Important Facts for Consumers Selling Precious Metals

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Consumers considering the sale or purchase of jewelry or other items containing precious metals are urged to check for local registration.

Any individual or business involved in the purchase of gold, silver, or platinum is required to register with the County Sheriff's office in the county where they operate.

The law requires precious metals dealers to provide fair and accurate information to consumers including posting of prices and the use of scales or other measuring devices.

Dealers are required to report metal purchases to their County District Attorney, or a municipal police department designated by the district attorney, and to retain the items for at least five working days after the purchase report is filed.

If law enforcement suspects an item or precious metal has been stolen, they may give written notice to the dealer. Upon receipt, the dealer shall make that item available for inspection.

Any violation of the law is a third degree misdemeanor. Additionally, the entity/person will lose his license and will be ineligible to apply for five years.

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