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Jewelry Television(R) (JTV) Executives Agree with Representative Anthony Weiner: Americans are Getting Ripped Off by Mail-In Gold Companies

22nd January, 2010

Jewelry Television (JTV) echoes Representative Anthony Weiner's (D-Brooklyn/Queens) statements and morning news reports that Americans are getting ripped off by mail-in gold companies. JTV Gold Exchange, a wholly-owned subsidiary of national shopping network, Jewelry Television® (JTV), entered the mail-in gold business last year for precisely that reason.

"We were receiving a significant number of inquiries from JTV customers asking if they could sell their gold back to us because they didn't know who to trust," said Tim Engle, SVP, Strategic Initiatives, Jewelry Television. "We responded by launching the JTV Gold Exchange (jtvgold.com), a service that buys back gold and/or platinum securely at fair market value." According to NBC news reports, consumers mailing in their gold receive as low as 11% of the melt value. JTV Gold Exchange pays more than five times that percentage and absorbs all costs related to processing. "We are very disappointed that some companies in our industry are taking blatant advantage of the American people in difficult economic times. Our mission is to offer consumers a convenient, secure way to sell their unwanted gold and be as transparent about it as possible," said Engle.

JTV Gold Exchange employs many security measures which include videotaping the initial opening and weighing of the gold packages. Consumers can log in with their password and view this process at any time. Consumers receive an offer for their gold via email or phone and are required to review the offer before any further action is taken by JTV Gold Exchange. If the customer chooses to accept the offer, a check is mailed within 3 business days. Otherwise, consumers receive their gold back within 5 business days at no cost to them. Each package is insured for up to $500 for additional consumer protection. JTV Gold Exchange customer satisfaction rates are high, with more than 92% having accepted the offer for their unwanted gold and/or platinum.

"We invite Representative Weiner to visit the JTV Gold Exchange so we can show him how a fair and secure gold mail-in company should be operating. Maybe some of our processes will help Representative Weiner form opinions regarding future legislation and consumer protection in this area. JTV Gold Exchange is a trustworthy company and we're willing to open our doors and show the world how we do it," Engle said.

About JTV Gold Exchange(SM)

JTV Gold Exchange(SM) is a gold and platinum buy back service offered by Jewelry Television(R), a multichannel retailer primarily focused on the sale of fine jewelry and loose gemstones. Jewelry Television® is the 11th largest jewelry retailer in the United States and JTV.com is the 4th largest online destination for jewelry and gemstones.

Release link:  http://www.jtv.com/on/demandware.store/Sites-jtv-Site/default/Page-Show


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