Gold Traders UK founder Jon White has secured the backing of MP Sarah Gibson in his campaign for regulation of the precious metals buying market, with the MP pledging to call for a Westminster Hall debate.
The South West businessman is campaigning for greater transparency and accountability to protect people selling gold, silver, palladium and platinum, who may accept offers without understanding the true value of their items or how the price has been calculated. Currently, gold worth around £2 billion is recycled every year in the UK, but some consumers who sell their precious metal – often jewellery – can get as little as 30 per cent of its true value. And that’s completely legal.
Jon said:
“A scrap yard has more rules around buying and selling of scrap metal. Yet when it comes to gold, it’s a free-for-all. A dealer buying old copper pipe needs a licence, can’t pay in cash and must check ID. A gold buyer needs none of these.
“Most people sell gold once or twice in their lifetime, sometimes after a death in the family and they simply don’t know what it’s worth. Our sector needs some simple regulation to protect consumers, reduce the risk of stolen goods changing hands seamlessly and to bring up standards in our sector.”
Sarah Gibson, who is MP for Chippenham including Royal Wootton Bassett, agrees. She’s pledged to apply for a Westminster Hall debate on protecting those who want to sell their gold or precious metals.
“People selling gold or precious metals deserve to know they are being offered a fair price. I am deeply concerned that too many consumers do not fully understand how their valuables are assessed, how prices are calculated or what their items are really worth. This is particularly worrying when people are selling treasured possessions following a bereavement or during financial difficulties, leaving them vulnerable to being taken advantage of.
“We need stronger regulation, greater transparency around pricing and proper protections to ensure consumers can make informed decisions. Responsible dealers should have nothing to fear from higher standards, and I am pleased to support Jon’s campaign.”
Jon’s campaign focuses on businesses buying precious metals from the public, including via ‘free’ postal services and temporary buying events such as trading from village halls, or from vehicles in car parks with no comeback for consumers. He argues that anyone looking to sell should be able to establish the rate being offered before handing over jewellery, coins or other valuables.
“The former Office of Fair Trading raised concerns about some specific postal companies back in 2011 and concluded that their behaviour was not acceptable,” Jon said, “yet this barely scratched the surface. It didn’t look at the whole sector and no regulation followed. This may be a niche area of consumer law but it does impact individuals often at difficult times in their lives.”
Sarah Gibson’s commitment to seek a Westminster Hall debate represents a further step in the campaign to press for reform to protect consumers. East Hampshire MP Damian Hinds has also supported Jon’s campaign.
Although hallmarking legislation already protects buyers by verifying the purity of precious metal items, Jon’s campaign addresses the transparency of transactions when members of the public sell their valuables to dealers. It’s a rare case where the ‘seller’ needs protection from the ‘buyer’. His proposals include requiring buyers to publish the price they pay per gram for each metal purity before a transaction begins.
He also wants postal buying services to provide a written price before items are sent and guarantee their free return if an offer is rejected. Travelling buying events would be required to register with the relevant local authority, display their rates and also provide written offers prior to any sale taking place.
Other proposed measures include a threshold above which cash payments would be prohibited and compulsory checks on sellers’ identities to help deter the sale of stolen property. Jon argues that responsible precious metal dealers should support clear standards that allow customers to compare offers and make informed decisions.
Jon has also set up a petition around this issue which is open until February 2027. Members of the public can read the proposals and add their support at petition.parliament.uk/petitions/776513.
Founded by Jon White in Royal Wootton Bassett in 2008, Gold Traders UK was the first precious metals company in the UK to gain ‘trusted trader’ status through Trading Standards, and anyone selling to his team can expect to get over 90 per cent of the true value of their valuables. For more information about the business and its campaign, visit the website.
