East Hampshire MP Damian Hinds has taken a local businessman’s campaign for greater transparency in the gold-buying industry to Parliament.

Mr Hinds met Jon White, founder of Gold Traders UK, at M J Hughes Coins in Alton to discuss consumer protection in the precious metals market.

Mr White is campaigning for greater transparency, highlighting there is no legal requirement for gold buyers to display the price they pay per gram, no mandatory accreditation scheme and no consistent standards for customers selling gold, silver or platinum.

He said: “I want to thank Damian for taking the time to hear the case for change and for the support he has shown. People selling gold and silver deserve to know exactly what they are being offered before they part with anything.

“At the moment, there is nothing in law requiring buyers to tell them the price per gram they are paying. Damian raising this issue in Parliament is an important step forward, and conversations like this help build momentum for meaningful consumer protection.

“At the moment, dealers can offer any price, even if it’s a fraction of the true value of the items being sold, and that’s entirely legal. It’s truly a case of ‘seller beware’ and it’s something which I’ve decided to campaign for.”

Following the meeting, Mr Hinds tabled a written parliamentary question asking what assessment the Government had made of requiring over-the-counter and online gold buyers to clearly display the price paid per gram.

Mr White wants buyers to publicly state their rates before a transaction and postal buying services to give sellers a written indication of what they can realistically expect to receive before sending their items.

He is also calling for travelling and pop-up buyers to register with local authorities and display their rates, restrictions on large cash payments and requirements for buyers to verify sellers’ identities.

Gold Traders UK displays the prices it pays per gram on its website and offers a tool allowing people to check the value of their items before deciding whether to sell.

Mr Hinds said: “It was good to meet Jon and hear first-hand about the concerns facing this sector. People selling their gold and silver, often at a difficult time in their lives, should be able to see clearly what they are being paid and know that they are being treated fairly.

“I was pleased to raise the issue of price transparency in Parliament, and I look forward to the Government’s response.”

Gold Traders UK was founded in 2008 and operates branches in Royal Wootton Bassett, Wiltshire, and Bodmin, Cornwall, alongside a nationwide postal service. It was the first precious metals company in the UK to achieve Trading Standards accreditation through the Buy With Confidence scheme.

Responding to Mr Hinds’ question, Business and Trade Minister Chris McDonald MP said existing law prohibits unfair commercial practices and requires prices to be accurate and not misleading.

“The department has not made any assessment on this matter, but we continue to closely monitor consumer protection issues,” added the minister.