Silver Scam Alert. Even Major Retailers Don't Realize!Submitted by yoshinator on Wed, 04/17/2013 - 19:20
I have been in the Gold and silver business for a good while and have noticed that more and more I am getting lots of fake silver coming into my store. A lot of items have even bought at stores like Macy's and JCPenney.
What I'm noticing is that a lot of the stuff that is stamped 925 or 925 CHINA is very, very, magnetic. The refiner wont take it and I am taking a loss. I have also had whole-sellers that sell to me and others in the business district I work in selling items that are not sterling silver and even they were none the wiser.
I've had to start inspecting every item very carefully. The biggest tell-tale sign is the strong magnetism from these items. I immediately do not accept anything if the magnet catches like it would a piece of iron.
The truth is that his has been happening with silver jewelry for quite sometime and its becoming even worse. Many retailers and jewelers are selling items that are not silver and they don't even realize they are doing it. It's even happened to me. My guess from the items I've been getting in my store is that about 30% of the items that are being sold as sterling silver are not sterling silver at all.
Please comment especially anyone else in this business that has noticed the same thing. This might be a good story to get out.