Problems revealed at gold-buying stores after investigationPosted: Updated:
After two months of unannounced inspections in Arizona at 40 different gold and jewelry buying businesses, 11 were cited for non-compliant violations and penalized $8,400 by the Department of Weights and Measures.
A total of 50 scales were audited, 17 of which were cited for violations. The violations ranged from non-licensed or inaccurate scales to businesses using scales that are not legal for trade. Investigators found many of the scales inspected under-registered the actual weight of the gold, while others did not have the required tamper proof seal.
During the two-month investigation, nine of the 40 inspected businesses were cited for not posting the buying price of the gold that is required by state law for consumers. Nine businesses were also cited for violations of under-registering or underweight, which hurts the consumer.
This is the third round of inspections aimed at the gold-buying businesses by the Department of Weight and Measures. In 2010 inspections of 44 businesses found 39 were cited for multiple infractions and penalized $45,000. Meanwhile, in 2011 18 businesses of 40 gold-buying businesses were cited with similar violations.
Those looking to sell their gold are urged to do their homework before selling. Sellers should check out the business they are looking to do business with to see if they have any complaints filed against them. Also, you should know the weight and karat of gold before you go to the store to guarantee you are getting fair market value.
To file a complaint with the Department of Weights and Measures please call 602-771-4920, or file a complaint online at www.azdwm.gov http://www.azdwm.gov.
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