Code of Virginia Chapter 41 - Precious Metals Dealer

Records to be kept; copies furnished to local authorities.

A) Every dealer shall keep at his place of business an accurate and legible record of each purchase of precious metals or gems. The record of each purchase shall be retained by the dealer for at least twenty-four months and shall set forth the following: 

1. A complete description of all precious metals or gems purchased from each seller. The description shall include all names, initials, serial numbers or other identifying marks or monograms on each item purchased, the true weight or carat of any gem, and the price paid for each item; 
2. The date, time, and place of receiving the items purchased; 
3. The full name, residence address, workplace, home and work telephone numbers, date of birth, sex, race, height, weight, hair and eye color, and other identifying marks; 
4. Verification of the identification by the exhibition of a government-issued identification card such as a driver's license or military identification card. The record shall contain the type of identification exhibited, the issuing agency, and the number thereon; and 
5. A statement of ownership from the seller. 

B) The information required by subdivisions 1 through 3 of subsection A of this section shall appear on each bill of sale for all precious metals and gems purchased by a dealer, and a copy shall be mailed or delivered within twenty-four hours of the time of purchase to the chief law-enforcement officer of the locality in which the purchase was made. 

Officers may examine records or property; warrantless search and seizure is authorized. 

Every dealer or his employee shall admit to his place of business during regular business hours the chief law-enforcement officer or his designee of the jurisdiction in which the dealer is located or any law-enforcement officer of the state or federal government. The dealer or his employee shall permit the officer to (i) examine all records required by this chapter and any article listed in a record that is believed by the officer to be missing or stolen and (ii) search for and take into possession any article known to him to be missing, or known or believed by him to have been stolen. 

Credentials and a statement of ownership are required from the seller. 

No dealer shall purchase precious metals or gems without first (i) ascertaining the identity of the seller by requiring an identification issued by a governmental agency with a photograph of the seller thereon, and at least one other corroborating means of identification, and (ii) obtaining a statement of ownership from the seller. 

The governing body of the locality wherein the dealer conducts his business may determine the contents of the statement of ownership. 

Prohibited purchases. 

A. No dealer shall purchase precious metals or gems from any seller who is under the age of eighteen. 

B. No dealer shall purchase precious metals or gems from any seller who the dealer believes or has reason to believe is not the owner of such items unless the seller has written and duly authenticated authorization from the owner permitting and directing such sale. 

Dealer to retain purchases. 

A. The dealer shall retain all precious metals or gems purchased for a minimum of ten calendar days from the date on which a copy of the bill of sale is received by the chief law-enforcement officer of the locality in which the purchase is made. Until the expiration of this period, the dealer shall not sell, alter, or dispose of a purchased item in whole or in part, or remove it from the county, city, or town in which the purchase was made. 

B. If a dealer performs the service of removing precious metals or gems, he shall retain the metals or gems removed and the article from which the removal was made for a period of ten calendar days after receiving such article and precious metals or gems. 

Record of disposition. 

Each dealer shall maintain for at least twenty-four months an accurate and legible record of the name and address of the person, firm, or corporation to which he sells any precious metal or gem in its original form after the waiting period required by § 54.1-4104. This record shall also show the name and address of the seller from whom the dealer purchased the item.