FTC Testifies On Measures To Protect Consumers

Fri May 14, 2010, 12:13 am | 1 Comment

Financially-stressed consumers are seeking to make ends meet by selling gold jewelry, watches, and other family heirlooms containing precious metals to online buyers.

However, some consumers have been complaining that some online jewelry buyers provide a price quote only if asked.

In some cases, when the buyer purchases the item, the seller finds out that payment is made only after the item has been melted into its raw form.

Once that happens, dissatisfied consumers have limited recourse. A legislation has been proposed in the U.S. House of Representatives to do something about it.

The proposal addresses three issues:

1. The legislation would make sure that consumers have a chance to consider and reject a specific offer to buy their precious metals before an online purchaser melts or resells the items.
2. The measure would require businesses that offer to buy consumers’ jewelry or precious metals to insure items they ship back to consumers who decline their offers.
3. The legislation would give the Federal Trade Commission (FTC) the authority to seek civil penalties, which would serve as a powerful deterrent and make it easier for the agency to take action against buyers who violate the law.

In a Nutshell
If you have experienced scam in this regard, file a complaint with FTC. To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357).

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