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Buying and Selling: Jewellery

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High Value and Luxury Assets >> Buying and Selling: Jewellery

Beautiful jewellery and watches never date.  It can sometimes take considerable effort and money to find that perfect piece.  However, whether you are a jewellery store owner or a private buyer, you need to be aware of the requirements under the Hallmarking Act 1973 to ensure you are aware of your rights and the trading standards required in the United Kingdom.

The Hallmarking Act 1973

A hallmark is series of three compulsory marks located on items of precious metal. The Hallmarks Act 1973 states that a hallmark must provide the following information:

  • who made the article
  • what is its guaranteed standard of fineness (or pureness)
  • the Assay Office where the article was tested and marked
  • the year in which the article was tested and marked

You cannot describe articles as totally or partly manufactured from gold, silver, Platinum or Palladium unless they carry a hallmark. Counterfeiting a hallmark is an offence under the Act and can result in a fine and/or incarceration.

At Saracens Solicitors, our commercial solicitors can assist you in understanding your obligations as a seller under the Hallmarking Act 1973.  If you have found yourself victim to a counterfeit, we can take the necessary action both here in the UK and internationally to ensure your rights and financial interests are protected.

International Protection

The Vienna Convention on the Control and Marking of Precious Metals is an international treaty between Contracting States, which aims at facilitating the cross-border trade of precious metal articles.  Since its inception in 1975, the treaty has done much to harmonise the international standards of hallmarking, which in turn protects individuals who invest in articles made from precious metals.

There are currently 19 contracting states, including the UK.

If you invest in fine jewellery then our firm can provide you with the legal advice you need to ensure the articles you purchase are genuine and meet both UK and international requirements.

To find out more contact us today on 020 3588 3500 or request a callback and we will be in touch in a manner that suits you.

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