Vertical Markets

Gold scheme in capital

by Mark Rowe

Tuesday, December 4, saw the Gold Standard rolled out further as the Metropolitan Police with Trading Standards, the National Association of Goldsmiths (NAG), the National Pawnbrokers Association (NPA) and the British Jewellers Association (BJA) launched the first London run of the scheme at Minar Jewellers in Tooting. The event, which signalled the beginnings of the Gold Standard’s in the capital, was attended by dignitaries from the police and Trading Standards as well as local jeweller and NAG chairman Pravin Pattni.

Tooting is the first area in the capital to trial the system and will see jewellers, goldsmiths and pawnbrokers in the area encouraged to demand information about the origin of the gold and the integrity of the seller. Retailers in the scheme will be asked to obtain a name and address from every customer, verify customers’ identity, only purchase from over 18s and capture transactions on CCTV and retain footage for 31 days.

Pravin Pattni, the owner of Minar Jewellers, in Upper Tooting Road, has already signed up to the scheme and is urging others to follow. He said: “The price of gold has increased significantly in the last few years. Gold theft has also increased in this time so thieves need to dispose of the stolen gold somewhere. Hopefully this scheme will make it very difficult to pass stolen gold back into the system. If you sell or buy gold under the Gold Standard you will have to provide certain vital information so we know where it’s come from. We hope this will push criminals into a corner and benefit all retailers in the industry.”

Chief Supt David Chinchen, Wandsworth’s borough commander, said: “Those who choose to knowingly handle stolen property can expect a visit from police with a search warrant. We have highlighted metal thieves who steal from gravestones, churches, underground cables and the rest. Although this is about precious metals the same heartache is felt by those who lose their most treasured family jewellery to thieves and those that profit from their criminal activities.”

Police forces working on the nationwide anti-metal theft scheme, Operation Symphony, have recently charged 20 people with alleged offences related to the theft and purchase of scrap metals. Arrests were made after similar measures were introduced at scrap metal dealers around the country – and jewellery scheme organisers hope the standard will have the same success in the jewellery sector.

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