Precious metal dealers

Businesses and individuals that deal in precious metals are governed under Title 37, Chapter 501 of the Pennsylvania code.  Section 501.2 defines “dealer of precious metals” as: “An individual, partnership, association, corporation or business entity, who or which purchases precious metals from the general public for resale or refining or an individual who acts as agent for the individual, partnership, association, corporation or business entity for the purchases. The term does not include financial institutions licensed under Federal or State banking laws, the purchaser of precious metals who purchases from a seller seeking a trade-in or allowance, the manufacturers of jewelry or of other items composed, in whole or in part, of gold, silver or platinum and the purchaser of precious metals for his own use or ownership and not for resale or refining.”  The Act further defines “Precious metals” as: “Items containing or being of gold, silver or platinum, including, but not limited to, jewelry and silver services. The term does not include coins, ingots, bullion or photographic film or articles containing less than 5% of gold, silver or platinum by weight.”    

One of the requirements of the Act is transmission of every record of transaction involving a precious metal to the District Attorney of the County where the transaction took place.  In addition to the transmission of these records to the District Attorney’s Office, the dealer is required to maintain these records for a period of one (1) year.  Section 501.6 of the Act states the following needs to be included in every record of transaction submitted to the District Attorney:

(1) The name, address, age, sex, race and driver’s license number, if any, of the seller shall be entered.
(2) The identity of the seller shall be established by requiring the seller to produce an identification issued by a governmental agency with a photo of the seller thereon, if available, and at least one other corroborating means of identification. Otherwise, identification sufficient to reliably establish the person’s true identity shall be required.
(3) The seller shall be required to sign the form on which is recorded the information required by this section.
(4) An accurate description of the property purchased shall include all names, initials, serial numbers or other identifying marks or monograms on each item purchased.
(5) The time and date of the transaction shall be recorded at the time of the transaction.
 

Lastly, the Act provides for a five (5) day period of retention of every item of precious metal purchased.  Specifically, the Act states: “Each item of precious metal purchased by a dealer in precious metals shall be retained in unaltered condition for 5 full working days after report of its purchase has been filed with the proper district attorney or his designee.” 

Dealers of precious metals that transact business in Northampton County can submit the necessary records of transactions to the District Attorney’s Office in one of two ways:

  • Mail the records to the Office of the District Attorney, c/o Deputy District Attorney Michael Weinert, 669 Washington Street, Easton, PA 18042.
  • Uploading the records here.