How to resell gold without being forced the go underpriced

As we all know “Gold” is a Safe Haven, so many people decided to purchase gold for long-term investment. However, at the beginning of this year, the gold price continues to rise unstoppably by about 8,000 baht, accounting for a Yield of 23.77%. Buying gold to make a profit is interesting, isn’t it?

Get To Know Law About Gold

Laws relating to the gold sale for the fair practice of gold shop operators, which have been in effect since April 20, 2022, clause 3 states that

Fairtrade practices between consumers and gold shop operators. The ‘fair price’ is (c) the shop owners must clearly state the details of the selling price or repurchase price in the visible area at the rate specified by the notification, not lower than the price shown at the storefront. It can be calculated from the following formula:

Gold bar weighs 1 baht: The repurchase price is to deduct the selling price of 1 gold bar weighing 1 baht with the money of 100 baht
Gold jewelry weighs 1 baht: The repurchase price shall be equal to the repurchase price of 1 baht of gold bars deducted with melting damage and expenses not exceeding 5% of the repurchased 1 baht of gold bars value from the date of trading, according to the price announced by the Gold Traders Association. In this regard, only the gold jewelry bought at the same shops as the repurchasing gold jewelry

Example of How to calculate gold jewelry

According to the announcement, if the repurchase price of gold bars is 1 baht as announced by the Gold Trader Association = 41,300 baht, 5% of 41,300 = 2,065 baht. If we sell gold jewelry value of 1 baht, we must earn at least 41,300 – 2,065 (5% of 41,300) = 39,235.

Any gold shop that buys gold at a lower price can be legally charged

Gold shop operators who buy gold at a lower price than the announcement, consumers should not sell gold to that store because it is unfair to consumers.

If there is any shop that repurchases the gold lower than specified, the old shop operators may be at fault under the Price and Service Act 1999, where criminal penalties are imposed under section 37, any person who violates the notice of the Board of Directors under section 25 (1) shall be punished by imprisonment for not more than 5 years or a fine of not more than 100,000 baht or both.

How to resell gold without being forced the go underpriced

If consumers want to sell their gold back, check the market price of each gold place, and ask the store for the price, including the deduction of wages or gratuity (the production of gold in various designs).
If you want to sell back gold, go to the same shop where you used to buy gold.
Proof of purchase must be kept, such as a gold guarantee certificate, certificate, or contract for gold trading issued by the shop to the buyer on the day of purchase, as evidence that they have been purchased from that shop and that shows the standard of gold.
If unfair trade agreements are received as required by law, they can report clues or complain to the Thailand Consumers Council (TCC) to help negotiate a settlement.