“Cash for Gold” Outlets Need Regulation

“Cash for Gold” Outlets Need Regulation

Sinn Féin councillor Mick Nugent has said the “cash for gold” outlets which have proliferated across the city in recent years are badly in need of regulation, after Sinn Féin representatives received several complaints about their practices.

Cllr Nugent said:

“In recent years dealers offering “cash for gold” have opening across the city. It appears that anybody can open one of these shops, and the sector is completely unregulated.”

“No attempt is made by these dealers to trace the origin of gold and jewellery which is presented to them. Anybody can walk in off the street with gold and walk out again with cash.”

“This creates an obvious opportunity for criminals.”

“In recent weeks a number of complaints have been made to Sinn Féin representatives about these outlets, including by people who have been the victims of crime.”

“There is an urgent need for regulation of “cash for gold” dealerships. Their proprietors should be required to hold a licence, and an obligation should be placed on them to accept gold only where the person offering it for sale can offer reasonable proof that it was legitimately theirs.”

For further information contact Cllr Mick Nugent @ 087-6755793