What are the regulations for buying GOLD?
12 Views
Posted by
Bunny in
Small Business on Jul 31, 2010
This is a question for England, UK answerers please :-)
So, we have to buy the EC M Class II jazzy mega bucks scales... Then what? Do we have to register with someone, inform the queen? Get them serviced by superman every 5 minutes?
I know I seem a little... trite...
But honestly, this seems to be a bit of a kerfuffle..
We are a small Jewellers shop in Cambridgeshire and want to offer a gold buying service to our customers on our advertising. We play by all the rules (e.g. we don't offer the service atm because we don't have the scales) so I WANT to do this right, but it seems like there is no way to satisfy all the regulations AND run the shop as we only have 24 hours in a day. Maybe that's the way they want it. But it has to be possible right?
I don't want to spend £400 on scales to realize I have to have a certificate too, and a monthly registration or some rubbish. I would rather not bother.
Someone please put me out of my misery..
ummm i AM in the UK... so earth?
For Simon C, thanks for answering, but there are indeed strict guidelines for purchasing gold from a member of the public (as I am a retail jeweller). You must have EC, M stamped, class II scales and the department of 'Weights and Measures' WILL come and check them and make sure they are properly calibrated because obviously you could be conning the seller out of a gram's worth of cash.
There ar trading standards issues and you must have a log of all the purchases you make (name address and brief description) because also obviously the item could have been stolen, so yes there are big issues about buying gold.
Also there is no VAT payable on gold purchases/sales. The item has already been duty paid originally so it cant happen twice as that would be double duty...
So please if anyone knows what happens next after we buy the scales (at around £400 a pop) do we have to have them regularly calibrated by law, or register them somewhere or what happens next pls help
- Ian says
- Why are you asking on the UK/Ireland site? What planet are you on?
- Simonc says
- I was not aware of any regulations surrounding the purchase of gold. I have done some brief research and cannot find any such regulations.
I would imagine that the scales are as much for your own benefit, in that the quantities will be small so you need an accurate measurement of what you are buying. But in general terms, if you make an offer to a seller, and they accept, then as far as I can tell you can buy the gold.
Selling the gold may have VAT implications, if you are selling on to another business, and there are strict rules relating to the quality of gold (what carat etc), hallmarking, etc.
But in a specialist area like this it is always possible that there may be some obscure regulations that you need to comply with. My suggestion would be to ask your local Trading Standards and (assuming you have one) your trade association. But make sure you ask what the actual regulations are and what you NEED to do, not just their advice about what you would be ADVISED to do.
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