Purchase of precious metals from private individuals: what are the rules?
Verified 01 January 2023 - Directorate for Legal and Administrative Information (Prime Minister)
The purchase of precious metals from private individuals by a trader is subject to certain obligations.
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Where the public is received (for example, a shop)
The price offered by a trader to an individual for the purchase of precious metals must be clearly, precisely, visibly and legibly displayed.
The price display details the tariffs applicable to the different forms of precious metals.
Price information shall be provided as follows:
Type of goods | Purchase price display rules |
|---|---|
Intended for pig iron |
|
Investment gold | Price indicated for each piece, bar, ingot or plate |
Other goods, including second-hand jewelry | The information must mention that a personalized estimate is made by the professional according to several parameters: age, condition of the property, brand, model, nature of metals, presence of precious stones, fines or engravings, etc. |
For each purchase price, the trader must indicate the percentage and amount of the flat-rate tax on the sale or export of precious metals.
This tax is paid by the seller of precious metals and is equal to 11% the selling price of the precious metals.
Any estimate made by the trader must be made prior to the determination of an overall purchase price offered to the individual seller in the contract.
Failure to comply with the rules on price display shall be punished by a fine of €3,000for a natural person and €15,000for a business.
Warning
it is forbidden for professionals to pay in cash for a metal transaction. It must therefore be paid by check, payment card or bank transfer.
On a website
Price information is available in a legible and comprehensible way on the pages dealing with offers to purchase precious metals.
Price information shall be provided as follows:
Type of goods | Purchase price display rules |
|---|---|
Intended for pig iron |
|
Investment gold | Price indicated for each piece, bar, ingot or plate |
Other goods, including second-hand jewelry | The information must mention that a personalized estimate is made by the professional according to several parameters: age, condition of the property, brand, model, nature of metals, presence of precious stones, fines or engravings, etc. |
For each purchase price, the trader must indicate the percentage and amount of the flat-rate tax on the sale or export of precious metals.
This tax is paid by the seller of precious metals and is equal to 11% the selling price of the precious metals.
Any estimate made by the trader must be made prior to the determination of an overall purchase price offered to the individual seller in the contract.
Failure to comply with the rules on price display shall be punished by a fine of €3,000for a natural person and €15,000for a business.
A written contract is required.
It shall contain the following particulars:
- Name and full address of the buying professional, or business name and address of head office in the case of a business
- Siren Number (unique identification number of the company) and Kbis extract (excerpt from the entry to the SCR: titleContent).
- VAT identification number of the professional
- Name and full address of the consumer-seller
- Date and address of the place of conclusion of the contract
- Address of the place where the contract was concluded
- Precise description of the nature and characteristics of the goods covered by the contract (weight, purity of the metal expressed in thousandths)
- Selling price, taxes or any fees payable by the consumer-seller
Failure to provide the customer with a copy of the contract or to provide a non-compliant contract shall be punishable by imprisonment of 2 years and a fine of €150,000.
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General case
Precious metals purchase agreement is an agreement in which the buying professional (e.g. a jeweler) undertakes to buy precious metals from a selling consumer.
This contract shall include a detachable withdrawal form intended to facilitate the exercise of the right of withdrawal.
This form provides 48 hours after the contract for the purchase of precious metals has been signed to withdraw.
This right of withdrawal applies without having to justify reasons or pay penalties.
The consumer-seller must withdraw from the contract in one of the following ways:
- Discount to buyer-professional in your own hand form detachable
- Sending this form to the buyer-professional by a means allowing to attest to the date and time of the sending
If the form is sent or delivered within 48 hours, the purchase will be canceled.
If the deadline expires on a Saturday, Sunday or public holiday, or unemployed person, it shall be extended to the day workable next at the same time.
The consumer-seller who has withdrawn must reimburse the trader for the price paid.
The trader must return the purchased goods to the seller. Where this is not possible, he shall pay the seller twice the selling price received for the sale of the property.
Any provision of the contract providing that the consumer-seller gives up his right of withdrawal shall be considered void, i.e. it shall have no effect.
Investment gold transactions
Investment gold transactions are transactions involving gold in bars, ingots or wafers weighing more than 1 gram.
The withdrawal period shall not apply investment gold transactions.
Who can help me?
Find who can answer your questions in your region
0809 540 550 DGCCRF - ResponseConso
Having trouble following a purchase? Do you have a question about a point of law before buying or ordering?
You can get an answer from a DGCCRF: titleContent by calling the 0809 540 550.
No surtax number
- Opening hours of the service:
- Monday and Tuesday: from 8:30 am to 12:30 pm and from 1:15 pm to 5:15 pm
- Wednesday: 13:15 to 17:15
- Thursday: from 8:30 to 12:30
- Friday: from 8:30 am to 4 pm
Prohibition of payment in cash
Obligation to display prices and contract
Civil and criminal penalties
Right of withdrawal
National Institute of Consumer Affairs (INC)