Unfortunately, the Diamond District has been no stranger to counterfeit activity over the last few years. Sometimes, a standard assay is enough to reveal fake bullion for what it is. But sometimes, if a counterfeiter is especially skilled, even experienced bullion buyers can be fooled. Aside from using common sense, use these tips to avoid buying fake bullion products:
Know the bullion dealer’s reputation – Before you buy, check the seller’s references and make sure they are an authorized dealer. In most cases, an Internet search can get you the information you need. Additionally, make certain that the seller can give a written guarantee of the authenticity of their products. For example, the gold bars we sell here at MGS are sealed, certified, and labeled with a serial number and QR code for authentication purposes.
Ask about their counterfeit proofing methods – Even legitimate bullion sellers can fall prey to counterfeiters. Ask about how they prevent fake bullion products from entering their inventories.
Test diligently – utilize professional assaying services, especially for bulk purchases. If at all possible, have the bullion assayed before your payment clears. That way, you can cancel it if necessary.