Precious Metal Dealer License
This license is required of any person engaged in the business of purchasing or making appraisals of precious metals and their alloys for resale to refiners, brokers, or the public. This license is issued to an individual and not to a business or location.
Who must be licensed as a secondhand precious metal object dealer?
An individual who must be licensed is a person who:
- acquires commercially from the public or trades commercially with the public in secondhand precious metal objects;
- is a retail jeweler as to transactions in which the retail jeweler acquires commercially from the public or trades commercially with the public in secondhand precious metal objects.
- for compensation arranges for the sale or delivery of a secondhand precious metal object on behalf of a person that does not hold a dealer's license under the law; or
- is a pawnbroker who also trades commercially with the public in secondhand precious metal objects.
What is a precious metal object?
- It is an object that is gold, silver or platinum.
- a precious or semiprecious stone, or a pearl, that is or appears to have been attached to or inlaid in gold, silver, platinum, or
- an object that is composed of gold, silver, platinum, or any alloy of these metals if: the market value of the metal in the object lies principally in its precious metal component; or at least 25% of the weight of the object is precious metal.
For the purposes of the administration of this law there is a presumption that an object is a precious metal object if:
- it reasonably appears to be a precious metal object; and
- it was received by a dealer in the course of business or is found in the place of business or storage facility of a dealer.