The UK's precious metals buying market has no regulation at all. Businesses can buy gold and silver from the public with no accreditation, no obligation to disclose their rates, and no checks on who they're dealing with. I'm asking the UK government to introduce five simple changes to fix this.

THE PROBLEM

Anyone can set up a gold buying business tomorrow. There's no licence needed, no rate transparency required, and no ID checks on sellers. This gap is being used by some operators to pay people a fraction of what their gold and other precious metals are really worth.

WHAT I'VE SEEN FIRSTHAND

I've bought gold, silver and coins from the public for over 18 years. Gold Traders (UK) Ltd was the first precious metals dealer in the UK to earn Trading Standards accreditation through their 'Buy With Confidence' scheme, and we publish our rates so people can check we're paying fairly.

I've also seen the other side of the trade. Mobile buying vans turn up in supermarket and council car parks, park up for an hour, and pay sellers a fraction of what their gold and silver is really worth, often with no rate disclosed until the item is already in their hands. It is not uncommon for unsuspecting sellers to be paid between 40%-60% of an items true worth. None of this breaks any laws, because there are none.

WHAT NEEDS TO CHANGE

I'm calling on the UK government to introduce five proposals:

1. Mandatory price transparency. Any buyer must publish the rate they pay, as a price per gram, before a transaction begins.
2. Regulation of postal buying services. Any business must give sellers a clear written offer before they're asked to post their items, and must guarantee a free return if the offer is declined.
3. Regulation of travelling buying events. Any business running a pop-up or travelling buying event must register with the local council in advance, display rates publicly, and confirm offers in writing.
4. A cash threshold ban. Cash payments above a set amount should be prohibited, in line with anti-money laundering rules already used elsewhere.
5. Identity checks for all sellers. Buyers should be required to verify a seller's identity, creating a paper trail and a deterrent against handling stolen goods.

THE SCRAP METAL COMPARISON

It's worth comparing this to scrap metal. Since 2013, scrap metal dealers in the UK have been banned from paying cash and must verify the identity of anyone selling to them, under the Scrap Metal Dealers Act. This was brought in because stolen metal, like copper piping and lead from roofs, was being sold on with no trace back to the seller.

Gold and silver are just as attractive to thieves, arguably more so, yet the precious metals trade has no equivalent rules at all. A stolen ring or gold chain can be sold for cash with no ID check, no questions asked. If scrap metal dealers are expected to operate this way, precious metals dealers can be too.

WHY THIS MATTERS

I run a gold buying business myself, so I have a commercial interest in this market. I'm asking for these changes anyway, because they reflect what a fair, well-run business already does. 

None of this is extreme. It won't stop legitimate businesses operating as normal. It will simply raise the floor for an industry that currently has none.

Please sign and share this petition to help bring proper protection to anyone selling gold and other precious metals in the UK.

More detail can be found here:

• It's Time to Protect People Who Sell Precious Metals