Chamber says: “Be smart when selling second hand gold and other jewellery”

The Chamber has recently become aware of unlicensed traders in the jewellery business and would like the public at large to be aware of the potential dangers of conducting business with such unlicensed traders.

First and foremost if members of the public want to sell unwanted jewellery to dealers, whether the dealers are local or from outside Gibraltar, it is wise to have items valued by at least two different jewellers to ensure that they get a fair price for each item.
If you are unhappy with the dealer’s valuation do not accept it and tell the dealer you will go to a different dealer to get another valuation.

Secondly, only accept cash for your jewellery and never leave an item with a jeweller without a receipt. This is particularly the case if the dealer is from outside Gibraltar.

It is extremely unwise to invite anyone unknown to them into their home to value any jewellery they may have.
Ask yourself the following questions:

• Are they a legitimate dealer?
• Are they offering a fair price?
• Are they paying cash?

The Chamber would also like to reiterate to local traders in the business that if they are offered second hand jewellery they should be entirely satisfied of where the jewellery has come from and if in doubt ask the seller for proof or its source.