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Information for selling gold

Information for selling gold FAQ: the most frequent asked questions

Why is there no right of withdrawal for a confirmed order?

The prices of precious metals are subject to fluctuation for which OROvilla buys or sells from the market the same quantity present in the purchase or sale reservation in order to be able to cover the risk of price fluctuations and guarantee the price entered independently by the Customer and confirmed by an operator of OROvilla. If the Customer cancels the order, OROvilla would suffer economic damage as a result of the imbalance of the financial coverage in purchase or sale. Taking a practical example and assuming a 1 kg gold ingot and therefore its current value: if the customer wanted to buy that ingot, OROvilla would buy the same quantity on the market in order to be able to produce the ingot itself and ship it to the customer. . If the Customer cancels the order after the order confirmation and therefore after OROvilla has paid the same quantity / value on the market to the respective suppliers / customers, he would suffer economic damage. Among the professional operators who deal with the trading of precious metals it is FUNDAMENTAL the respect of the tacit convention that when the price is FIXED and the RISK OF OSCILLATION is therefore BLOCKED, the duty of both operators is to honor the agreement. And so OROvilla respects its commitments towards customers and expects the same responsibility from its customers. Mutual trust is a precious value!

What kind of material do you buy?

We buy every type of material containing precious metals (gold and/or silver and/or platinum and/or palladium) such as gold bars and coins, gold plates, gold jewelry no longer in use and of any caliber or size.

What happens if I send you items of different caliber?

No problem! Italian law obliges to keep any goods firm for any checks, so after this 10-day period we will carry out a merger so as to send a single analysis to our laboratory which will proceed to the determination of the real precious metal content (gold and/or silver and/or platinum and/or palladium) in the objects of different caliber received and will be contacted for the communication of the outcome and the net final value that we will recognize by bank transfer directly to your bank account.

How are used jewels evaluated?

After an adequate laboratory analysis, the pure gold content is determined which will be valued at the price of the precious metal. To give an example of 100 grams of used jewellery, which are generally 18 carats (750/1000), it means that there are 75 grams of pure gold content that we value at the price of Euro/gram 51.13 (Thursday, July 30, 2020 5:53 pm) the net we will reclaim is Euro 3834.75 directly on your bank account.

Does the trademark have to be reported on the material?

Each precious metal object must contain the so-called legal trademarks: the trademark of the legal title (our ingots report 999) and the trademark of the authorized producer which is issued by the metric office of the competent Chamber of Commerce (in our case, Chamber of Commerce of Milan and our trademarks is MI1748).

Can I get back the material delivered to you or sent by insured courier?

If the price of the precious metal has been blocked and defined in the online booking, it is not possible to withdraw as our company has engaged with other companies on the national and/or international market to guarantee the promised price. If the price of the precious metal has NOT been defined and contracted, it is possible to request the return of your material after the 10-day compulsory administrative stop period; Any costs incurred such as shipping and costs incurred for the enhancement of products such as melting and chemical laboratory analysis will be charged. After the administrative stop and as specified in the contract, the objects may no longer be in the state in which they were delivered as the analysis procedure may require cutting or partial or total destruction of the objects.

Can I proceed only through the website?

No, it can come directly to our offices but an appointment is required. We advise you to perform the operation online to avoid going to our counter located in Pero (very convenient for those arriving by car from highways and ring roads) and in the center 100 meters from the Cathedral of Milan, especially for customers who live far.

Do I have to declare the gain from a sale of gold?

Yes, if he sold investment gold or gold bars and coins. He will have to calculate the profit obtained (capital gain) with respect to the proof of purchase (invoice) to apply the relative rate; if the purchase price is not demonstrable, the rate on 25% of the net amount realized at the time of the sale of investment gold must be applied. The current rate (editor's note of 30 July 2020) is 26% of the capital gain and this procedure is called Capital Gain and is the investment tax.

What is the Trading Department?

The Trading department is a company that has all the legal requirements to be considered among the «Professional Gold Traders». OROvilla, which is a division of the 8853 SPA group, is a Professional Gold Operator authorized by the Bank of Italy with number 05000211 and is a manufacturer with the 1748MI identification mark issued by the Metric Office of the Chamber of Commerce of Milan Monza Brianza and Lodi .

What guarantees me that the operation complies with the legal and transparent requirements?

OROvilla, which is a division of the 8853 SPA group, is a Professional Gold Operators authorized by the Bank of Italy with number 5000211 and our operations comply with ISO 9001 standards and are certified and controlled by the Bureau Veritas, a company French of world importance in the assessment and analysis of risks related to quality, the environment, health, safety and social responsibility. In addition to this, we have implemented our general policy with the sustainability project by obtaining the voluntary «Code of Practice» certification of the «RJC» (editor's note Responsible Jewellery Council, which is a non-profit organization founded to promote responsible practices from a ethical, social and environmental view, which respect human rights, along the production chain of Precious Diamonds and/or Gold, from extraction to sale and groups over 400 companies among the most important worldwide representing the entire supply chain gold, from the mine to large jewelry manufacturers such as Cartier, Bulgari, Tiffany, etc.

Are you a Buy Gold shop?

OROvilla, which is a division of the 8853 SPA group, is registered in the buy gold register of the Mediating Agents Body (O.A.M) with the number OCO251.

Which companies are authorized to buy and / or sell «investment gold» or bullion and coins?

Italian law identifies that only Professional Gold Traders authorized by the Bank of Italy are authorized to buy and sell investment gold on a professional basis. The subjects must have previously communicated to the Bank of Italy in the manner provided for by art. 5 of the UIC provision of 14 July 2000 and meet the following requirements: 1) legal form of joint-stock company, limited partnership company, limited liability company or cooperative company, having in any case fully paid-up share capital not lower than the minimum required for joint-stock companies. 2) corporate purpose that indicates the activity of the gold trade as defined by art. 1, paragraph 1, of the Law of 17 January 2000 n. 7. 3) possession, by the participants in the capital, of the directors and employees vested with technical and commercial management functions, of the integrity requirements provided for in articles 108 and 109 of the Consolidated Law on banking and credit laws, issued with Legislative Decree September 1, 1993, no. 385 and by the implementing decrees of the Ministry of the Treasury no. 516 and 517 of 30 December 1998. Operators who purchase gold for the purpose of earmarking it for their industrial or artisanal processing or entrusting it, exclusively for processing, to a holder of the identification mark referred to in the legislative decree of 22 May 1999 are excluded from the discipline referred to in paragraph 3, n. 251.

How come your prices are different from those found on the Sole 24 ore?

The price of precious metals indicated in newspapers or on official websites is the world reference price set daily by 4 members of the LBMA ( London Bullion Market Association ) in London since 1919 ( The Bank of Nova Scotia - Scotia Mocatta, HSBC, Deutsche Bank AG, Société Générale and Barclays Bank PLC ).
This price is set in $ US per troy ounce , since the euro has been in force, however, we can also find it expressed in this currency. The price called FIXING has a purely statistical reference value.
During the day the prices of precious metals then follow the indications of the world stock exchanges in Zurich , New York , Hong Kong and Singapore so that metal can be treated 24 hours a day and that large industries and manufacturers all over the world use to establish their selling and buying prices.
Each Precious Metals Bank then applies its own purchase and sale price, which takes into account the fees for management, property, insurance and processing.

Is it possible to change your used precious objects, converting them into ingots or coins?

We confirm that we can regenerate your used precious items. For tax reasons, it is mandatory to manage in two distinct step. STEP ONE 1) insertion of the operation on the website: to sell> used gold> select carat weight> enter the weight (even indicative)> proceed with the checkout and complete with the data of the actual seller and possible pick-up location if different from the residence. 2) Our insured courier will be sent at our expense to collect the goods 3) Upon receipt of the goods, we will contact the actual seller to schedule the video interview which will be carried out exclusively on our ORObit platform in compliance with current regulations. 4) Following the video interview, we will send the official acceptance document. 5) After the 10-day administrative stop, we will merge - analyze - contact the actual seller to communicate the outcome and send the sales receipt for acceptance. 6) Following receipt of the signed document, we will pay to the current seller's current account within the agreed time frame and marked on the sales contract. STEP TWO 1) insertion of the operation on the website: to buy> select the category (gold bars, gold coins, etc.)> choose the desired product and enter the quantity in the cart> proceed with checkout and complete with the actual data Buyer required including shipping address if different from residence. 2) Following the insertion, the actual buyer will receive the order summary. 3) Following the review by our operator, we will send an order confirmation and further order progress emails will follow.

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PeroVia Pitagora, 11 - 20016, Pero (MI)
MM1 - fermata Molino Dorino
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MilanoVia Mazzini, 16 - 20123, Milano
MM1 - MM3 fermata Duomo
Tel: +39 02-8853-215
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