Six Fairfield "Cash-for-Gold" Jewelry Stores at Rt. 46 Diamond Exchange Cited by NJ Division of Consumer Affairs
FAIRFIELD, NJ - On May 16, the New Jersey Division of Consumer Affairs in cooperation with the Fairfield Police Department and the Essex County Prosecutor’s Office investigated "cash-for-gold" businesses located at the 653 Route 46 Diamond Exchange in Fairfield.
In order to help ensure that consumers are not cheated when they sell their precious metals, New Jersey law requires the following:
NJ law also attempts to protect those who have had their jewelry stolen and requires the following of jewelry stores:
The May 16 sting consisted of undercover visits to jewelry stores by officers who posed as consumers seeking to sell their jewelry. Later that day, the officers returned to the stores and announced that they were performing an inspection in keeping with the New Jersey’s Weights and Measures Act. The officers inspected the jewelry store’s scales and signage and obtained all store receipts.
The investigation was part of a crackdown on “cash-for-gold” shops across northern and central New Jersey which resulted in 936 civil citations for alleged violations of State consumer protection laws at 21 jewelry stores. The civil violations were filed as summonses in municipal court. Each civil violation carries a penalty of $500 to $1,000.
Fairfield Cited Jewelry Stores
As a result of this investigation, the State Office of Weights and Measures filed summonses in municipal court detailing a total of 241 violations at these six Fairfield stores:
“New Jersey’s cash-for-gold laws serve two important functions.
The statewide investigation, led by the Division of Consumer Affairs and Office of Weights and Measures, will continue across New Jersey and will include undercover operations, as well as unannounced inspections at jewelry shops that offer to buy precious metals from consumers.
“Especially now that the price of gold appears to be rising,