Contact Us

Cash-For-Gold Shops Face More Regulations [AUDIO]

With many folks desperate to get their hands on any extra money possible, cash-for-gold establishments have been popping up all over New Jersey. Under current state law, they are required to submit transaction records to law enforcement officials. However, some towns feel more rules are needed.

Cherry Hill officials have requested that jewelry buyers use a computer system to record all transactions. The reporting would be done so within 48 hours of the sale.

Cash for Gold
Cash for Gold establishments have been popping up all over New Jersey in recent years. (Flickr User Sh4rp_i)

“This is just an easier way for detectives to get the information, and it’s a more complete way of getting that information,” explained Lieutenant Sean Redmond with the Cherry Hill Police Department, who said gold buyers oftentimes come in contact with stolen property.

“It’s better for us to track where this property comes from,” he added.

There are nearly 30 cash-for-gold shops in Toms River, which already has its own additional rules in place.

Protections for Robbery Victims

Police Chief Mike Mastronardy said, “proponent number one” of the township’s effort is take pictures of the property involved in each transaction so that the victims of robbery can identify their valuables.

“We want to be able to identify stolen jewelry and return it to victims, prior to it being destroyed,” Mastronardy said.

The gold purchased by the shops is, in most cases, melted down and then sold to refineries.

Mastronardy said he and other police chiefs in New Jersey have had discussions with Senate President Steve Sweeney to develop legislation for improved regulations on cash-for-gold establishments.

He noted the proposed changes should not be construed as an attack on jewelry buyers. He said the goal is to help investigators and the public, not to interfere with anyone’s business.

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

Best of WOBM

Recommended For You

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for WOBM Listener Club quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive WOBM Listener Club contests, events, coupons, presales, and much more delivered to you for FREE.