Rotherham scrap gold prices alert

They say an operation targeting gold dealers in the town threw up huge differences in the prices being offered to the public.

In the recent joint operation with South Yorkshire Police, the officers were offered between £759 and £1,350 for the same amount of scrap gold when they visited 17 outlets across the borough.

Over the two-day period the officers entered each premises with a known weight of scrap gold, which was weighed on some occasions out of sight of the seller or on the wrong type of scales.

The law requires that all transactions in gold must be made using stamped trade equipment.

Although there is no legal requirement to do so, none of the buyers revealed to customers the current unit price of scrap gold, which goes up and down according to international market fluctuations.

The operation was held after Rotherham Borough Council’s Trading Standards department was given intelligence over the huge disparity in prices being offered by gold dealers.

It is not illegal but not using the correct weighing equipment is, a council spokesman said.

Cllr Ken Wyatt, the council’s Cabinet member for health and wellbeing, said: “Our advice is always shop around before agreeing to the transaction," said

“We know that gold is very big business at the moment with the public wanting to earn cash for their scrap metal.

“But the results from the operation are really surprising and the clear message is that people should shop around when they want to sell.

“They should certainly not accept the first amount they are offered because the huge difference in prices mean they could miss out on substantial amounts of money.”