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Gold Traders Syndicate warns shops from spread of counterfeit gold

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Gold Traders Syndicate warns shops from spread of counterfeit gold

Dealing with official invoices, checking gold, prevents traders getting involved in robbery cases: Michel

The Gold Traders Syndicate asked shop owners and jewellers to be cautious when purchasing gold jewellery from consumers in light of systematic counterfeiting campaigns and the sale of gold coins these past few days.

George Michel, head of the syndicate, said that they issued a memo to all shops and members of the syndicate warning them not to buy items without an invoice to ensure the identity of the customers.

The memo also requests that a clear purchase bill is signed by the seller and includes specifications of the items, such as the weights, the price of gold, along with the customers’ information.

Michel explained that these precautions aim to maintain the reputation of the traders, especially to avoid police raids, inspections, or public fund investigations.

He also pointed out the need for gold shops to inspect the items and ensure that the legal calibre is met before the sale is completed.

However, one gold shop alone will not be able to stop counterfeiting. Hence, Michel called for gold shops to cooperate in reporting suspicious customers, in the event of fraudulent gold, to the nearest police station as a way to help in the pursuit of these criminal elements.

He also advised that, if some shops are suspicious, they should avoid closing the deal.

The Gold Traders Syndicate directed gold testing workshops dealing with strangers and unknown customers to tighten market controls, shared Michel.

Said Zakaria, a gold merchant and treasurer of the Gold Traders Syndicate, said that they aim to counter counterfeit gold to protect the rights of consumers.

He added that the products obtained from thefts are either distributed as pieces through women’s gangs or sold to a trader collaborating with the thief and thus smelted and re-offered as new work.

Zakaria referred to the spread of robberies in the markets, some of which were armed robberies such as the major theft suffered by a dealer while driving on the Cairo-Alexandria road, as per police report number 7603 dated May 30.

To avoid cases of theft and legal accountability, he emphasised the need to warn shops and workshops not to deal with unknown people and to always deal with official invoices and gold testing before purchasing from consumers.

Topics: Business Egypt Gold

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