Gold Traders Becomes First UK Precious Metal Dealer to Gain Trading Standards Accreditation

Trading Standards Approved : Buy With Confidence

Gold Traders is delighted to announce we’ve received accreditation from the Buy with Confidence scheme, awarded by Wiltshire Council Trading Standards.

We’re the first gold buying business in the UK to receive accreditation and we hope this helps customers make an informed decision when considering the sale of their gold.

As we continue to shine a light on our low paying ‘cash for gold’ competitors, gaining recognition through the Buy With Confidence scheme is a huge boost for us. Unfortunately, our industry is littered with many companies who simply fail to give an honest and up-front indication as to the value of gold items being sold. They tempt consumers to use their service by offering free postal envelopes and the promise of ‘top prices’. However, those ‘top prices’ are never qualified up-front and they typically only offer 40-60% of the actual value of the items being sold.

Why do free envelope cash for gold companies pay such low rates?

The free envelope cash for gold companies pay such low prices because their operating costs are so high and most customers who sell gold simply don’t appreciate the actual value of the gold they’re selling. Once they’ve sent their items away and offered a price to sell, most customers simply accept the price they’re offered, without realising they could often receive double the amount, if they’d sold elsewhere.

Operating a free envelope cash for gold service is not cheap. Each time an envelope is used, it costs the company around £8 in postage fees. Many envelopes are returned containing nothing of value, therefore the cost must be recovered from those customers who send in genuine gold items.

These companies also typically advertise across many platforms. Radio, TV and online advertising costs a huge amount, which again must be paid for.

All these high operating costs mean these companies have no choice but to trade on a high profit margin basis – they simply wouldn’t survive if they paid the prices we pay! Of course, none of this is disclosed on their websites. You’re unlikely to find a table of rates they pay and if you ask them “how much are you paying for 9ct gold?“, you’ll often get fobbed off with something like “sorry, we can’t give you a valuation over the phone, we need to assess your item to offer the best rate possible.”

Of course, all this is just piffle. These companies are buying your items for their scrap value, at the lowest possible price. If they published their scrap gold prices online, you’d be highly unlikely to request one of their envelopes!

Give Gold Traders a try & find out why we’re different. You can use our postal service & receive payment into your account the same day we receive your items (Monday to Friday), or you can visit our secure counter for an instant valuation at our premises, which is just 10 minutes from junction 16 of the M4.

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August 30th, 2022 No Comments » Industry News, Miscellaneous |