Beware Of ‘Fake’ Gold In Singapore

gold ringGold is seen by everyone something that stands for beauty, wealth and status that you are in. It’s their brightness that caught everyone’s eyes, but be careful when you are shopping for gold jewellery nowadays, it may not seem like what you have paid for. 

A recent report regarding Consumers Association of Singapore (CASE) conducting spot checks at about 33 gold smiths across the island found out that 4 jewellers did not pass the purity test of their gold as they were selling fake gold. At each shop, the survey takers bought either a 916 or a 999 gold article back with them which means that a 916 gold article should contain 91.6 per cent of gold; applying the same logic to the 999 gold article. 

The two of the four failed the test by a few decimal and the worst having the score at an 80.67 per cent. The four gold smiths were found selling fake gold and were shocked that they did not pass the test, as they were unclear of how the breach occurred and ended up blaming their suppliers. The rest of the surveyors were lucky to have passed test, unable to provide a detailed break-down receipt that include weight of the article, unit price and the cost of the workmanship. Under the current laws, errant retailers can be fined up to $10,000, imprisoned for up to two years or both for misrepresentation of goods, in this case selling of fake gold. Therefore, the president of CASE urge the government to impose stricter checks on gold imported to Singapore.  

It is also unfair to the consumers, as they did not know how much gold they are buying be it real gold or fake gold. The first check was introduced on September 2008 with the rising concern of the consumers not knowing whether the money they paid for is equivalent to the amount of gold they bought, having five out of the thirty samples failed. The second round of the test were conducted at December on the same year as the first with 12 samples not passing and the third time this time. On the other hand, the retailers were also having difficulties on sending their gold for testing, as the expenses are high and it is very time consuming.  

Therefore Singapore Jewellers Association (SJA) hopes that when retailers are importing the products, they can have a compulsory check at the point of importing with such, this will help to eliminate errant retailers and improve the reputation of the jewellery industry.