Selling gold safely: what the law requires

Why transparency is so important in the gold sector

Selling gold is a vulnerable moment. You bring out heirlooms or jewellery, you ask a price and you hope for honesty. In Belgium there are legal obligations that protect consumers, but not every gold buyer follows those rules equally carefully.

The VRT consumer programme "Win Win" painfully revealed how large the differences can be: the same ring was valued by one dealer as 18 carat gold and by another as 9 carat. A gold coin worth 335 euros was offered for only 10 euros. Those are not small rounding differences. That is systematic deception.

Since then the Economic Inspectorate has been checking more strictly. In this article you read exactly which obligations a legitimate gold buyer must meet, and how you recognise a reliable player.

01The scale: calibrated and inspected

New scale: CE inspection is enough

For a new scale, the manufacturer's CE inspection is enough. That inspection is valid for 4 years. A green sticker is not yet needed at start-up.

After 4 years: re-inspection and green sticker

Every four years the scale must be re-inspected by a recognised inspection body. After a successful re-inspection the owner receives a green sticker with the year and month of inspection. Only from that moment is the sticker required.

The costs of recalibrating a scale are very high. In most cases it is cheaper for companies to simply buy a new scale. The total cost including transport, administration and recalibration soon amounts to around 1,000 euros. The commissioning and decommissioning of weighing instruments must be reported to the Metrological Service of the FPS Economy.

02Registration with the Royal Mint of Belgium

The registration requires, among other things: a copy of the identity card, an extract from the criminal record, a declaration of conformity and a photo of the scale's inspection certificate. For a new scale, a photo of the CE inspection (the marking or sticker on the device) is enough. A green sticker is only required after the first recalibration, four years after commissioning. After approval, the Royal Mint of Belgium provides an official document.

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Official registration

Registered in the hallmark register of the Royal Mint of Belgium

De Munter is registered in the hallmark register of the Royal Mint of Belgium. This is a legal condition for every legitimate gold buyer. Feel free to ask; we are happy to show our registration.

Master's mark

Depositing a master's mark is only required for jewellers who sell jewellery or gold dealers who trade their own gold bars. For a gold buyer who only buys, this is not required.

A dealer without registration with the Royal Mint operates outside the law.

03Company register

When in doubt, always ask for your gold buyer's company number and verify it via kbo.economie.fgov.be.

04Cash payments: stricter than you think

• Until 31 March 2024: a limit of 500 euros applied to cash payments for the purchase of precious metals by a professional from a consumer.
• 31 March 2024: a complete ban on cash payments was introduced.
• Since then: the 500 euro limit has been removed and replaced by a full ban. When a dealer buys precious metals from a private individual, no cash amount is allowed.

We pay exclusively by bank transfer, paid instantly so the money is in your account before you leave. Once we agree, you immediately receive a receipt by email with all the details of the purchase, and after payment a payment document by email.

In addition: the gold buyer is required to check and register your identity. So you need your identity card at every transaction.

05Testing gold: two methods compared

A gold buyer must be able to establish the purity of your gold. In practice two methods are used, each with its own strengths and limits.

Liquid tests are perfectly suitable for an accurate estimate of the gold content and are used by most gold buyers. An XRF machine is necessary when the exact purity must be established to the decimal.

06The lesson of the "Win Win" documentary

The findings of Win Win were shocking but clear. The problem was not in the legal obligations themselves, but in compliance with them. Scales had a valid CE inspection, but were deliberately misread. Gold contents were systematically underestimated.

The documentary also suggested that every scale needs a green sticker and that a stamp is required. Both claims are not entirely correct:

• Green sticker. A new scale has a valid CE inspection from the manufacturer. It is valid for 4 years. Only after 4 years must the scale be re-inspected and receive a green sticker. A new scale therefore does not need a green sticker.
• Master's mark. This only applies to jewellers who sell to private individuals or gold dealers who trade their own bars. A gold buyer who only buys does not need this.

The real lesson of Win Win: transparency counts. Does the dealer explain every step of the calculation clearly? Does he weigh and test in front of you? Does he give you time to decide without pressure?

Is De Munter a recognised gold buyer?

Yes. You do not have to take our word for it: you can check every point below yourself.

• Company number 1019.359.637. Searchable in the Crossroads Bank for Enterprises of the FPS Economy.
• Registered in the hallmark register of the Royal Mint of Belgium. Every buyer of precious metals is required to be.
• Inspected scale. We weigh on a scale that meets the legal measuring rules, and you watch us weigh.
• Immediate payment by bank transfer. We never pay in cash. The money is in your account on the spot and you receive a payment document by email.
• Everything in your presence. Every step of the calculation appears on the table: weight, fineness and the gold price of that moment.

Checklist: how do you recognise a reliable gold buyer?

Frequently asked questions about selling gold and the legal rules