FIANNA Fáil councillor Kenneth O’Flynn has called on the Minister for Enterprise to introduce legislation for the gold refinery companies that are advertising regularly in the media to seek proof of purchase when people submit gold to the company.
At present there has been an increase in burglaries relating to stolen gold jewellery and the north side councillor feels that the current system allows criminals to get away with having a market for their stolen goods that allows them to remain virtually anonymous.
Cllr O’Flynn said, “I believe that the current system is allowing thieves the anonymity they require to sell off the goods they steal without any questions being asked as to how they came into possession of the gold, or how they can prove ownership of the pieces.
“I feel to curb the rise in the stealing of these goods as well as a rise in the stealing of mobile phones for a similar scheme, proof of purchase should be a requirement and if this cannot be produced then the gold or mobile phone should not be bought by the company. I have written to the Minister and asked that legislation to this effect by implemented as soon as possible.
“Outside of the rise in burglaries pertaining to Cash4Gold in the UK cases have been taken against the company for undervaluing items. Various UK media organisations have undertaken trials of Cash4Gold’s UK service, and found their valuation greatly below the independently assessed fair market value.
“For instance, in November 2009, the BBC’s Newsbeat programme had gold valued by an independent gold bullion dealer in Mayfair, London, at around £300. Three jewellers in Hatton Garden then offered similar amounts for the same collection; Cash4Gold’s valuation cheque was for £63, raised to £100 when the researcher called to get their money back.”
Cllr O’Flynn added, “I’d like people to know that there is not pot of gold at the end of this rainbow”.
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