DUE DILLIGENCE: As buyers, we have a right to inspect any items or make an offer to buy such items, contingent on the outcome of testing, analysis, and appraisal, not only by our staff members, but at times, by an agent prescribed as one who is qualified to perform such an evaluation or appraisal. In the event that someone sells us an item that is not authentic as to how the seller represented the item to be, we will take legal action to recover any losses we incur.
Additionally, we buy items offered for sale to our company in good faith that the seller has full authority to transfer the rights of said property, and that it is free and clear of leans and encumbrances. In the event that a person sells us property that is not theirs wholly to sell, we are entitled to take legal recourse to recover our losses, and legal costs.
STATE OF CONNECTICUT & LOCAL LAWS:
Each of our stores is licensed by the Local Chief of Police. We are required to meet criteria set forth by the Chief of Police and maintain the conduct and good legal standing as designated by him/her. Our primary business is that of a Precious Metals Dealer and are licensed as thus. We hold additional licenses such as a Pawnbroker License and even a 2nd Hand Dealer License. Each license has its own set of statutes that regulate and restrict how we do business. Beyond the State Laws, each municipality may have additional requirements or restrictions. At a minimum, we are required to report weekly our transaction records to the Chief of Police. We must also retain digital photographs of any items we purchase, as well as proof that we received proper identification from the seller. These records are not deemed public information and not subject to the freedom of information act. In other words, the records are confidential with the exception of law enforcement, for official law enforcement purposes only. Additionally, copies of checks cashed at financial institutions must be stored for inspection. Beginning Oct. 1st, 2013, we will be required to hold any purchased jewelry items for 5 days after we receive them, and cannot transfer them until this period has expired. Once the hold period expires, we can then sell or dispose of the property as we wish. Coins and Bullion are exempt from holds and are transferrable immediately.
INTELLECTUAL PROPERTY RIGHTS:
Counterfeit or Copy Right Protected Goods:
We do not buy replicas, counterfeit, bootleg, Fake, or Pseudo Items, unless they are composed of precious metals, and upon transfer to our company, they will be destroyed to recover valuable metals or gemstones, and therefore, will be finite and permanently removed from the marketplace.
All payments are made by Bank Check, Bank Wire, or Electronic Payment Transfer. Cash is never transferred to any party during an outright sale. The only circumstance when cash is made available is for a Pawn Transaction, when we agree to Cash a Check for our customer. We do not keep Cash on hand our stores for this purpose and this is available with an advance notice.
For customers who need cash quickly, our disbursement account is held at Webster Bank. They do not require a person hold an account and do not charge to cash checks. They do require 2 Forms of Positive Identification. Also, we are required to AUTHORIZE all transactions which means that there could be a delay in your ability to cash your check. We transmit transaction details to our banks at the end of each day, and once the bank receives them, they authorize them to clear. They can then be cashed or deposited into your bank account. Our banks hours are as follows: Monday thru Friday 9am - 5pm, Thursday and Friday 9am - 6pm, and Saturdays from 10am - 2pm. Webster bank is closed on Sunday.
In the event that a customer loses a check, we will cancel the check if requested upon the customer agreeing to pay us the check cancellation fee. Additionally, a waiting period, for up to 2 weeks prior to issuing a new check, may be placed before issuing a replacement check, in order to give the lost check time to clear, in the event it was cashed at a check cashing facility or bank that has not yet drawn the check against our account. In the event that the "lost check" is cashed, the person(s) who lost the check will be responsible for this and we will bear no responsibility or issue any other payment.
All employees and representatives of Connecticut Gold Buyers, LLC, are required to maintain an ethical and professional conduct of appearance and action at all times. We are respectful to our customers, Polite, and will put address their needs and concerns vigorously.
We expect our customers to treat us in a similar manner, or we may at our discretion choose to not do business with you. Please allow us do our job, by the methods that we prescribe to, otherwise, you can choose to use another company to dispose of your items, that uses methods that you prefer.
All items are handled with care and never marred or damaged in any way, without receiving verbal consent first. All "Pawned" items are stored in a manner where they will be available at a later date, in the same condition as received. All valuable items are stored inside a safe or vault that meets insurance standards for the amount of insurance carried. If items exceed that value, they will be stored at an offsite bank vault, of which the location is never disclosed.
PATRIOT ACT COMPLIANCE:
Our company is fully aware and in full compliance of the Patriot Act. We take our responsibility to be in compliance very seriously and have a suitable program in effect. Additionally, we are members of the Jewelers Vigilance Committee which notifies us when new requirements arise for our industry and we act immediately to instill any Federal, State, or Local regulations into our system and program.
We do not pay any customers in cash for outright purchases. For Pawn transactions, we will cash our issued check for up to $1000 per customer, per week. Please contact in advance if you wish to receive cash. It is normal policy for us to not keep cash on hand at any of our locations. As for wholesale business, we do not give, or receive, cash in excess of $9500 per occurrence in any single day.
We will provide a 1099-B form to the seller, and IRS, if certain thresholds are exceeded as follows:
Bullion in Excess of:
Gold 995 Fine or Better: 24 Troy Ounces
Silver Bullion 995 Fine or Better: 999 Troy Ounces
90% Silver US Coin: $995 Face Value
Platinum: .9995 Fine 24 Troy Ounces
Palladium: 99 Troy Ounces
PROOF OF BUSINESS AND COMPLIANCE:
We require any of our business partners to provide us their Resale Certificate, Business License, and Federal Tax ID Number. We also make them aware that we are Patriot Act Compliant and require that they have a suitable Patriot Act Policy as well. This helps to limit our exposure to frequent audit's which are costly.
We do not partake in any form of polluting our environment or contaminating our environment with chemicals, toxins, or pollutants. While we use volatile chemicals to recover and refine precious metals, we use multi-stage processes to reduce off-gases, fumes, odors, and spills, of any reactions that may occur during these processes. Our facility operates a 5000 CFM Fume Scrubber in the final stage and this, along with other practices we use, will remove any such acid vapors from becoming airborne. During processing we utilize a reaction vessel that traps fumes, chills them to return them to liquid, and then recombines them with the reactive solution. At all times, any vessel that houses a reactive solution, is under a vent hood that utilizes an activated carbon filter and draws any remaining off gases and fume thru the multi-stage scrubber. Upon removal of the selective precious metals and compounds, we neutralize the solutions, remove any remaining metals, and recycle the water for continued use in our lab. It is never disposed of unless done so by a facility under contractual obligation to do so in a manner prescribed by law, and to a company that is licensed to perform such disposal.
We have monitored, 24 Hour Surveillance with Night Vision, Audio, License Plate Tracking, Facial Recognition, and Many other technologically advanced features. The Video Feed is stored on an offsite server, which is monitored in real time by a staff that will notify employees and police of anything suspicious in even the slightest of manner. We do not disclose any other security measures that we have in place, but we have many, which minimalize the chance of theft or burglary at our locations. The safety of our staff and our customers is our first priority.
NEW FOR 2015
Payout Prices are fixed at following based on Live Comex Metal Prices:
Karat Gold Scrap: Up To 88%
Silver Scrap: Up To 90%
Bullion (not damaged): 95%
State Law requires that we issue a check for all purchases. We impose a $50.00 minimum for all purchases. If your offerings are less than $50.00 in total we will not conduct the transaction.
Also, in some situations we will require a character reference from a family member, Attorney at Law, family doctor, or suitable person of authority, when we suspect an ownership issue may arise. It will be your responsibility to have a letter of reference provided to us prior to a potential sale. We have no interest in buying items that you do not have the full authority to sell. We provide law enforcement with details of all transactions, including photos of each and every item. If you are selling property that is stolen, it will be discovered, and you can expect to be prosecuted.
Unless we specify otherwise, we are buying your scrap metal and jewelry for its value as metal and not to be resold as jewelry. We will consider round diamonds and make a separate offer for their value. All stones that are not included in the final offer price will be removed prior to a transaction so that metals can be bought strictly based on the criteria herein mentioned.
Connecticut Gold Buyers, LLC appreciates your cooperation.