SDJB Warns About Illegal San Diego Gold Buyers

SAN DIEGO, CA, August 31, 2011

San Diego's leading gold buyer and gold refinery, San Diego Jewelry Buyers, has issued a warning about illegal gold buyers operating in San Diego County and Southern California. "There have been a number of reports lately that illegal gold buyers are deceiving the public and fueling local crime," says Carl Blackburn, owner of San Diego Jewelry Buyers (SDJB).

According to Blackburn, these rogue gold buyers operate without the required second-hand dealers license and fail to follow mandatory procedures when buying gold from the public--such as requiring photo identification and a fingerprint from the gold seller. Criminals take advantage of this lapse and easily sell their stolen gold to these unlicensed buyers. High gold prices coupled with easy outlets to fence gold are leading to a surge in violent crime, because it encourages criminals to steal gold again and again.

A recent article in the The State reports that there has been a surge of jewelry store robberies, street muggings, and home burglaries. Capt. Mark Olvera, a commander at the Los Angeles Police Department, is quoted as saying that over a hundred people have had gold necklaces ripped off their necks in recent months. Indeed, police departments nationwide are reporting a rash of cash for gold related thefts. Capt. Olvera is thus advising the public not to display gold jewelry.

"There is a big misconception out there that these criminals often use pawn shops to sell stolen gold," says Blackburn. However, members of the California Pawnbrokers Association (CAPA), like San Diego Jewelry Buyers, are licensed and regulated on a local, state, and federal level (including 13 federal laws). San Diego pawn shops must report every gold purchase to the local police and use proper screening measures to prevent the purchase of stolen gold. In addition, San Diego pawn shops are required to hold every gold purchase for 30 days. This gives police time to track recently stolen property that might have made it past the pawn shop's screening measures.

Illegal gold buyers include those buyers who offer to host a gold party in the home of a San Diego resident. "Unfortunately, many San Diegans don't realize this but all gold parties held in a home in San Diego are illegal," says Blackburn, citing the California regulation that second-hand dealers may only buy gold at their permanent business residence. "Beyond being illegal," adds Blackburn, "gold parties are a bad place to sell gold because often these rogue gold buyers are using scales which have not been certified by the State of California and could have been tampered with to produce lighter gold weights."

For information on how to sell gold safely and lawfully, please visit www.SanDiegoJewelryBuyers.com.

Located in the Gaslamp Quarter of downtown San Diego, SDJB leverages over 30 years of industry experience and fine jewelry expertise to make certain that customers receive the fairest cash offers and loans for their silver and gold, diamond jewelry, and premiere brand watches. Serving La Jolla, Rancho Santa Fe, Solana Beach, Carlsbad and other surrounding communities.