24K Gold Buyback Policy

Lao Feng Xiang Jewelry Canada 24K Gold Buyback Policy

Appointment Only:

24K Gold Buyback Program will be available during specified dates set by Lao Feng Xiang Jewelry and by appointment only. This approach ensure a thorough and accurate service.

Eligibility Criteria:

We exclusively accept Lao Feng Xiang Jewelry Canada 24K gold jewelry that is clearly stamped with our logo and the 24K gold fineness mark, either '999' or '999.9'. Both stamps must be clearly visible under 10x magnification.

We do not accept items from other brands, items with less than 99.9% gold purity, or pieces with significant structural damage or alterations that include non-gold elements.

Identification Requirement:

A government-issued photo ID must be presented at the time of the transaction to verify ownership and reduce the potential for fraud. We do not keep IDs on file, but the name on the ID must match the name for which the store credit is issued. We will not process any buybacks without proper ID verification.

Process and Valuation:

  1. Inspection and Verification: Upon arrival, a Lao Feng Xiang Jewelry Canada designated Buyback Manager will physically inspect your jewelry for the required brand and fineness stamps and assess the condition of the jewelry. Electronic gold testing may be employed to further verify the purity and authenticity of the gold. Customers will be required to sign a consent form should electronic testing be required.
  2. Consent for Cleaning and Weighing: Before proceeding, customers must sign a consent form acknowledging that the cleaning process may cause irreversible damage to the jewelry, for which we cannot offer compensation.
  3. Cleaning in Sight: The jewelry is cleaned and dried in the customer’s presence, ensuring it never leaves their sight.
  4. Weighing: Each piece of jewelry is weighed individually and then together to ensure accuracy. Lao Feng Xiang Jewelry Canada scales are recalibrated daily. Should any discrepancies in weight arise, the scales will be recalibrated, and the pieces reweighed to confirm accuracy. All weights are noted in grams.
  5. Valuation and Transaction Completion: The valuation is based on the current gram weight and the day's gold buyback price, which is influenced by daily market rates. The price per gram is derived from global gold market trends and fluctuations, ensuring a fair and transparent assessment based on international standard pricing.

The buyback price per gram is independent of the daily selling price and is subject to daily market fluctuations. This means that the buyback price can vary each day depending on the global economic conditions, supply and demand, and other market dynamics.

The original weight at the time of purchase does not guarantee the buyback weight, as damage, alterations, or repairs can affect the current weight. Once the buyback amount is agreed upon, the customer signs to confirm that the transaction is final and non-exchangeable. Store credit is issued immediately.

 Return Policy After Buyback:

Once a buyback transaction has been completed and store credit has been issued, the transaction is irreversible. Lao Feng Xiang Jewelry Canada will not issue returns of the sold jewelry under any circumstances. This ensures a clear understanding that all buyback transactions are final.

Store Credit Usage:

Credits are valid only in Lao Feng Xiang Jewelry Canada stores, can be used during promotions, and are non-transferable. They do not expire and no cash back or alternative payment types will be issued for unused portions.

If the purchase price is less than the amount of the store credit, the remaining balance will continue as a credit on the customer’s account. Credits must be used by the person who completed the buyback, verified with a government-issued photo ID.

All purchases made with a buyback store credit are final and excluded from Lao Feng Xiang Jewelry Canada’s return and exchange policy. Once items are purchased using a buyback store credit, they cannot be returned or exchanged under any circumstances.

Customer Responsibilities:

Customers are responsible for ensuring the jewelry they wish to sell is genuine and that all personal data provided during the transaction is accurate and truthful.

They must understand that any alterations or non-gold additions to the jewelry can affect the buyback eligibility.

Privacy Policy:

We adhere to the privacy laws of British Columbia, Canada. All personal data collected during the transaction is managed with strict confidentiality and security.

Right to Refuse:

Lao Feng Xiang Jewelry Canada reserves the right to refuse any buyback request at our discretion without explanation, at any point up until the final step of completing the transaction in our POS.

Liability for Damage:

Any damage that occurs to the jewelry during the cleaning and weighing process is not the responsibility of Lao Feng Xiang Jewelry Canada.

Additional Information:

Detailed receipts are provided, outlining the type and condition of jewelry, weight in grams, buyback price per gram, and the amount credited, along with the customer's name and contact information. Along with all pertinent after buyback sale policies will be noted on the receipt.