Why you have to show ID when you sell gold
Anyone selling gold, silver or a watch to a buyer has to show identification. That is not distrust of you, but a legal duty of the buyer. So you cannot sell anonymously to an honest buyer.
Why does a buyer ask for your ID?
In the Netherlands, buyers of and dealers in second-hand goods, metals, gemstones and watches must keep a register of what they buy. This is laid down in Article 437 of the Dutch Criminal Code and the implementing decree that goes with it. A dealer who buys a second-hand item without the seller providing identifying details, or without recording them, commits a criminal offence.
The aim is to combat handling stolen goods. The police can inspect the register and trace where a stolen piece of jewellery has ended up. In many municipalities buyers keep that register digitally, in the Digital Buyers’ Register (Digitaal Opkopers Register, DOR).
What goes into the register?
- The date on which the item was bought.
- A description of the item, where possible with type, brand and number.
- The purchase price.
- The name and address of the seller.
Which ID should you bring?
Bring a valid passport, identity card or driving licence. If you do not live in the Netherlands or Belgium, a passport or your country’s national identity card is the simplest. Our Belgian branches work the same way: without valid identification we do not buy.
If you are selling on behalf of someone else, for a parent for instance or as an heir, also bring a power of attorney or a certificate of inheritance. With an estate we are happy to discuss in advance what is needed.
Does someone want to buy your gold without asking for ID? Then he is not complying with the law. With such a buyer you have no proof of the sale, and no certainty about the rest of the deal.
What happens to your details?
We record your details because the law requires it, and you receive a purchase receipt showing the date, weight, fineness, rate and the amount paid. That receipt is useful to you too: as proof of the sale, for tax purposes or when an estate is divided.
Which details we keep, why and for how long is set out in our privacy statement.
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Questions about why you have to show ID when you sell gold
Why do I have to show ID when I sell gold?
Because the buyer is legally required to record your name and address with every purchase. In the Netherlands this is laid down in Article 437 of the Criminal Code. The register helps the police trace stolen goods.
Can I sell gold anonymously?
Not to a buyer who complies with the law. Every purchase is recorded with the seller’s name and address. A buyer who does not ask for ID is breaking the law.
What ID do I need to sell gold in the Netherlands?
A valid passport, identity card or driving licence. If you live abroad, a passport or your country’s national identity card is the simplest.
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Sources
Where you can verify what you have just read.
- LBMAThe London gold and silver price our daily rate is built on
- WaarborgHollandThe Dutch assay office that verifies fineness and strikes hallmarks
Rather just have it looked at?
A valuation is free and without obligation, at a location near you.