very close to the current spot price of gold for their items, a better and fairer deal compared to the ‘cash for gold’ companies offering free postal bags, who typically only pay between 40-60% of the gold item’s real value.

In order to qualify, Gold-Traders proved it operates fairly through a thorough vetting procedure, conducted by trading standards officers.

As a result of the current cost-of-living crisis, which is leaving many households looking for extra cash, many consumers are being tempted by free envelope cash-for-gold businesses who don’t offer their customers a fair deal, instead typically offering only 40-60% of an item’s real value.

These businesses rely on consumers not being aware of the true worth of their gold. In the hopes of proving to its customers that there is a better way to sell their valuables, leading precious metals buyer www.gold-traders.co.uk has become the first gold buying and precious metals business in the UK to receive trading standards accreditation.

The business has been awarded the Buy with Confidence accreditation from Wiltshire council, which is part of the national Buy with Confidence scheme.

Gold-Traders is a leading precious metal buyer, which offer customers valuation on their jewellery, up-front, with no hidden fees or extra charges. Instead of offering free postal bags like their competitors, Gold-Traders offer a postal service in which customers send their items in a tracked envelope themselves, allowing them to earn close to the current spot price of gold, significantly more than the 40-60% of the true value offered by companies giving customers free postal bags.

In addition to their postal service, the business operates a secure counter service in Royal Wootton Bassett, Wiltshire, where customers can sell their precious metals in person and receive a same-day payment.

‘Buy with Confidence’ first launched in 2008 and is the largest scheme of its kind nationally, supported by 67 local authority Trading Standards services. Its goal is to provide consumers with a register of businesses that have been thoroughly vetted and approved by Trading Standards.

In order for a business to receive accreditation, they must go through a strict procedure which includes research into their trading history, financial background and a criminal records check. Additionally, businesses must also go through an audit of their business systems and allow Trading Standards Officers access to their customer records.

By becoming the first precious metals business in the UK to receive Trading Standards accreditation, Gold-Traders is committing to the Buy with Confidence Terms and conditions and have agreed to be monitored in the future to ensure they are continuing to trade fairly.

Cllr Ian Blair-Pilling, Wiltshire Council Cabinet Member for Public Protection, said, “We’re really pleased that Gold-Traders has decided to join the Buy with Confidence scheme. At a time when ‘rogue traders’ may be taking advantage of people’s financial difficulties.

“We want consumers in Wiltshire to feel that their property and money is being handled safely and fairly by businesses. By finding a business that suits their needs through Buy with Confidence, they’re ensuring that the company they’re doing business with has been thoroughly vetted and will continue to be monitored to make sure they’re operating within both the letter and spirit of trading standards.

“As the first precious metals buyer and gold dealer in the UK to receive Trading Standards accreditation, Gold-Traders is setting a brilliant example in their industry. We hope this will build further trust among consumers, and encourage other companies within the precious metals sector to ensure their business operations are fair, ethical and reliable enough to obtain Trading Standards approval.

“We are committed to protecting individuals and businesses with an effective standards service and the Buy With Confidence Scheme is a really effective way of doing this.”

Jon White, Director of www.gold-traders.co.uk added, “We’re absolutely delighted to have been awarded Buy with Confidence accreditation by Wiltshire Council, and proud to be the first UK business in the precious metals industry to receive trading standards approval.

“Here at Gold-Traders, we take great pride in not only offering customers upfront and informed valuations, but also offering payments for gold items that are very close to the current spot price of gold, unlike some of our competitors.

“I hope that by joining this scheme we can pave the way for other businesses in our industry to step up and make sure they’re offering consumers a fair deal, without any hidden costs. We have a responsibility to ensure that our customers feel safe and respected.

“This is of even more importance when working with precious metals, where customers are often entrusting us with highly valuable and often sentimental items.”

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