Precious metals dealers have to obtain permits from the police department that include criminal background checks, they have to have business licenses, they have to obtain $10,000 bonds making the Commonwealth of Virginia or local government the oblige, they have to have their scales inspected by the Virginia Dept. of Agriculture & Consumer Services, they have to report their purchases to the local authorities daily, they have to hold all of their purchases for 15 days within the jurisdiction the items were purchased for police inspection and they can only conduct business from the permanent and fixed location they list as their business address on their permit applications AND business license.
Out of state based industrial refiners and manufacturers are exempt from the Virginia Precious Metals Dealer Code as long as they restrict their activities to purchasing precious metals and gems from retail merchants, wholesalers, dealers, or by mail originating outside the Commonwealth. The only way that industrial refiners or manufacturers can purchase precious metals and gems from the general public is by mail originating outside the Commonwealth, and any out of state company is violating the law when their representatives pay cash for precious metals and gems at in home gold buying parties.
The Virginia Precious Metals Dealer Code is included in statute sections 54.1-4100 thru 54.1-4111 See below.
Virginia Beach Police Department
Pawn Unit/ Investigative Division
2509 Princess Anne Road, Building #11
Virginia Beach, VA 23456
Office: (757) 385-8391 or (757) 385-4467
Records to be kept; copy furnished to local authorities
Officers may examine records or property; warrantless search and seizure authorized
Credentials and statement of ownership required from seller
Dealer to retain purchases
Record of disposition
Bond or letter of credit required of dealers when permit obtained
Private action on bond or letter of credit
Permit required; method of obtaining permit; no convictions of certain crimes; approval of weighin…
Exemptions from chapter
Penalties; first and subsequent offenses
Disclaimer: These codes may not be the most recent version. Virginia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
Contact Madison Jewelers with all your questions regarding selling your gold, silver, and other precious metals. Visit our Virginia Beach Jewelry store to get a quote today.