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JVC's Gardner to Testify on 'Legitimate Deal Act'

May 11, 2010 3:46 PM   By Jeff Miller
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RAPAPORT... Cecilia L. Gardner, the president of the Jewelers Vigilance Committee (JVC), has been invited to testify  before the U.S. House of Representatives, Committee on Energy and Commerce on the “Guarantee of a Legitimate Deal Act of 2009." This act was introduced to the House to require certain return policies from businesses that purchase precious metals from consumers and solicit such transactions through an Internet website, according to the related JVC announcement.

The legislation would make it illegal for a gold company to melt or destroy jewelry or precious metals before the consumer signs off. The gold-buying company would also have to return the gold jewelry promptly and adequately insure it when returning it to the consumer after rejecting his or her offer. Gardner will provide testimony on JVC’s experience with both online gold-buying businesses and consumer complaints in the jewelry industry.

“JVC supports the passage of this legislation," said Gardner. "The association and our membership are aligned completely with every effort to maintain a fair marketplace and prevent consumer exploitation. To this end, JVC opened its Gold Buying Division in 2009 to provide guidance for gold buyers purchasing gold from the public and continues to monitor the industry for deceptive gold buying practices. In addition, we added information for selling gold to JVC’s consumer section on JVC’s website — www.jvclegal.org. JVC continues to monitor the industry for deceptive gold-buying practices.”

LH

Tags: Consumers, Jeff Miller, Jewelers Vigilance Committee, Jewelers Vigilance Committee (JVC), Jewelry, JVC
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