Investigation finds gold exchange Goudwisselkantoor underpays customers for gold

Goudwisselkantoor, a gold exchange chain with 175 locations in the Netherlands and Belgium, routinely pays customers well below the true value of their gold, an undercover investigation by consumer program Kassa revealed.

Hidden cameras, internal documents, and employee statements showed that payouts depend on how informed a customer is. Unaware sellers often received 20 to 30 percent of the actual value, and in some cases as little as 5 percent.

Internal documents show Goudwisselkantoor classifies customers into five types, with type 1 receiving the lowest payouts and type 5 the highest. Payments are determined by the customer’s perceived knowledge and negotiation ability, not the gold’s actual value. A criminal law expert told Kassa that this deliberate system of minimizing payments could constitute fraud.

Kassa tested the system by sending a woman with a necklace valued at 1,301 euros by an independent expert. The branch offered only 350 euros, with a receipt showing no weight or karat details, preventing verification.

Goudwisselkantoor denied wrongdoing, saying employees are trained to act professionally and that offered prices reflect operational costs. The company emphasized that customers are free to accept, reject, or compare offers elsewhere.