Saturday, June 28, 2014

Gold and Rules

In these tough economic times, cleaning out the jewelry box to raise cash may sound like a good idea. But as a story in the Courier News notes, one must be aware of the rules for buying and selling gold or run the risk of being cheated.

Five Plainfield stores were among 21 cited for possible violations of "cash for gold" consumer protection laws. They are Electronic and Jewelry Spot, Gold Breeze Jewelry, Gold Star Jewelry, Dia Jewelers and Bong Jewelers.

According to the story, "The violations range from failing to post prices for precious metals to failing to keep scales in plain view and failing to maintain receipts."

The only gold jewelry I own is a $12 wedding band purchased in 1958 from Bamberger's, but if you have valuable pieces that you are thinking of selling, first read this state-issued brochure, "Selling Your Precious Metals and Jewelry."


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