Jewellers and ‘Cash for Gold’ shops could be fined for not reporting “suspicious transactions” under proposed new regulations.
The measures are being considered in response to growing concerns over the impact the trade has had on the rate of burglaries.
The majority of people who called the Crime Victims Helpline last year wanted to talk about being burgled, and it came as no surprise as the number of break-ins across Dublin rose by almost a fifth in 2014.
South Dublin County Councillor John Lahart believes the ability to quickly sell on stolen jewellery has fuelled the increase in burglaries.
In response, the Department of Justice is looking at three different options to regulate the Cash for Gold trade.
One of them involves a strict registration and licensing process and random inspections by Gardai.
Business owners who fail to report suspicious transactions would also be fined under the proposed regulations.
A decision on the best way forward will be made once the deadline for public submissions closes at the end of next month.
