Crackdown Proposed on Gold Buying Services

Florida state lawmakers may crack down on mail-in jewelry businesses that accept jewelry in the mail in exchange for cash, according to a report on MyFox Tampa Bay.

A recently introduced bill would make mail-in jewelry dealers face some of the same laws as pawn shops, because, according to the bill’s sponsor, these businesses may be targets for jewelry thieves.

Senator Dan Gelber, D-Miami Beach, the bill’s sponsor, stated that few questions are asked in the selling process. The new law would require the companies to get driver’s license numbers from sellers, hold items for 10 days before melting them down, and photograph every piece of jewelry they buy and share that database with police, the report said.

Such a crackdown would undoubtedly impact Cash4Gold, the most high-profile of all the gold buying services, which is based out of Pompano Beach, Florida. According to one report, Cash4Gold supports the proposed law.