Cash-for-gold firms ‘rip off consumers’

Cash-for-gold merchants are ripping off Irish consumers by offering them only a fifth of what their jewellery is worth, according to a major survey of cash-for-gold firms operating in Ireland by precious metal specialists Goldcore.

Goldcore claims a ring originally bought for €1,000 will return only approximately €212.50 to a seller. Research director of Goldcore Mark O’Byrne urged consumers to be more careful when trying to convert gold into cash.

“While it may seem an attractive proposition in the short term due to the current economic environment, when you factor in the original purchase price, you can see that Irish consumers are getting a very bad deal overall,” he said.