After an intensive look at the issues facing many so-called outlets for buying gold, silver and platinum jewelry, one startling fact has surfaced. Throughout the United States, there is an on-going epidemic of these outlets that are being used as “fences” for stolen jewelry, much to the dismay of local authorities. “With items that are sold through the Internet, there’s not much that authorities can do to track stolen goods”, states pawnshop owner Oliver Reed from Denver-Colorado suburbs. “There needs to be some type of system in place to assist authorities with this problem”, says Reed.
However, in Florida, home of one of the largest and most respected mail-in jewelry buyers GoldPal, something has been done to address this issue, and that is the Nation’s first regulation of the mail-in gold buying industry, through state law that was first enacted in June 2009. Florida had determined that this new legislation was necessary since the existing state laws and regulations for the conventional -pawnshop based- second hand jewelry dealer business had not taken into account this new and unique business model that is now spread throughout the country and the industry itself had only recently emerged in 2007. These newly implemented regulations are in place in an effort to add further theft prevention measurements to the on-line nature of this new business.
One of those who strongly supported the new legislation was GoldPal owned by Gonzalo Barrantes, a respected on-line precious metals recycler based in Miami, Florida. “We cannot effectively maintain a business the size of GoldPal if we don’t adhere to the highest standards expected of us, by the community”, Barrantes says. This new legislation is officially known as Part III of Chapter 538 and is designed to increase the visibility of this industry to law enforcement officials.
The most important aspect of the new statute is the requirement of mail-in gold, silver and platinum-buying companies to keep detailed transaction records, which includes digital photographs of the items received. This information must be published on a secure database, which can then be accessed by law enforcement officials under strict data encryption protocols.
Even before the legislation went into effect, GoldPal had enabled a fail-safe highly automated processing system maintaining detailed records in an effort to prevent form purchasing stolen property. Today, all GoldPal transactions are automatically forwarded into the law enforcement database and all customers must provide a government-issued ID that can be used to verify the customer’s identity. A sworn statement must also be supplied that states the customer is of legal age, is the owner of the item to be sold and has the legal right to sell that property.
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GoldPal offers the faster, safer and most rewarding way to convert jewelry into money from the comfort of your home and with the flexibility to get paid directly into your bank account.
Customers interested in requesting a Jewelry Return Kit can do so by visiting
www.GoldPalUSA.com or by calling 1-877-GOLDPAL. For more information, connect with GoldPal USA on Facebook and Twitter.