A while ago I wrote a post on Tesco Gold Exchange and how you can make some extra cash by selling your unwanted gold to them. It may seem like a good deal at first considering that Tesco pay substantially more than if you sold your gold at a local jewellery shop but unfortunately I had a bad experience recently with 2 necklaces that I tried to send to them.
Tesco Gold Exchange works by sending your jewellery in a prepaid special delivery envelope to them after which you will receive a quote on the value of your gold and then you can choose whether or not to accept it. My necklaces however never even arrived and you could say that this is the fault of Royal Mail but according to the Tesco website on their Terms & Conditions page, under “Posting and insurance”, any gold that is sent to them using Royal Mail Special Delivery is insured by Royal Mail for up to £500 and in order to make a claim under the insurance you need to contact Royal Mail directly and you will need your receipt (i.e. postal receipt) but they failed to mention that you would also need a receipt to prove the value of the items that you send.
This is a deception on their behalf because they ensure that posting the gold to them is completely safe and insured so that customers will feel at ease sending their gold to them in the post but they witheld vital information that should anything go wrong in the delivery process, original proof of the value would be needed. Had I known this beforehand (and I probably should have looked this up on the Royal Mail website), I would have not sent my gold to them as I don’t have any proof of it’s value since they were gifts as is most gold that people have I suspect. I did take a photo of the jewellery before I sent it and I know that it was 18 carat gold and weighed 30g (including the weight of the special delivery envelope) so according to the Tesco website this would be valued at around £475 (assuming the gold weighs around 25g) at the time of writing. Unfortunately this is not enough to make a claim from Royal Mail. I think it is the duty of Tesco to have stated that proof of the value of the gold would be needed in order to make a claim and it should not be up to the customer to have to go and find out this information.
After waiting and tracking the package online on the Royal Mail website for 10 days (Royal Mail requires a 10 day wait before items can be declared lost when sent by Special Delivery) I contacted Tesco to ask for their opinion, based on their experience, what is the best way to go about trying to make a claim from Royal Mail since I don’t have proof of the value of the gold. The following is the email that I sent and the reply that I received from Tesco:
I have just checked with Royal Mail and it seems that the package is lost as it’s been nearly 2 weeks since I sent it to you. I have to contact Royal Mail to try to claim back compensation but I was wondering if there is any advice you can give me about claiming back the value of my jewellery? Unfortunately I don’t have a receipt to show the cost of the jewellery as they were presents but I did take a photo of them before I sent it off and I know that they are 18 carat gold and the weight of the envelope with the jewellery enclosed that I sent to you was 30g. Any advice would be much appreciated.
Thanks for your reply, unfortunately everything has to be done through the Royal Mail. They will send us a letter to ask if we have received it once you have started the claim. You can find all the information you need on how to claim on their website http://www.royalmail.com/customer-service/mail-late-lost
Tesco Gold Exchange Team
I found Tesco’s reply to be extremely unhelpful and they have no interest in helping or even giving a little advice. Tesco is a brand that I used to trust but I’m starting to change my mind now based on this bad experience. I hope you found this Tesco Gold Exchange review helpful and if you do choose to use Tesco Gold Exchange, make sure you have original proof of the value of the gold you are sending in the form of a receipt, bank statement, etc.
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