Buying jewellery for cash at a jewellers

KarenStew88

Hiya

I want to buy diamonds for cash (about £1000) but I went into a jewellers and he said that they're not really meant to take cash for jewellery. Is this right?

wealdroam

KarenStew88 wrote: »

Hiya

I want to buy diamonds for cash (about £1000) but I went into a jewellers and he said that they're not really meant to take cash for jewellery. Is this right?

Possibly.

Any shop can refuse to sell anything to anyone for any reason... as long as the reason is not for discrimination.

If the business has decided not to sell jewellery for cash, it is possible the salesman could say "we're not really meant to take cash for jewellery".

One reason they might want do this to is protect themselves from a possible money-laundering allegation.

KarenStew88

Wealdroam, that's what I thought - money laundering. Fair enough, i don't want the Police round here thinking Im a crim!

dacouch

Try any of the jewellers in Hatton Garden, they'll accept that amount of cash although may require ID

KarenStew88

dacouch wrote: »

Try any of the jewellers in Hatton Garden, they'll accept that amount of cash although may require ID

Hi Dacouch it wasn't about the amount of cash it was the rings, i just thought it was strange they refused cash and thought it was a cover but money landering sounds like a reason.

InsideInsurance

KarenStew88 wrote: »

Hi Dacouch it wasn't about the amount of cash it was the rings, i just thought it was strange they refused cash and thought it was a cover but money landering sounds like a reason.

It will be the amount of money that you are wanting to spend with them thats driving it and not purely the item. Go and try by a £30 silver ring with some diamond dust in it and they'll almost certainly happily accept it in cash.

If its money laundering or just their security/ insurance for having large amounts of cash on site. As Dacouch says, some business have legitimate customers that prefer to spend cash and so have the necessary processes in place to allow it but may require governmental photo ID and/ or proof of address etc which they will take copies of