GOLD SCAM In Hong Kong SAO NEWSLETTER

Transcription

1 SAO A quarterly publication by Singapore Assay Office MICA (P) XXX/XX/2011 I Issue 01 I Jan 2010 NEWSLETTER GOLD SCAM In Hong Kong PAGE 4 INDUSTRY S NEWS: LEAD PROGRAM WITH SINGAPORE JEWELLERS ASSOCIATION PAGE 5 ASK CASE: TIPS FOR CONSUMERS DURING JEWELLERY PURCHASING PAGE 8

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3 CONTENTS INDUSTRY S NEWS Gold Scam in Hong Kong 4 LEAD Program 5 SAO s Client Gathering 5 HAPPENINGS SAO s Update 6 Certified Retailers 7 ASK CASE CASE s Tips for Consumers 8

4 Industry s News Gold Scam In Hong Kong Above: A woman walking past a gold shop in Hong Kong. Hong Kong's myriad jewellers and pawn shops have been hammered by a gold scam after unwittingly buying hundreds of ounces of bogus bullion, a report said Thursday. HONG KONG - Fake gold alert after scam hits Hong Kong shops The scam described by the Financial Time (FT) as One of the most sophisticated scams to hit the Chinese territory s gold market in decades In one case, executives discovered a pure gold coating that masked a complex alloy with similar properties to gold. The fake gold included a significant amount of bullion about 51 per cent of the total alloyed with seven other metals: osmium, iridium, ruthenium, copper, nickel, iron, and rhodium. The complex nature of the fakes suggests they were produced by a metalsmith with sophisticated equipment and extensive knowledge of metallurgical engineering. FT quoted Mr. Haywood Cheung, president of the Chinese Gold & Silver Exchange Society, Hong Kong s gold exchange, saying at least 200 ounces of fake gold worth S$368,000 so far this year and the fake gold could be making its way to the city s retail market. One of the Hong Kong largest jewellers had fallen prey to the deception. Right: Ancient Chinese Cash embedded with foreign material This is one of the example that how some of the swindles tried to cheat the consumers. To prevent all this, consumers should always look out for Singapore Assay Office s icon on the jewellery when they purchase from the retailers in order to protect yourself from purchasing fake or under-fineness gold jewellery. SAO Newsletter I 5 Our Hallmark, Your Assurance

5 Industry s News SINGAPORE - LEAD Program Singapore Jewellers Association (SJA) worked with LEAD program which is jointly managed by SPRING and International Enterprise (IE), to enhance and improve the competitiveness in the industry. Singapore Assay Office will assist in this LEAD program to establish testing & certificate scheme for the jewellery industry. SAO s Event-Client Gathering On 28 th Oct 2010, Singapore Assay Office (SAO) held a client gathering. This gathering was attended by members of SAO. Results of Improvement from SAO were shown to members and feedbacks from members were also gathered and SAO will look into it and improve further from there. Tour around ST Automotive Centre ended this gathering and SAO is looking forward to the next client gathering. SAO Newsletter I 6 Our Hallmark, Your Assurance

6 Happenings SAO s Update MINIMUM CHARGES In year 2010, prices for pure gold have soared to a record high of $71per gram. To assist the retail shops in their cost, SAO has temporary waived the minimum charges for every job-batch submission so that retailers could submit a lower batch quantity. SHORTER TURN AROUND TIME With our customers at heart, SAO has invested both on manpower and asset to substantially reduce our average turn-around time from 10 working days to 7 working days. SAO will continually work for a reduced turn-around-time. SAO Newsletter I 7 Our Hallmark, Your Assurance

7 Happenings Certified Retailers The following prestige retail shops are certified by Singapore Assay Office for gold jewellery of fineness standards 999, 916, 750, 585 and 375. Look out for the Lion Head hallmark in their gold jewellery. Bao Jewellery & Service 1 Park Road,#02-79 People s Park Complex Batu Pahat Goldsmith Pte Ltd 2 Buffalo Road Boon Lay Gems Pte Ltd Blk 252 Jurong East Street 24 # Boon Lay Goldsmiths & Jewellers Pte Ltd 221 Boon Lay Place # Boon Lay Shopping Centre Chan Foon Jade & Jewellery 245 South Bridge Road Chin Cheong Goldsmith( Nex Shopping Mall) 23 Serangoon Central #B2-34 Gek Poh Goldsmiths & Jewellery 762 Jurong West St 75 # Gek Poh Shopping Centre Golden Chance Goldsmith Pte Ltd 845 Geylang Road #02-42 Tanjong Katong Complex Golden Watch Gold & Jewellery 1 Park Road #01-79B/79C People s Park Complex Harlyn Gems & Jewellery 1 Jurong West Central 2 #01-01 Jurong Point Shopping Centre Heng Heng Gold & Diamond Jewellery Pte Ltd Blk 703 Ang Mo Kio Ave 8 # /41 Kim Poh Hong Goldsmiths & Jewellers Pte Ltd 3 Pickering Street #01-48/49 China Square Central Ming Seng(Joo Chiat) Goldsmiths Blk 1 Joo Chiat Road # /47 Minora Jewels Pte Ltd 142 Dunlop Street On Cheong Jewellery 251 South Bridge Road, 239/241 New Bridge Road Poh Heng Jewellery Pte Ltd All 13 outlets Raja King s Goldsmith & Jewellers Pte Ltd 149 Rochor Road #01-16/17 Fu Lu Shou Complex Royal Dragon Jewellery Pte Ltd 1 Jurong West Central 2 #01-09/10 Jurong Point Shopping Centre Teng Huat Jewellery Pte Ltd 221 New Upper Changi Rd #01-745, 449 Clementii Ave 3 # Tin Sing Goldsmiths (Pte) Ltd 203/205/207 South Bridge Road Wanmei Goldsmith & Jewellery 221 Boon Lay Place # Boon Lay Shopping Centre SAO Newsletter I 8 Our Hallmark, Your Assurance

8 Ask CASE Consumers Association Of Singapore CASE offers the following tips to consumers: Compare prices and shop around before buying as different retailers offer different gold prices. Some may offer discounts. Buy hallmarked jewellery pieces for a greater assurance of the fineness. Ensure the jewellery pieces are weighed in your presence with the price tag removed. Errant retailers who weigh the jewellery articles with the tag and overcharge consumers are in breach of the Weights and Measure Act. Consumers can take action against such retailers by reporting such unfair practices to SPRING Singapore or to CASE. Avoid jewellers that charge for manufacturing loss of gold. Jewellers should charge based on the net weight of the gold piece. Under the guidelines of Singapore Jewellers Association, retailers are not allowed to charge consumers for manufacturing loss of gold; this has been the practice since August Insist on a detailed breakdown on the receipt. Consumers can report retailers to NETS or the relevant credit card companies if they charge an additional administrative fee when consumers opt to pay by NETS or credit card. Consumers are advised to keep all proof of purchase. Understand the terms and conditions of purchase and check with retailers if they have an exchange and refund policy. SAO Newsletter I 9 Our Hallmark, Your Assurance

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