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BBB Accredited Business since 07/01/1990

Dallas Gold & Silver Exchange

Phone: (972) 484-3662Fax: (972) 674-2596

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BBB began including the text of consumer complaints and business responses in BBB Business Reviews on 07/01/2013 for complaints filed on 01/01/2013 and thereafter. This includes all complaints that meet our reporting guidelines and that are filed electronically. We also report on the resolution of the complaint, as determined by BBB.

Customer Complaints Summary

3 complaints closed with BBB in last 3 years | 0 closed in last 12 months
Complaint TypeTotal Closed Complaints
Advertising / Sales Issues2
Problems with Product / Service1
Billing / Collection Issues0
Delivery Issues0
Guarantee / Warranty Issues0
Total Closed Complaints3

Complaint Breakdown by ResolutionAbout Complaint Details

Complaint Resolution Log (3)BBB Closure Definitions
01/31/2013Problems with Product / Service | Read Complaint Details
X

Complaint
No responses on my $1840.25 refund after several follow-ups, the 1st follow-up was on 09/18/2012 to Tom Tucker, then, 10/14/2012, spoke to Mathew.

I am very disappointed. I emailed, called and visited the store more than 3 times, since 09/18/2012 to follow-up this refund amount $1840.25. They took the case but never responded. My VISA Credit Card service provider has confirmed that there has been NO refund from Dallas Gold and Silver since May 14, 2012. I have presented this scanned document to the store on several occasions: http://goturbo.us/DallasGoldandSilver/******-******-PO-No-XXXXX.pdf

RE: Refund Slip details
Dallas Gold and Silver
XXXXX Reeder Road, Dallas TX XXXXX
Terminal ID: XXXXXXXX
Merchant#: XXXXXXXXXXXXXXX
VISA
XXXXXXXXXXXXXXXX
Batch: XXXXXX
Date: May 14, 2012
Invoice: XXXXXX
Time: 15:41
Total: -$1840.25
****** ******
PO# XXXXX

Desired Settlement
I need my refund amount $1840.25 plus 15% Credit Card Interest since May 15, 2012 to deposit to my VISA CC# XXXXXXXXXXXXXXXX as soon as possible.

Business' Initial Response
Contact Name and Title: ***********, Controller
Contact Phone: ************
Contact Email: *****@dgse.com
On May 12, 2012, the guest purchased earrings for $1,840.25 with a Visa card. The merchant statement shows that the amount was settled on May 13, 2012. On May 14, 2012, the guest returned the item and we refunded amount to the credit card used to purchase the orignal transaction. A copy of the refund receipt was provided to the guest at that time. On May 15, 2012, the amount of $1,840.25 was deducted from our merchant account and returned to the credit card company. I have copies of the merchant statement showing the money deposited into the account and deducted from my account on the days identified above if you would like to see a copy of them.

On January 17, 2013, I spoke with credit card holder's son-in-law regarding the account. I discussed with him after speaking with our Merchant vendor that the money has been refunded to the credit cardholder, who was out of the country. I provided him with a trace number (last four digits #5251) that I received from our merchant vendor so that he could call the credit card company to research why his account has not been credited the amount refunded in May 2012. He mentioned that he had ordered the credit card statements for May, June and July of 2012 to see if the credit was issued during one of those months since the credit card company may take as long as 30 days before the refund is reflected in the statement.

On January 21, 2013, I sent a follow up email to see if he had heard back from his credit card company with the trace number that I provided. On January 22, 2013, I received an email stating that he provided the trace information to the credit card company and was waiting for their response. In addition, in the email he mentioned that he has not received the statements from his credit card company yet but would share them with us once he receives them.

Based on our records (via the May 2012 merchant statement), I believe we have provided the guest with a timely refund of the money since the amount in question was credited from our account the following day of the refund transaction.

01/03/2013Advertising / Sales Issues
11/21/2013Advertising / Sales Issues | Read Complaint Details
X

Complaint
Took place ***** N ******* ******* ********* *** Was offered a lowball price for jewelry which was less than half what a pawn shop offered to loan me.
This was either the third or fourth time I visited Dallas Gold & Silver. One time I was very satisfied with the price that I was offered for form gold jewelry, twice the offer was less satisfying, and this time was obviously a ripoff. First of all, I am a geezer who always has trouble finding their shop, and so I usually call when I get in the neighborhood, and they have always been very gracious, and Ms. ***** ******** was this time as well. We joked about this when I arrived.
One of the pieces I was trading in was a medium-weight, 10 karat yellow-gold, class ring, which I commented about having been bought when gold was $35 per ounce. Ms. ******** offered me the lowest prices I have ever received for some half-century Thai jewelry, and then offered me only $100 for the class ring. When I received that offer, I told her I did not want to sell it then, and she looked a little put off, but at an associate's urging reversed the sale and returned the ring.
Later, I took the same ring to Cash Pawn America of DFW #11 and they offered to loan me $240 for the gold value in the ring--140% more than Ms. ******** had offered to buy the ring for.
Because of Dallas Gold & Silver's advertising, size and BBB rating, I had assumed that they were reputable.
Needless to say, Ms. ********** offer calls into question that conclusion.

Desired Settlement
I simply want other elder potential sellers to be aware of my experience. The moral of the story would seem to be always shop around, and never give the impression that you do not have it all together.

Business Response
It's rare that any of our stores ever get a complaint like this. Since I have no way to evaluate the piece at this time I can only conclude that Marla made an error when weighing the piece. Gold purchases are made using our point of sale system and if the correct weight is input, an offer like this is not possible. My guess is that the scale was calibrated with the container on and then it was off when she weighed the piece resulting in the low offer. I can assure you that we are sensitive to the competition and offer to beat any legitimate bid. Occassionaly a pawn shop will offer more on a loan rather than an outright buy because they calculate the interest charge on the higher offer. It is never our intent to take advantage of or profile any client. Used correctly, our point of sale system makes this impossible. I believe there was a mistake in the calculation and apologize for that. I will take steps to make certain the people in all of our stores are made aware of the situation so it will not happen again.

Final Consumer Response
(The consumer indicated he/she DID NOT accept the response from the business.)
The response is nonsense. The article in question was 10-karat gold ring from the 1950s from one of the national class ring manufacturers. In making casual conversation, I mentioned that when the ring was originally bought, gold was selling for $35 per ounce, and had cost less than $100.
The cost of purchasing a similar ring today, because of the increase in the price of gold would be above $1,000. Mind you, I am not saying that I expected an offer of $1,000 because that amount included the workmanship, etc., in a new class ring. However, such rings, even at 10-karats, contain a significant amount of gold.
As far as the scale being off, she weighed some Thai gold rings which were bought in the 1970s, and offered me $100 for those, which I also think was a low-ball offer, but which I accepted. The point being that scales were working just fine.
Dallas Gold & Silver would do itself a favor if it could devise a system of making sure that a customer got fair value for their gold and silver. A person like myself is absolutely vulnerable to those who buy gold and silver from them. If Dallas Gold & Silver could develop such a system, they would probably more than make up in volume any amounts that they lost on individual pieces.
Low-ball offers are pandemic among the assorted purchasers. I have found the national pawn shops to be more honest than small, locally-owned shops. I was expecting Dallas Gold & Silver to fall into have significant integrity to not take advantage of an elderly person who had to sell gold.
Until Dallas Gold & Silver comes up with an effective program to eliminate that vulnerability, the Better Business Bureau should NOT give them a positive rating. The Dallas Gold & Silver clerk fully expected me to accept her low-ball offer and was visibly concerned when I did not. She knew full well what she was doing. I could not help but wonder if she was going to cancel the purchase from me and the clerk re-sell the ring to Dallas Gold & Silver and pocket the difference between the $100 she gave me and the legitimate value of the gold in the ring which was considerably higher. The company's statement "Used correctly, our point of sale system makes this impossible" is obviously false, because it happened. I would have to think that class rings are frequently bought by Dallas Gold & Silver since they are really "niche" jewelry--a person doesn't fing it useful to wear a class ring of another person, especially one which is obviously too old to not be the person wearing it.
If would be good for Dallas Gold & Silver to be as Caesar's wife was supposed to be, that is, above reproach--good business in the long run.

Industry Comparison| Chart

Gold, Silver & Platinum Dealers, Watches - Wholesale & Manufacturers, Jewelry Designers, Jewelry Buyers, Jewelers - Wholesale, Diamond Buyers, Appraisal - Jewelry, Watches - Service & Repair, Jewelry Repair, Watches - Dealers, Watch Bands, Jewelers - Retail, Diamonds, Collectibles, Coin Dealers, Supplies, Diamond Setters

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As a matter of policy, BBB does not endorse any product, service or business.

BBB Business Reviews are provided solely to assist you in exercising your own best judgment. Information in this BBB Business Review is believed reliable but not guaranteed as to accuracy.

BBB Business Reviews generally cover a three-year reporting period. BBB Business Reviews are subject to change at any time.