A recent research has revealed that Goudwisselkantoor, a national gold exchange chain with 175 locations in the Netherlands and Belgium, regularly undervalues its customers' gold for non-full value. The research raises serious questions about the company's business practices and how transparent it is in terms of its valuation of precious metals.
1 month Ago
Undervaluing and Discriminating Policy
As revealed in the study, Goudwisselkantoor frequently pays customers a small fraction of the actual worth of their gold; the report claims that some sellers received only 20-30% of what their gold sold for or, in more extreme cases, only received 5%. Hidden camera footage, internal documents, and personal testimony shared how the payout is based on how informed or assertive the customer appears, rather than the actual market worth.
Internal documents were provided to the researchers to assess Goudwisselkantoor's policy.
They assigned customers into five types, 1 being the least informed and 5 being the most informed. The lower-tier customers receive lower payouts while the higher-tier customers typically receive higher offers; a criminal law professor interviewed noted that if this practice was intentional, it could amount to "fraud" depending on the circumstances.
Company Response and Public Outcry
To test the practices at the company's Gold Exchange, the investigators sent a woman in with a gold necklace that had been previously appraised at a value of 1301 euros.
Goudwisselkantoor offered the woman 350 euros, adjusted her receipt to reflect payment without specifying weight or karat and made it impossible for the woman to verify or compare their calculation.
In response to the allegations, a spokesperson from the company cla.
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