Folsom Gold Exchange

The time came for me to sell some jewelry that I had inherited. Knowing [redacted] shops only provide pennies on the dollar I decided to try selling to a cash for gold/jewelry store. After doing my research for local businesses I opted to try Folsom Gold Exchange. In my mind I had a minimum price I would except. As the owner of the store examined the items I brought in to verify karat amount of the gold and weight of the gems he explained the process, tested everything for authenticity, weighed the items and all done with me sitting there. Much better than someone taking your items and saying "I'll be right back". After the appraisal of my items I was extremely happy with the offer as it was about 3 and 1/2 times more than I thought this type of business would offer. I suggest checking them out, if you don't like the appraisal you don't have to sell but I felt very comfortable with the process and honesty of the business.

Review: They are operating outside their license. Overcharged for loan. Kept the gold and charged for a new band.

This establishment gave a pawn type loan instead of buying the gold as they are licensed. They also charged $250 interest for a period of 30 days. Then negligently melted the band of the ring, kept the gold, and charged for a replacement. They have violated their license restrictions and also violated California law in the terms of the loan. Also refused to release the ring without an apology from the customer. Desired Settlement: The ring back as it was given. The balance will be paid for the interest charges allowed by law. We will not apologize to you nor will we pay for the ring melted negligently.

Business

Response:

Initial Business Response

Ms. [redacted],

Please note Gold Exchange is not a pawnshop and does not provide loans. In this particular case, only as a nice gesture, Gold Exchange made an exception to our internal return policy and offered to provide the opportunity for the original seller to receive the items back after a 30 days period. The amount was mutually agreed to be slightly higher than the amount at the time of transaction.

Rest assured not only Gold Exchange operates in full compliance with all our appropriate licenses and industry guidelines; we constantly strive to ensure full satisfaction of our customers.

It has been our intention to provide the opportunity for the "original seller" to receive the items back. Should there still be an interest in receiving these items back, please contact me to discuss a mutually agreeable solution and arrangements.

This matter has been greatly disheartening for us; and yet we are still hoping to obtain your satisfaction. Gold Exchange always has every intention to assist in good faith and more importantly, to act on a good deed. We strive to provide our services with highest levels of integrity offering greatest values to each and every one of our customers.

Thank you,

Gold Exchange

Owner