Magnet Use

From this point on everyone who does any buy or trade on anything considered to be precious metal will use a magnet first. Even inventory should do this when receiving a pile of silver or gold jewelry, and if a fake is found, notify Maggie AND Leo.

ALL other standard tests would be done after the magnet test.

Magnets are one tool that we have that is easily accessible to all of us and helps to cut down on buying fake precious metals.

To be clear that means, silverware, hollowware, jewelry, and coins. We have two types of magnets in each office, which is the strong industrial magnet to use on anything considered scrap. Just wave it over the item or pile and anything it picks up is eliminated. The second magnet is of lighter use and meant to not dent or damage anything soft, such as coins holloware or antiques that can be sold for a higher value. Strong magnets can slip out of your fingers and “ding” the item. So reserve strong magnets for piles of things.

Some items may come with makers marks or stamping that says the purity and where it was made. Do not rely on these stamps, these stamps can be done on fake or knockoff items as well, and are not to be relied on to determine purity.

This means all buys, or trades of anything considered to be precious metal, will always go through a magnet test, FIRST even if it is stamped. Anyone not following this policy on buys or trades that is found to be fake and can be detected with a magnet will get a written warning. And possible time in training with NO commission (per policy)

This policy is in place to prevent the loss of money for yourself and the company.

And it is also the easiest, fastest way to check for obvious fakes.

I am repeating myself here: ALL other standard tests would be done after the magnet test.